Specialty Silica Market Anticipated to Expand at a CAGR of 4.8% by 2031

The consumption of specialty silica within the rubber industry is expected to be considerably high, finds Future Market Insights (FMI) in a new study. Despite sluggish growth registered in 2020 amid COVID-19, rubber will comprise 60% of specialty silica application in terms of volume in 2021. The specialty silica market's overall valuation in 2021 is expected to reach US$ 6.37 Bn in the same year.

Owing to growth of packaging, print & specialty coatings consumption specialty silica consumption has increased. Besides this, the demand from inks & coatings Industry also will buoy growth in upcoming years. Other notable end uses of specialty silica include plastics, food & beverages, electrical & electronics components & insulation, personal care product additive, agricultural & feed, consumer products and others.

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Key Takeaways of Specialty Silica Market Study

• The global specialty silica market is anticipated to expand at a CAGR of ~4.8% by during the forecast period of 2021-2031
• The U.S. is expected to account for nearly 80% sales in the North America market
• Growth in U.K. is expected to recover 2021 onwards. FMI projects it to exhibit 4.7% Y-o-Y growth in 2021, after going downhill in 2020
• Growth trends are expected to remain favorable in Germany and France too
• Within East Asia China will emerge as a key market, exhibiting high growth. CAGR exhibited by Japan and South Korea as well is expected to remain positive through the forecast period

"Demand from rubber industry will continue to fuelling the demand for specialty silica. Though the significant drop in automotive industry output production rate during the last two consecutive fiscals have impacted the consumption of tires; however, the market growth is expected to gain traction in upcoming years. Additionally product innovation involved in specialty coatings will spur the demand of specialty silica." says a FMI analyst.

Demand for specialty silica is expected to grow at moderate rate owing to its increasing consumption in rubber application. Personal care is anticipated to witness highest growth amongst all other applications. East Asia is projected to hold prominent share followed by Europe and North America. China and Japan are the major target locations for supply of Specialty Silica for manufacturers. Specialty Silica market is fairly consolidated with small number of tier-1 players accounting for the major share.

Market Landscape to Remain Fairly Consolidated

Specialty silica market is understood to be fairly consolidated, with leading players included viz. Solvay SA, Huber Engineered Materials, Madhu Silica Pvt. Ltd, Evonik Industries AG and PPG Industries, Inc, Akzo Nobel NV, Cabot Corporation, Wacker Chemie AG, Nalco Holding Company, Qingdao Makall Group Inc and others account for the prominent share in the market. To gain competitive advantage in the market, market participants have been involving in production capacity expansions, merger, and acquisition activities with regards to consolidation of business footprint.

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Specialty Silica Market by Category

By Product Type

Precipitated
Fumed
Fused
Silica Gel
Colloidal
By Application

Rubber
Plastic
Ink & Coatings
Electrical & Electronics
Agricultural & Feed
Food & Beverages
Personal Care
Others
By Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

This release was published on openPR.