Market Synopsis of Global Specialty Silica Market:
Global Specialty Silica Market was valued at USD ~5.1 billion in 2016 after growing at a CAGR of ~6.1% from 2016 to 2022.
Specialty Silica Market is growing steadily with various applications of the same in rubber, paints & coatings, agriculture, personal care & cosmetics, food & beverage, electronic components and others. With such wide application, automobile industry will always be the top application segment for Specialty Silica owing to production of tires and efforts taken towards reducing carbon emission. In addition, growing concern of depletion of fossil fuels and strict emission rules, automotive industries are shifting to use green tires that will have positive impact on Global Specialty Silica Market. However, the market will be restraint by factors such as high cost of colloidal silica and availability of low cost substitutes during the forecasted period 2022. Specialty Silica shows cyclical behavior. So, low cost substitute will affect the continuity of profit margin and revenue generation which is a major challenge for manufacturers in Specialty Silica.
Specialty Silica consist of five basic types silica which includes precipitated silica, fused silica, fumed silica, silica gel and colloidal silica which are extensively used in end user industries such as rubber, agriculture, paints & coatings, electronic components, personal care & cosmetics and others. Rising demand for Specialty Silica in personal care & cosmetics products owing to its properties such as anticaking, UV protecting and dispersive nature will push the Specialty Silica Market in future. Furthermore, developing regions like China and India are showing high growth in the construction industry as well as in infrastructure which calls for the rise in demand for paints & coatings. These are one of the key application of specialty chemicals and has boosted the demand for the same in developing regions. Owing to properties such as high tensile strength and abrasion resistance, Specialty Silica is highly used in rubber industries which are expected to boost its demand in forecasted period.
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Precipitated Silica has found large applications in rubber, cosmetics, oral care, automotive tires and food & beverage. Therefore, rising demand of precipitated silica in various industries has dominated major market share of the Global Specialty Silica Market. Fumed silica is used in paint & coatings due to rise of construction and infrastructural development in emerging economies. Moreover, it is used in electronic components such as circuit boards and capacitors which is further anticipated to grow the demand of Specialty Silica in the electronic industry. Expensive colloidal silica and fused silica can easily be substituted by silica gel which can be easily preferred by small and medium buyers (SME). Therefore, it provides opportunities for SME’s.
Geographically, APAC region dominates the Global Specialty Silica Market. Rising automobile industry has led to rise in production of tires which in turn has positive impact on Global Specialty Silica Market. Countries like China, India and South Korea are using Specialty Silica at a high rate owing to developing infrastructure and electronic industry. Therefore, it provides bigger opportunities to manufacturers of Specialty Silica in developing economies. It is forecasted that the growth of this market is very high in North America owing to rise in demand for cosmetics and food & beverage industries.
Rising R&D investments coupled with new product development for manufacturing cost effective product is benefitting players in various regions. The Key players of global specialty silica market are 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, Madhu Silica Private Limited and others.
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This report includes an in-depth study analysis of Specialty Silica Market
It covers market segmentation by Type, by Application and by End User.
It helps in identifying region-wise major suppliers and understanding their consumption patterns.
The report will provide useful and premium insights that will support in investments in specialty silica and allied companies providing detail on the fast-growing segments and regions.
In addition, it will provide key findings that will help companies to improve profitability by using supply chain strategies, cost effectiveness of various products mentioned in the report.
The data used in the report is primarily based on primary interviews with major producing companies and industry experts supported by authentic industry data from secondary sources.
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