Colloidal Silica Market Growth Is Attributed To The Increasing Demand For Automotive

According to Precision Business Insights (PBI), the latest report, the colloidal silica market is expected to be worth USD billion in 2022, growing at a 4.5% CAGR from 2022 to 2028. The global colloidal silica market is segmented into the following types: By Product (Alkaline Colloidal Silica, Acidic Colloidal Silica, Modified Colloidal Silica, Ordinary Colloidal Silica), By Application (Pulp & Paper, Metals & Metallurgy, Electronics & Semiconductors, Chemicals, Paints & Coatings, Building & Construction, Textiles & Fabrics) and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players' profiles in the colloidal silica market report are Nouryon, Nissan Chemical Corporation, Jinan Yinfeng Silicon Products Co., Ltd., FUSO CHEMICAL CO., LTD., Zhejiang Yuda Chemical Co., Ltd., CABOT CORPORATION, MERCK KGaA, The Dow Chemical Company, and Ecolab. Due to colloidal silica's main characteristics, including superior stability and tunable particle size distribution, it continues to gain significant momentum as the preferred abrasive in chemical mechanical planarization (CMP) applications. The colloidal silica sector will benefit significantly from recent research efforts toward producing colloidal materials with customizable chemical and physical properties. The automotive industry has been driven to employ green coatings by strict government requirements on the usage of protective coatings, which continues to benefit the colloidal silica sector. Due to the accelerated development in the production of electronic components, namely semiconductors for which silica is utilized as an abrasive polish, colloidal silica is seeing growing demand from the electronics industry.

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Automotive Segment to Dominate the Colloidal Silica Market:
The automotive segment is expected to account for a larger revenue share in the global colloidal silica market, with a value share worldwide. It is projected to grow at a 4.8% CAGR between 2022 and 2028. The global automotive industry's expanding use of hydrophobic colloidal silica is expected to support the market in the years to come. This industry makes substantial use of the chemical to create tires with less rolling resistance. The market is anticipated to grow because of the ongoing development of novel tires with hydrophobic colloidal silica to enhance vehicle handling and fuel efficiency. For instance, Nokian Tyres introduced the Green Step prototype tire in January 2022. 93 %of the materials used in it are recyclable or renewable. By 2030, the business expects to have recycled 50% of all the raw materials used to make this tire. Thus, it is anticipated that the industry will benefit from the launch of such green tires in various regions of the world.

Asia Pacific Colloidal Silica Market:
The Asia Pacific market is expected to increase in the global colloidal silica market over the forecast period. It is projected to grow at a CAGR of 5.1% in the coming years. Major semiconductor players may be found in the Asia Pacific, including Taiwan, which has the second-largest chip economy in the world based on revenue. In addition, automotive applications are anticipated to stimulate capital spending in the semiconductor sector in the Asia Pacific, despite some industry slowdowns. In 2020, when demand for semiconductors hit a record level, and there was a shortage of them, it was clear that demand was steadily rising. As a result, numerous manufacturers in the Asia Pacific region are ramping up production levels to satisfy the need for semiconductors, helping the market expand.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global colloidal silica market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2021, ICT announced plans for Specialty Colloidal Silica Production. In July 2020, W.R. Grace & Co opened a new 8200 m2 colloidal silica plant in Worms, Germany to double the production capacity.

Detailed Segmentation
Based on the product, the market is segmented into the following:
• Alkaline Colloidal Silica
• Acidic Colloidal Silica
• Modified Colloidal Silica
• Ordinary Colloidal Silica

Based on the application, the market is segmented into the following:
• Pulp & Paper
• Metals & Metallurgy
• Electronics & Semiconductors
• Chemicals
• Paints & Coatings
• Building & Construction
• Textiles & Fabrics


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