Press release
Specialty Silica Market Forecasted to Grow at a 4.8% CAGR through 2031
Specialty Silica Market
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 Billion in the same year.
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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.
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.
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
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"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.
Market Landscape to Remain Fairly Consolidated
Specialty silica Market Leading Players
• Solvay SA
• Huber Engineered Materials
• Madhu Silica Pvt. Ltd.
• Evonik Industries AG
• PPG Industries, Inc.
• Akzo Nobel NV
• Cabot Corporation
• Wacker Chemie AG
• Nalco Holding Company
• Qingdao Makall Group Inc.
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
By Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
Latest Research Reports on Chemicals & Materials: Navigating Industry Developments
Colloidal Silica Market: https://www.futuremarketinsights.com/reports/colloidal-silica-market
Precipitated Silica Market: https://www.futuremarketinsights.com/reports/precipitated-silica-market
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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