Press release
Surge in the Demand for Fumed Silica Market from Paint & Coating Applications Through 2029
The emergence of trends in drug manufacturing, in tandem with performance improvements in drugs and capsules will additionally spur sales of fumed silica.
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Although fumed silica companies continue to find opportunities in paints & coatings, healthcare and personal care products, it is silicone rubber that will expand profit pools of fumed silica manufacturers.
Fumed silica for silicones rubbers is well positioned to dominate the demand pie and will capture close to 2/5th demand share by 2029 reveals Fact.MR, in a recently published report on global fumed silica market. As per report, global fumed silica market is projected to grow at a steady CAGR of around 5% and is forecast to surpass US$ 1.8 Bn by 2029 end.
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Key Takeaways of Global Fumed Silica Market
Global fumed silica market is anticiapted to create a value opportunity of around US$ 9 Bn during the forecast period, adding 1.6X more value in 2029 as compared to 2019
Increasing demand for architectural coatings, followed by OEM coating applications, is expected to drive the hydrophobic fumed silica sales in the coming years
Despite losing slight market share by 2029, silicone rubbers have continued their dominance throughout the forecast period, however, paints & coatings and unsaturated polyester resins have been growing at a faster CAGR
North America accounts for largest market share in global fumed silica market on the backdrop of remarkable development in regional rubber, paint & coating industries
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China is showcasing highest penetrative reach in new markets and accounts for around one third share of overall sales in the global fumed silica market
Global fumed silica market is highly consolidated in nature, with Evonik Industries accounting for 35% – 40% share in the global fumed silica market in 2019
“Shift of fumed silica manufacturers towards greener production processes has been a key market trend. Thus, rapid adoption of sustainable and eco-friendly fumed silica products, are foreseen to give impetus to growth of fumed silica market”, says a Fact.MR analyst.
Overseas Markets to Witness Notable Growth, as Players Focus on Strategic Collaborations
Fumed silica market is highly consolidated in nature where top players account for a significant share in the overall supply of fumed silica across the globe. Global market is characterized by the presence of relatively few manufacturers and numerous end users.
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This disparity between the number of end users and producers tend to tilt the balance in favor of the latter. Thus, key stakeholders emphasize on overseas business development and sales apart from domestic market, to get higher cuts in cost margins. Furthermore, strategic collaborations and long term raw materials supply agreements have also been one of the prime focuses of key players.
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