by The global specialty silica market is on a trajectory of robust growth, with a market size estimated at USD 5,294.1 million in 2021 and a projected compound annual growth rate (CAGR) of 6.5% in the coming years. The markets expansion is primarily attributed to the surging demand for specialty silica in various industries, including automotive, construction, paints, coatings, and cosmetics.
Driving Forces
- Automotive Industry Acceleration: The specialty silica market is experiencing a significant boost due to the rising demand for green tires and the global surge in the automotive industry, particularly in emerging markets such as the Asia Pacific region. The need for cleaner and more fuel-efficient vehicles, coupled with increased awareness of carbon emissions, has led to an upswing in the demand for green tires containing specialty silica.
- Innovative Product Introductions: Industry players are continuously introducing innovative silica products tailored to specific applications, further propelling market growth. For instance, Evonik Industries SEs ULTRASIL 7800 GR, designed for extra-large SUV tires, has garnered attention for its enhanced performance characteristics.
- Expanding Construction and Packaging Industries: The construction and packaging industries, particularly in developing nations like China and India, are witnessing rapid growth. This expansion has led to increased demand for paints, coatings, and packaging materials, where specialty silica plays a crucial role.
Market Impact of COVID-19
The COVID-19 pandemic significantly impacted businesses and production facilities worldwide. However, key players in the specialty silica market are now focusing on enhancing their operations to mitigate risks and adapt to the changing dynamics. The pandemic led to temporary shutdowns and restrictions, affecting industries reliant on the specialty silica market. Despite these challenges, the industry has seen growth through online channels to meet rising demand.
Market Segmentation
- Precipitated Silica Dominates: Precipitated silica holds the largest revenue share in the market, driven by its applications in diverse sectors such as food processing, agrochemicals, toothpaste manufacturing, and pesticides.
- Rubber Manufacturing: Specialty silica finds extensive use in rubber manufacturing, enhancing properties such as tear resistance, electrical characteristics, and mechanical strength. It is crucial in the production of green tires.
Regional Landscape
- Asia Pacific Takes the Lead: The Asia Pacific region leads in revenue share, driven by the growing economies of emerging markets. China, in particular, has witnessed a surge in tire and automotive production, positively impacting the specialty silica market.
- North America Shows Promise: North America, particularly the United States, follows closely behind with the construction of affordable housing and a booming electric vehicle (EV) market, leading to increased demand for specialty silica.
Competitive Landscape
Several key players in the specialty silica market, including Elkem, Evonik Industries AG, Nouryon, PPG Industries, and W.R. Grace & Co., are actively investing in capacity expansion and innovative product development to capitalize on the growing market opportunities.
As the automotive industry continues its shift towards cleaner and more efficient vehicles, and construction and packaging sectors expand, the specialty silica market is poised for substantial growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/specialty-silica-market
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This press release first seen on Brilad
COMTEX_442645522/2840/2023-10-30T06:12:53
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.