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Fumed Silica Market: Rising Demand from Developing Nations Influencing Market Growth in the Coming Years with Key players Cabot Corp, Evonik Industries AG, Wacker Chemie AG, DowDuPont Inc
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Fumed Silica Market Remains Highly Consolidated as Tier III Companies Hold Less Than 10% Market Share
Stringent regulatory framework, challenges associated with the availability of raw materials, and cyclic behavior of end-use industries present major barriers to entry for small and medium-scale businesses in the fumed silica market. Tier III manufacturers are facing major challenges at raw material procurement as leading firms are controlling supply chain operations in the fumed silica market.
Furthermore, ensuring product regulatory compliance results in additional manufacturing costs and delayed market entry, which is making it challenging for new entrants in the fumed silica market to maintain competitive prices. In addition, top players in the fumed silica market account for the largest market share through captive consumption of fumed silica. This is making fumed silica market highly concentrated among top market players and Tier III fumed silica companies account for less than 10% revenue share of the market.
Ongoing US-China Trade War Makes a Significant Impact on China’s Growth in the Fumed Silica Market
The full-blown trade war between the U.S. and China, the world’s two largest markets for fumed silica, is influencing the prospects of the global market for fumed silica as many industrial applications of fumed silica, including adhesives, bore a significant impact.
China’s retaliation to the U.S. plans to take the trade war to a fever pitch has resulted in Chinese government levying heavy tariffs on U.S.-made products, including adhesives, which is one of the most common applications of fumed silica. Additionally, U.S. tariffs on Chinese aluminum and steel products have facilitated a shift from metal to composite/plastic in motor vehicle manufacturing, which is making a huge, albeit indirect, impact on the demand for adhesives.
As the U.S. holds a substantial share in China’s imports of adhesives, the effect of potential tariff escalation on U.S. adhesives and sealants may impinge on the U.S. fumed silica market growth in the upcoming years.
Growing Applications of Fumed Silica in Silicone Rubber Create Potential for Demand Upsurge
The silicone rubber industry is witnessing extensive growth as it finds versatile applications in various industrial sectors, such as sports, automotive, healthcare, and medical appliances. Manufacturers in the fumed silica market are aiming to capitalize on the increasing growth of the silicone rubber industry, by improving characteristics of silicone rubber, such as chemical inertness, purity, and high durability with the use of fumed silica.
By adopting advanced manufacturing technologies, players in the fumed silica market are exhibiting superior characteristics of fumed silica that can further enhance mechanical properties, tear resistance, and tensile strength of silicone rubber. Fumed silica market players are recognizing the growth potential of the silicone rubber industry and modifying their manufacturing strategies to capture lucrative sales opportunities in the coming future.
Market Players Focus on Capturing Untapped Opportunities in the Paints & Coatings Industry
Growing demand for decorative coatings and burgeoning construction activities worldwide are contributing to the incremental growth of the paints & coatings industry. Soaring popularity of fumed silica in the paints & coatings industry as an anti-setting and thixotropic agent to control rheological characteristics is creating new avenues of growth for fumed silica market players in the industry.
Leading manufacturers in the fumed silica market are modifying their manufacturing procedures and adopting advanced technologies to introduce fumed silica that can enhance the setting characteristics of pigments in paints & coatings. By adopting innovative manufacturing processes that can improve properties of fumed silica and improve the productivity of business, market leaders are aiming to capitalize of the rapidly-growing fumed silica market.
Competitive Landscape
The fumed silica market report covers profiles of key participants to cover important aspects of competitive environment in the fumed silica market. Thorough and insightful information about market players, including key financials, and product portfolio, along with information about new technologies adopted and new product launches by market players, is covered in the fumed silica market report.
Market players featured in the report include Cabot Corp, Evonik Industries AG, Wacker Chemie AG, DowDuPont Inc., Tokuyama Corporation, OCI Company Ltd., Orisil, Kemitura A/S, Chiefeng Shengsen Silicon Technology Development Co., Ltd, Gelest Inc., and Henan Xunyu Chemical Co., Ltd.
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