Press release
Fumed Silica Market is Forecasted to Reach US$ 2.36 Billion at a 5% CAGR by 2034
Fumed Silica Market
One of the key application areas for fumed silica is the paints and coatings sector, which encompasses a wide range of industries, including construction, automotive, and marine. This diverse application base is expected to drive the demand for fumed silica in the coming years.
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The use of fumed silica in both industrial and decorative paints and coatings is expected to experience robust growth throughout the forecast period. This growth is primarily fueled by rising disposable incomes, increased consumer spending, and steady advancements in industrial production, particularly in the automotive sector.
Key Takeaways from the Market Study:
The global fumed silica market is projected to reach a valuation of US$ 2.36 billion by 2034, expanding at a CAGR of 5% from 2024 to 2034.
The paints and coatings industry represents a significant portion of the market under the application segment.
Hydrophilic fumed silica is the leading product type and is anticipated to achieve the highest CAGR over the next decade.
North America leads the global market, holding nearly a 30% market share in 2022.
"Thixotropic and anti-settling agent demand from the paints & coatings industry is estimated to supplement fumed silica sales growth," says a Fact.MR analyst.
Key Companies Profiled This Report
BASF SE
Berry Global Inc.
CI Takiron
Exxon Mobil Corporation
Dow Inc.
RPC Group PLC
RKW Group
Trioplast Industries AB
Achilles Corporation
Ab Rani Plast Oy.
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Market Development
Manufacturers of fumed silica, including Evonik Industries AG and Cabot Corp., are strategically expanding their production capacities to meet the growing global demand. Significant capacity expansions have been announced, particularly in the Asia Pacific region, while North America and Europe are also expected to see steady growth in regional capacities.
The rising demand for fumed silica, especially for applications in rubber (such as tires, footwear, and industrial uses), oral care, and electronics, is driving leading market players to increase their global production capacity. Additionally, new product launches are becoming a key growth strategy.
Recent Developments:
In October 2021, Evonik established a new fumed silica plant in China through a joint venture with Wynca. The product from this plant is marketed under the brand name AEROSIL.
In June 2021, Evonik Industries AG signed a purchase agreement to acquire the technology-driven company Infinitec Activos.
In May 2021, Cabot Oil & Gas Corp. merged with Cimarex Energy in an all-stock deal, valuing the combined company at US$ 17 billion.
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Segmentation of Fumed Silica Industry Research Report
By Product Type :
Hydrophilic Fumed Silica
Hydrophobic Fumed Silica
By Application :
Silicone Rubber
Paints & Coatings
Unsaturated Polyester Resins
Adhesives & Sealants
Healthcare & Personal Care
Others
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fumed silica market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (hydrophilic fumed silica, hydrophobic fumed silica) and application (fumed silica for silicone rubber, fumed silica for paints & coatings, fumed silica for unsaturated polyester resins, fumed silica for adhesives & sealants, fumed silica for healthcare & personal care, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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