The global specialty silica market is projected to reach $4.43 billion by 2022
The global specialty silica market is projected to reach $4.43 billion by 2022, according to a new report by Grand View Research, Inc.
The market is expected to be driven by the growth of the automotive and paints & coatings industry, coupled with the growing application of precipitated silica in the food industry.
Growing product demand in various applications including rubber, food & healthcare, coatings, and plastics and abrasives is expected to augment product demand over the forecast period. The demand for higher performance and specialized products is increasing in rubber and a few other industries.
Precipitated silica has emerged as a performance additive that imparts increased wear resistance and wet grip capabilities to automotive and industrial tires. Furthermore, growth in the automotive industry particularly in India and China is expected to propel product demand over the next few years.
Growing personal care sector in countries such as the U.S., India, China, UAE, Kuwait, South Africa, Brazil, Germany, and Mexico is expected to augment industry growth. Rising disposable incomes, coupled with increasing penetration of market players such as P&G and Reckitt Benckiser through new product launches in China and India, is expected to promote cosmetics industry growth. Introduction of new product formats, gender-specific products, and technological developments is expected to drive demand for perfumes, thereby fueling specialty silica consumption over the forecast period.
The coating applications segment is expected to gain significant market share over the forecast period. The coatings industry mainly uses fumed silica in order to control rheological characteristics, such as thixotroping agents, anti-settling agent and to help in the prevention of rust and corrosion. Fumed silica has a large surface area and thus is desirable in the coatings industry. Due to this property exhibited by fumed silica, the paints & coatings industry is one of the major consumers of the product.
Asia Pacific held the largest market share in terms of revenue in 2015. The market in China and India is expected to show substantial growth in the automotive and construction sectors as a result of the increasing disposable incomes and rising government spending on infrastructure development projects.
The market for specialty silica is highly competitive with the presence of a number of multinational companies that have huge product portfolios. Further key findings from the report suggest that the global specialty silica market is anticipated to reach 4,687.8 kilotons by 2022, at a CAGR of 4.9% from 2015 to 2022.
In terms of revenue, the colloidal silica segment is projected to grow at a CAGR of 11.7% over the forecast period owing to the increasing demand from the personal care segment. The US specialty silica market volume is anticipated to exceed 583.5 kilotons by 2022.
The report also highlights the rubber application segment dominated the global industry with a share of over 33.4% of the revenues in 2014.
Europe is projected to witness a steady growth rate of 7.0% in terms of revenue over the forecast years, owing to the presence of a large number of automobile manufacturers in the region.
Some of the key companies present in the market are Tosoh Corporation, Wacker Chemie AG, Oriental Silicas Corporation, Nissan Chemical Industries Limited, Kemira Oyj, Nippon Aerosil Co. Ltd and Evonik Industries.