Latest TMR Report Explores Impact of COVID-19 Outbreak on Mica Market 

Driven by the expanding application base of mica, the global mica market is witnessing a substantial rise in its valuation, finds a new report by Transparency Market Research (TMR). Various industries, such as electronics, constructions, plastic, paints and coatings, rubber, and cosmetics, demonstrate a high demand for mica. The electronics industry, especially, requires a large amount of mica for the production of various electronic and electrical devices. As the population rises, the demand for these devices will also likely increases, creating a sustainable market condition for mica producers across the world.

According to the TMR report, the global mica market stood at US$478 mn in 2015 and is foretold to reach US$669.3 mn by the end of 2024. The revenue growth in the market is pegged at 3.80% CAGR between 2016 and 2024.

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The augmenting demand for ground mica in the building and construction industry is creating substantial growth opportunities for market players. Over the next few years, ground mica is projected to find extensive application in the paints and coatings, rubber, and the plastic industries as well. The continual expansion in the building and construction and the electronic and electrical industries is likely to provide lucrative opportunities for further growth of the worldwide mica market in the years to come, states the research report.

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Although the future of the global mica market looks thriving, the increasing concerns over health hazards caused by mica are not letting it gain its full potential. Many governments across the world have implemented stringent rules to regulate mica mining, which directly affects its production. Since mining is the main method to obtain raw mica, these enforcements result in fluctuation of raw material prices, which in turn impacts the revenues of market participants. However, the increasing array of electronic products, coupled with frequent technological changes, will create new revenue streams for mica producers in the coming years, reports the study.

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The global mica market is moderately concentrated with the power residing at the hands of a few leading players. These players are The Premier Mica Company, Mica Manufacturing Co. Pvt. Ltd., and Ashville-Schoonmaker Mica Co. Their massive integrated operations allow them to have an easy and steady access to raw materials. They secured a continuous supply of raw materials through backward integration, which helped them reach the top of this game. This has also created high entry barriers for new companies, cutting them off the competition, states the report.

The review is based on a report by Transparency Market Research, titled “Mica Market (Form Type – Natural and Synthetic; Grade - Ground Mica, Sheet Mica, and Built-up Mica; End-user - Paints & Coatings, Electronics, Construction, and Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

The Global Mica Market is segmented into:

Type

Natural
Synthetic
Grade

Ground Mica
Sheet Mica
Built-up Mica
End User

Paints and Coatings
Electronics
Construction
Cosmetics

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This release was published on openPR.