Specialty Silica Market 2023-2030: Size, Share, and Forecast Analysis
The global specialty silica market was valued at USD 5,294.1 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.5%. The market expansion is primarily driven by the increasing demand for rubber, paints, and coatings in various industries, including construction and electric vehicles (EVs). The tire industry is benefiting from the growth in EV manufacturing, leading to a surge in demand for specialty silica.
When specialized silica is incorporated into tire rubbers, it reduces rolling resistance and improves grip, resulting in lower fuel consumption. This trend is expected to boost the market during the forecast period. Moreover, specialty silica's ability to function as an anti-blocking, anti-caking, polishing, and clarifying agent is projected to drive market growth in the coming years, fueled by the growing consumer demand for cosmetic and oral care products.
Access Full Report: https://www.fairfieldmarketresearch.com/report/specialty-silicamarket
The market is witnessing new businesses investing in and introducing innovative silica products, creating opportunities for market expansion. For instance, Nouryon announced plans to expand its Levasil colloidal silica manufacturing facility in the United States to cater to the rising demand from the construction and packaging industries. The increasing demand for packaging, rubber, paints, and coatings from various application industries, along with the rapid growth of the infrastructure and building industries in developing nations like China and India, is expected to drive market growth.
Specialty Silica Market: COVID-19 Impact
The COVID-19 pandemic had a widespread impact on businesses and their production and manufacturing facilities. Major players in the specialty silica market are focusing on improving their operations to reduce risk factors and adapt to the changes brought about by the pandemic. The pandemic led to lockdowns, a shortage of skilled workforce, and practical restrictions, causing malls, retail squares, and many other organizations dependent on the market to cease operations. The pandemic also impacted the primary interest group and
familiar members of the specialty silica market. The market experienced a decrease in growth and demand due to the pandemic's disruptive effects. However, the industry has been using online platforms to meet the expanding demand and interest during this period.
Specialty Silica Market: Drivers
1. Rising Demand from the Automotive Industry: The specialty silica market has seen significant growth due to increased usage in green tires and the high global demand in the automotive industry. Emerging markets, particularly in the Asia Pacific region, are experiencing increased demand for automobiles, driving the market growth. The demand for green tires, driven by the need to reduce carbon emissions, has also boosted the specialty silica market. Specialty silica is used in the production of cleaner and faster vehicles, contributing to market expansion.
2. Introduction of New Products: The tire industry's demand for silica to produce green tires has led to the introduction of new silica products designed specifically for the coating sector. Manufacturers are focusing on developing new silica products to meet the increasing demand from various industries, which is driving market growth.
Specialty Silica Market: Restraints
1. Reduced Demand from Various Sectors: Specialty silica's market expansion is reliant on the demand from end-use industries, such as the automotive industry. Some enduse sectors exhibit cyclical demand patterns, which may impact the need for specialty silica. Additionally, the availability of silica gel and colloidal silica as affordable substitutes could restrict the market's growth during the forecast period.
Specialty Silica Market: Segment Overview
1. Precipitated Silica: Precipitated silica is the segment with the highest revenue share in the forecast period. It is widely used in the food processing industry, agrochemicals, and toothpaste manufacturing. The production of pesticides also utilizes precipitated silica, contributing to market growth.
2. Specialty Silica in Rubber Manufacturing: Specialty silica is extensively used in tire manufacturing, providing better electrical characteristics and enhancing tear resistance. It is also used in industrial rubber goods to improve product contact, reduce hysteresis loss in conveyor belts, and act as an active filler in colored rubber particles.
Specialty Silica Market: Regional Landscape
1. Asia Pacific: The Asia Pacific region dominates the specialty silica market in terms of revenue share. The region's expanding economies, particularly in developing nations, have led to a surge in tire production and increased construction activity, driving the demand for coatings.
2. North America: North America accounts for the second-largest share of revenues. The region is witnessing increased investments in the construction of affordable housing, leading to higher demand for paints and coatings.
Global Specialty Silica Market: Competitive Landscape
Several players operate in the specialty silica market, including Elkem, Evonik Industries AG, Madhu Silica Pvt. Ltd., Nouryon, Oriental Silicas Corporation, PPG Industries, PQ Corporation, Sinosi Group Corporation, Solvay, Tosoh Corporation, Wacker Chemie AG, and W.R. Grace & Co. These companies are continuously investing in research and development to introduce innovative silica products to meet the growing demand from
various industries. In addition, they are expanding their manufacturing facilities to cater to the rising global demand for specialty silica.
Email: sales@fairfieldmarketresearch.com