Fort Collins, Colorado, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The Speciality Silica Market size was valued at USD 5.8 Billion in 2022 and is anticipated to reach USD 11.9 Billion by 2032 at a CAGR of 7.5%.
Speciality silica is derived from silicon dioxide is used in rubber, cosmetics, pharmaceuticals, and food and beverage industries, among other verticals. Precipitated silica is a commonly used amorphous speciality silica for tires, industrial rubber, feed, adhesives and sealants, and other industrial products.
The growing demand for speciality silica from different verticals, such as the automobile, agrochemical, and construction industries, is a major factor in market growth. The increasing EV production is propelling the tire industry, which in turn is contributing to the heightened demand for speciality silica. According to the International Energy Agency (IEA), 2022 EV sales crossed 10 million worldwide and are expected to increase by more than 35% in 2023.
The growing focus on sustainable manufacturing processes is leading to a shift towards alternative, greener methods for silica production, which presents growth opportunities to prominent players in the market. Bioinspired silica production systems can mitigate the environmental impact of conventional manufacturing processes and fulfill market demand. This production method involves the production of silica with the help of microorganisms, animals, and plants under environmentally friendly and green conditions.
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Speciality Silica Market Segmentation Overview:
The speciality silica market has been segmented into product type, application, and region. Based on the product, the segmentation comprises precipitated silica, fumed silica, fused silica, silica gel, and colloidal silica. Precipitated silica held the largest share in 2022. It is a form of synthetic amorphous silicon dioxide produced by the reaction between sodium silicate and mineral acids. It is used as a cleaning and polishing agent in oral care products and as an anti-caking and thickening agent in the food industry.
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Speciality Silica Market Report Highlights:
- The global speciality silica market growth is anticipated to have a CAGR of 7.5% by 2032.
- The high demand for speciality silica used in rubber required in the automotive industry is a major factor driving the market growth.
- Asia Pacific will likely account for a significant market share in the forthcoming years owing to its application across different sectors such as rubber and tire manufacturing and construction chemicals. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the production of motor vehicles in Asia was around 50 million, whereas the production was around 17 million for Europe.
- Some prominent players in the speciality silica market report include Nouryon, W. R. Grace & Co., Cabot Corporation, Evonik Industries AG, Imerys, Elkem, Madhu Silica Pvt. Ltd., PPG Industries, Inc., PQ Corporation, Sinosi Group Corporation, Wacker Chemie AG and Tosoh Corporation.
Industry Trends and Insights:
- In June 2023, Tata Chemicals laid out approximately USD 9 billion over the next three years to scale up its chemical expansion globally. The company also plans to expand its speciality silica to meet the growing demand in the tire industry.
- In 2021, Evonik expanded its silica production operations in Japan. Evonik collaborated with Japanese Pharmaceutical leader Shionogi. The operations are expected to spike up by 30% to meet the growing demand from several industries at local and international levels.
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Speciality Silica Market Segmentation:
By Product Type: Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel, and Colloidal Silica.
By Application: Rubber, Agrochemical, Oral Care, Food Industry, Desiccants, Paints & Coating, and Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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