Specialty Silica Market to Reach a Valuation of US$ 10 bn by 2030
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.
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.
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.
