New York, Oct. 08, 2023 (GLOBE NEWSWIRE) -- The global Fumed Silica Market is expected to witness significant growth at a CAGR of 4.3% during the forecast period of 2023-2031. Factors such as increasing demand for paints and coatings due to the growth of the construction and automotive industries.
According to a recent report by Consegic Business Intelligence, the fumed silica market is poised for strong expansion and is expected to reach USD 2,135.88 million by 2031 and USD 1,524.58 million by 2023. The market which was valued at USD 1,470.67 million in 2022, is predicted to grow at a compound annual growth rate of 4.3% during the period 2023-2031. The report highlights the significant growth in the demand for paints and coatings in the automotive and construction industries across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the fumed silica market.
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Fumed silica are finely divided amorphous silicon dioxide particles produced by high temperatures in an oxygen-hydrogen flame. Fumed silica is a safe and effective material that has been used in a variety of applications as it is a non-toxic and non-hazardous material that is also recyclable. Further, this material exhibits thixotropic properties and is typically used as a desiccant, thickening and anti-caking agent, and stabilizer in pharmaceuticals, cosmetics, paints and coatings, sealants, and gel-cell batteries.
Global Fumed Silica Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 2,135.88 Million |
| CAGR (2023-2031) | 4.3% |
| By Type | Hydrophobic and Hydrophilic |
| By Application | Cosmetics, Printing Inks, Silicone Rubber, Paints and Coatings, Food Additives, Adhesives and Sealants, Pharmaceuticals, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Cabot Corporation, Evonik Industries AG, PCC GROUP, Merck KGaA, Tokuyama Corporation, Astrra Chemicals, Oрiсіл, Zhejiang FuShiTe Group Co., Ltd, OCI COMPANY Ltd, Kemitura Group A/S, China-Henan Huamei Chemical Co.,Ltd., and Hubei Huifu Nanomaterial Co., Ltd. |
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Global Fumed Silica Market Segmentation Details:
Based on Type, the hydrophilic segment contributed the largest shares to the market growth in 2022. The growth of the segment is driven by their strong ability to process and adjust to the best rheology. This makes hydrophilic fumed silica a versatile additive that can be used in a variety of applications, such as electronic components, epoxy resins, food and industrial powders, and others.
Based on Application, the adhesives and sealants segment accounted for the largest market share in the year 2022. Fumed silica is widely used in adhesives and sealants in the construction industry. In addition to this, adhesives are used in wind turbines, chemical anchor systems, and automotive, among others. Moreover, factors such as the increasing use of prefabricated building materials and growing the need for stronger, more durable, and energy-efficient structures is contributing to the growth of the segment.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The demand for fumed silica is mainly influenced by trends in key markets for silicones, adhesives, and coatings applications, notably, structural adhesives for automobile light-weighting, epoxy bonding paste for wind turbines, high-performance coatings and hybrid sealants for construction and silicones for medical devices and the proliferation of electronics.
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Competitive Landscape
Cabot Corporation, Evonik Industries AG, and PCC GROUP are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of fumed silica. Further, the fumed silica market is expected to grow steadily due to the growing innovations in the pharmaceutical industry in developing new and improved drugs and therapies. Additionally, the trend toward increasing expansion of fumed silica players in the international market is expected to increase the competition in the industry.
Recent Developments
- In October 2021, the joint venture between Evonik and Wynca, namely Evonik Wynca (Zhenjiang) Silicon Material Co., Ltd. started the operations of its new fumed silica plant in China.
- In May 2022, Tokuyama Corporation announced the expansion of their hydrophobic grade fumed silica production line at Tokuyama Chemicals (Zhejiang) Co., Ltd., a wholly owned subsidiary.
List of major players in the Global Fumed Silica Market:
- Cabot Corporation
- Evonik Industries AG
- PCC GROUP
- Merck KGaA
- Tokuyama Corporation
- Astrra Chemicals
- Oрiсіл
- Zhejiang FuShiTe Group Co., Ltd
- OCI COMPANY Ltd
- Kemitura Group A/S
- China-Henan Huamei Chemical Co.,Ltd.
- Hubei Huifu Nanomaterial Co., Ltd.
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Key Market Takeaways
- Asia Pacific accounted for the highest market share at 36.10% valued at USD 530.91 million in 2022 and USD 550.83 million in 2023 and is expected to reach USD 774.47 million in 2031. Moreover, in the Asia Pacific region, China accounted for the highest market share of 23.10% during the base year of 2022.
- Based on type, the hydrophilic segment accounted for the highest market share contribution to the fumed silica market statistics in 2022.
- Based on application, the adhesives and sealants segment accounted for the highest share contribution to the fumed silica market statistics in 2022.
- Europe is expected to boost the demand for fumed silica due to the growing demand for sealants, paints, and coatings from the automotive industry across the region.
Global Fumed Silica Market Segmentation:
- By Type
- Hydrophobic
- Hydrophilic
- Application
- Cosmetics
- Printing Inks
- Silicone Rubber
- Paints and Coatings
- Food Additives
- Adhesives and Sealants
- Pharmaceuticals
- Others
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Frequently Asked Questions in the Fumed Silica Market Report
- What was the market size of the fumed silica industry in 2022?
- In 2022, the market size of fumed silica was USD 1,470.67 million.
- What will be the potential market valuation for the fumed silica industry by 2031?
- By 2031, the market size of fumed silica is expected to reach USD 2,135.88 million.
- What are the key factors restraining the growth of the fumed silica market?
- Availability of substitutes is likely to restrict the fumed silica market growth.
- What is the dominating segment in the fumed silica market by type?
- In 2022, the hydrophilic segment accounted for the highest market share in the overall fumed silica market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the fumed silica market?
- Europe is expected to grow at the fastest CAGR in the overall fumed silica market.
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