Precipitated Silica Market Actual Data and Long-Term Forecasts through 2028
The global precipitated silica market was valued at US$ 3.5 Bn in 2018 and is anticipated to expand at a CAGR of ~4% during the forecast period. Among applications, the rubber segment held a major share of the global precipitated silica market in 2018. Increase in the demand for energy-efficient tires in the global automobile sector is anticipated to propel the segment during the forecast period. Energy-efficient tires filled with precipitated silica enable less fuel consumption with swift vehicle movement. The precipitated silica market in Europe is likely to expand at a rapid pace during the forecast period, owing to increase in expenditure on the construction of precipitated manufacturing facilities in the region.
Key Drivers of Precipitated Silica Market
Over the last decade, energy-efficient tires have witnessed rise in the demand, as they offer low rolling resistance, reduce CO2 emissions, and decrease fuel consumption; thereby controlling the pollution. Increase in the demand for passenger car vehicles largely in developing nations is a major factor propelling the demand for energy-efficient tires. The global automotive production has increased by 15% since 2010. Focus on reduction of vehicle weight has been a key trend in the automotive industry so as to reduce CO2 emissions. Precipitated silica is being increasingly adopted by tire manufacturers as a reinforcement filler, owing to legislations on tire labelling and stringent regulations regarding environment protection. Precipitated silica offers high reinforcing ability and enhances fuel efficiency. On the other hand, carbon black has higher rolling resistance, which results in higher consumption of fuel. Thus, precipitated silica is used as a substitute for carbon black in the global tire industry to a certain extent. Thus, rise in the demand for energy-efficient tires is expected to boost the global precipitated silica market in the near future.
Asia Pacific Leads Precipitated Silica Market
Asia Pacific dominated the global precipitated silica market in 2018. Dominance of Asia Pacific can be ascribed to increase in the demand for passenger car vehicles in the region. By the end of the forecast period, Asia Pacific is projected to account for 34.17% share of the global market, in terms of revenue. China has become a major consumer and manufacturer of precipitated silica in this region, due to large production of tires in the country. The precipitated silica market in Europe is expected to witness rapid growth during the forecast period, owing to introduction of regulations on tire labelling. Furthermore, increase in the spending on construction and capacity expansion of precipitated silica facilities with the introduction of several initiatives by regulators to minimize carbon pollution, save fuel costs, and reduce the number of tire-related crashes are other few key factors anticipated to propel the market during the forecast period.
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