Sizable Revenue Streams in Specialty Silica Market Attributed due to Use of Material in Plethora of Rubber Applications, Market to Clock CAGR of Over 6% between 2019 and 2027: TMR
ALBANY, N.Y., Aug. 11, 2020 /PRNewswire/ -- Use of specialty silica in vast range of rubber industry applications, particularly in tire industry, is key to expansion of the specialty silica market. Other end-use industries that utilize specialty silica formulations are automotive, paints and coatings, electronics, and personal care and cosmetics. It is also extensively utilized in making footwear and conveyor belts.
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Analysts at TMR project the specialty silica market to climb to more than US$ 8.5 Bn by the end of 2027. In 2018, the market stood at US$ 5.2 Bn.
Asia Pacific accounted for the top share in 2018 in specialty silica market, and is expected to retain its lead throughout the forecast period.
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Key Findings of Specialty Silica Market Report
-- Of the various product types, precipitate silica contributed a share of
more than 40% in 2018 in specialty silica market
-- Another segment fumed silica to see widespread demand in personal care
and cosmetic applications through the assessment period
-- Asia Pacific held more than 45% share in the global market in 2018
-- Of the various applications, rubber was the top revenue generator in
2018 and it held more than half of the global market share in the year
-- Latin America and the Middle East & Africa to become hotbed of
opportunities in next few years
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Specialty Silica Market: Key Driving Factors and Promising Avenues
-- Rise in production of the automotive industry is a key driver for the
expansion of the specialty silica market. The growing preference of
specialty silica over carbon black in tire formulations, most notably in
North America, is due to high reinforcing ability and better fuel
efficiency.
-- Rising utilization of specialty silica in microelectronics and
semiconductor industry is boosting the market. An example is the use of
fused silica in semiconductor fabrication furnaces
-- Rise in demand for rubber making has spurred the use of specialty
silica.
-- A variety of formulations for cosmetics and personal care products
utilize specialty silica.
-- Growing availability of economical raw materials in silica production is
boosting the market.
-- For instance, rice husk ash (RHA) has a high rate of recovery of
precipitated silica, which in turn find substantial use in industrial
applications, notably plastics, food processing, and pharmaceuticals.
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Specialty Silica Market: Competitive Assessment
Most producers of specialty silica are leaning on improving the process advances to improve the yield. Further, they have strengthened their production capacities in various geographies in order to meet the rising demands. Top players in the specialty silica market are also focusing on gaining competitive edge by offering custom-grade silica for pharmaceutical, cosmetics, microelectronics, and tire industries.
However, the availability of low cost substitutes for silica gel and colloidal silica has dampened the demand in specialty silica market.
The market has witnessing a partially consolidated landscape. Top aspiring players in the specialty silica market are W. R. Grace and Company, Solvay S.A., Akzo Nobel N.V., PPG Industries, Inc., Wacker Chemie AG, and Evonik Industries AG.
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Specialty Silica Market: Regional Assessment
On the regional front, Europe and North America are lucrative specialty silica markets. The growth in the latter market came from the burgeoning use of specialty silica in lightweight plastics and rubber tires.
Asia Pacific held the leading share in the global market in 2018. A large part of the regional revenues has come from the electrical and electronics industry. Of note, strides made in semiconductor and electronics manufacturing in Japan, South Korea, and Taiwan has spurred the utilization of specialty silica.
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Global Specialty Silica Market: Segmentation
By Application
-- Rubber1. Tire2. Footwear3. Industrial
-- Crop Protection
-- Paints & Coatings
-- Electronic Components
-- Food & Beverage
-- Animal Feed
-- Plastics
-- Personal Care & Cosmetics
-- Other (textile, paper, etc.)
By Product Type
-- Precipitated Silica
-- Fumed Silica
-- Fused Silica
-- Silica Gel
-- Colloidal Silica
By Region
-- North America
-- Latin America
-- Asia Pacific
-- Europe
-- Middle East & Africa
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Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
Nanosilica Market - The global nanosilica market is expected to reach a value of ~US$ 55 Bn by 2030, expanding at a CAGR of ~7% during the forecast period. Increase in the demand for nanosilica for use in various applications is a key factor driving the global nanosilica market. Additionally, growth in the adoption of nanotechnology across the globe is expected to fuel the global market during the forecast period.
Precipitated Silica Market - The global precipitated silica market was valued at US$ 3.5 Bn in 2018 and is anticipated to expand at a CAGR of ~4% during the forecast period. Among applications, the rubber segment held a major share of the global precipitated silica market in 2018. Increase in the demand for energy-efficient tires in the global automobile sector is anticipated to propel the segment during the forecast period. Energy-efficient tires filled with precipitated silica enable less fuel consumption with swift vehicle movement.
Lithium Silicate Market - Rise in demand for lithium silicate for use in concrete applications and increase in usage of these chemicals in ceramic applications are expected to drive the global lithium silicate market in the next few years. This is prompting companies to increase the production of lithium silicate. Additionally, easy availability of raw materials required to manufacture lithium silicate is anticipated to boost the global lithium silicate market during the forecast period.
Silicates Market - The global silicates market is driven by growth of pulp & paper, construction, water treatment, and cosmetics industries. The need for purified water led by rapid urbanization is augmenting the water treatment application segment. Geographically, the global silicates market has been segmented into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, Asia Pacific dominated the global silicates market, both in terms of revenue and volume, in 2017.
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