New York, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Specialty Silica Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Specialty Silica Market Information by Product Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 10.97% CAGR to reach USD 15.88 Billion by 2030.
Market Synopsis
Specialty silica is developed in the form of trimmed or sawed blocks or round pebbles or fine powder and is then used as a major additive in the production of numerous products in various end-user sectors like electronics, personal care products, automotive, coatings, inks, amongst others. Needless to say, the stunning growth of these sectors in emerging countries will prove to be extremely beneficial for the global industry in the ensuing years.
The mounting number of tire plants as well as expansion projects across the United States, with the highest investments noted in South Carolina, will favor the market. The noteworthy surge in the preference for green tires will be a great opportunity for the active companies in the market.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 15.88 Billion |
| CAGR | 10.97% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The steady use of the market products and services across various applications |
| The automobile industry will always be the top application segment for specialty silica |
Market Competitive Landscape:
The affluent firms in the specialty silica industry include
- Evonik Industries
- Akzo Nobel N.V.
- Cabot Corporation
- Wacker Chemie AG
- PPG Industries Inc.
- Huber Engineered Materials
- Solvay S.A.
- W. R. Grace & Co.
- Nalco Holding Company
- Mahu Silica Private Limited
Market USP Covered:
Market Drivers:
The specialty silica market demand has amplified notably in the past couple of years, by reason of heightened use of paints and coatings and rubber across diverse industries like electric vehicles and construction. An exponential surge in the manufacturing of electric vehicles should present lucrative opportunities to the tire industry, in turn positively influencing the specialty silica market. In 2021, the total EV sales touched 7.8 million, double the sales in 2020.
The highest position in the worldwide market is held by the United States, where the automotive industry generates maximum product demand. The automotive sector in the country makes extensive use of efficient and advanced rubber tires. Surging production of electric vehicles in the country will be favorable for the specialty silica market in the years to come.
Specialty silica finds widespread use in refractories. Fused silica and colloidal silica are the popular specialty silica types that are primarily deployed in refractory applications.
Market Restraints:
The specialty silica market growth will witness slowing down in the coming years, owing to the substantial costs of colloidal silica and the rising preference for low-cost substitutes among end-users. Specialty silica shows cyclical behavior, which shifts the focus toward low-cost substitutes in the market, which will affect the profit margin of the players in the years to come.
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COVID 19 Analysis
The specialty silica market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing bio-lubricants along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Type
The specialty chemicals market, with respect to type, has been considered for construction chemicals, advanced ceramic materials, food additives, electronic chemicals, oilfield chemicals, mining chemicals, plastic additives, pesticides, and more.
By Function
The specialty chemicals industry, depending on function, caters to biocides, antioxidants, enzymes, catalysts, specialty coatings, specialty pigments, separation membranes, and more.
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Regional Insights
The Asia Pacific market for specialty silica market has secured the lead, generating the highest revenue, thanks to the fast economic growth in various emerging nations. The escalating tire production rate in the region also adds to the market strength. The demand for specialty silica is also high in the demand owing to the thriving coatings sector backed by the rise in construction activities. Heightened product demand is compelling renowned companies in the region to focus on expanding their production capacities. India is one of the most rapidly emerging countries in the region and holds a lot of promise for future opportunities. Despite GST reforms and demonetization having a negative impact on the national production volume, the product demand remains intact in the country. Also, the Indian government is undertaking initiatives to foster FDI from global investors in the manufacturing sector, which has made the country a manufacturing hub. Indian roadways are highly extensive on account of the soaring number of vehicles as well as traffic, prompting the government to plan further extensions of the roadways. Rising spending on the infrastructure sector, along with various other strategic initiatives undertaken by the government, raises the adoption rate of specialty silica in the region.
North America emerges as the second highest gainer in the worldwide market, in terms of volume. Canada and the US are spending hefty amounts on the development of affordable houses, which fosters the need for paints and coating. To cite an instance, in April 2022, the Canadian government planned to spend USD 10 billion on the housing sector over the coming 5 years.
Europe is an important market for specialty silica, with substantial demand generated by industries like automotive, pharmaceuticals, and FMCG. The regulations regarding VOC emissions reduction in the coatings and paints sector are fostering the need for eco-friendly specialty silica, which will be the latest trend in the region.
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