Global Specialty Silica Market is forecasted to reach a market size of ~US$ 9 billion by 2028F: Ken Research

What Is the Size of Global Specialty Silica Industry?

Global Specialty Silica market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Specialty Silica Market is largely driven by rising demand for rubber and paints & coatings across different end-use industries such as construction and footwear industries.

Increasing tire production in the automotive industry is one of the factors driving the growth of the specialty silica market. Global automobile production is increasing in several developed countries, increasing the demand for tire consumption. The exponential increase in electric vehicle manufacturing presents lucrative opportunities for the tire industry, which is having a positive impact on the specialty silica market.

The biggest challenge for the market is the high cost of colloidal silica and the growing preference of end users for lower-cost alternatives. Specialty silica showcases a cyclical behavior, with the market shifting focus to other substitutes that are much lower in price as compared to silica. It will impact player profit margins in the years to come.

The market was negatively impacted by the COVID-19 pandemic, owing to the strict regulations in several countries that temporarily halted all types of manufacturing processes. However, the market is expected to exhibit significant growth in the forecast period due to surging demand for specialty silica in the paint & coatings and automobile industries.

Global Specialty Silica Market By Product

The Global Specialty Silica market is segmented by Product into Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel and Colloidal Silica. The precipitated silica segment held the largest market share in the global specialty silica market in 2022, owing to its wide application in PVC sheets, wherein it helps in improving pigment dispersion and tensile strength. Precipitated silica is the most commonly used specialty silica in the rubber industry. The product acts as a reinforcing agent and improves wear and tear resistance.

Fused silica is expected to register the highest CAGR during the forecast period. Fused silica products are used in the manufacture of optical components such as mirrors, UV and IR transmitting optics, lenses and metrology.

Global Specialty Silica Market By Application

The Global Specialty Silica Market is segmented by Application into Rubber, Plastic, Paint & Coatings, Electrical & Electronics, Agricultural & Feed, Food & Beverages, Personal Care and Others. The rubber segment held the largest market share in the global specialty silica market in 2022, as rubber made of silica material is widely utilized in different end-use industries such as automotive, footwear, and others.

In industrial rubber goods, specialty silica is commonly used in Liquid Silicone Rubber (LSR) and High-Temperature Vulcanized (HTV) rubber, which requires high mechanical strength and good electrical insulation.

Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDk5

Global Specialty Silica Market By Geography

The Global Specialty Silica market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific held the largest market share among all other regions within the global specialty silica market in 2021, owing to the rising construction activities in China and Japan.

According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia Pacific is the largest producer of motor vehicles. The growing automotive industry, is the factor responsible for the largest share of the region.

The Japanese construction industry is predicted to boom as the country prepares to host the World Expo in Osaka, Japan, in 2025. The demand for constructing various buildings and infrastructure for the event will boost the market for specialty silica in the region.

Request for Custom Report @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2MDk5

Competition Scenario In Global Specialty Silica Market

The Global Specialty Silica Market is highly competitive with ~200 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of specialty silica used in various end-user industries.

Regional players constitute ~35% of the total number of competitors, while country-niche players dominate representing ~55% of total competitors. Some of the major players in the market include Cabot Corporation, Akzo Nobel N.V., Evonik Industries, Huber Engineered Materials, Solvay, PQ, Madhu Silica Pvt. Ltd., Wacker Chemie AG, PPG Industries, Inc., W. R. Grace & Co., among others.

What Is the Expected Future Outlook for the Overall Global Specialty Silica Market Across the Globe?

The Global Specialty Silica market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Specialty Silica market is driven by increased automation in multiple industries and rising demand from the automotive sector. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. With the increasing Investments and emergence of new products, the Global Specialty Silica market is changing rapidly. For instance, In November 2021, Nouryon announced the expansion of its Levasil colloidal silica manufacturing plant in USA. The plant expansion is aimed to meet the increasing demand from the packaging and construction industry.

Furthermore, In October 2021, Evonik Wynca Silicon Material started its fumed silica plant, which is the company's first fumed silica plant in China. It aims at positioning the company by building a global supply chain for its customers in China and overall, Asia.

The Global Specialty Silica Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of manufacturing processes. The global pandemic affected the production of rubber due to a complete ban on imports-exports that disrupted the supply chain, work stoppages, and Labor shortages, thereby hampering the growth of the market. Precipitated silica is the most common type of specialty silica product among others such as fumed silica, fused silica, silica gel, and colloidal silica. The majority of the silica material is used in the manufacturing of rubbers that are further utilized in various end-use industries such as electrical and electronics, automotive, footwear, and others. Though the market is competitive with over ~200 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

For more insights on the market intelligence, refer to below link:-

https://www.kenresearch.com/business-research/global-specialty-silica-market-outlook-2028/

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.