Global Specialty Silica Market Analaysis, Trends & Forecast Report 2017
Specialty silica is used in wide range of industries including paints & coatings, rubber, personal care & cosmetics, electronic components, refractories, food & beverage and plastics.
Global Specialty Silica Market size is likely to witness a prominent growth, expanding at a moderate CAGR over the forecast period. Specialty silica, chemical name silicon dioxide, is largely available in nature as quartz.
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Enormous investments in research & development along with technological advancements for cost competitive product manufacturing, is expected to have a positive influence on the global specialty silica market size by 2024. Regulatory approvals by numerous associations such as U.S Department of agriculture and FDA pertaining to the product use in food & beverage industry will be the factor driving specialty silica market size in the forecast period.
The rising demand for oral care and cosmetic products in developing countries, will be escalating the specialty silica market size in the coming years. For instance, the global cosmetic industry sales in likely to expand at over 5% CAGR from 2017 to 2024. Furthermore, due to the abrasion resistance and high tensile strength of the product.
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Global Specialty Silica Market size & forecast by product & application
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The major application areas of specialty silica market share are rubber, paints & coatings, plastics and food & healthcare industry. There are various other applications of specialty silica, for instance, it is used as a performance additive in tire industry owing to its low rolling resistance property, it acts as a matting agent to prevent the glossy effect on skin after application of cosmetics and used as a clarification agent for beer removal of impurities in food & beverage industry.
The specialty silica market size, in terms of demand and production is led by the Asia Pacific. India, china, south Korea and Japan are the main consumers of product due to rising demand of the paints & coatings in automobile and construction industry, which has perpetually influenced the specialty silica market size.
Also, automobile manufacturers in Asia Pacific are actively moving towards green tire development and pursuing it as future business, thus propelling the product demand in the near future. North America is the second biggest consumer of the product. This can be attributed to their high efficiency and increasing application scope in green tire development.
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On account of growing demand from tire & rubber industry, Evonik Industries began with production of precipitated silica at their new plant in Essen, USA in 2015. Likewise, Evonik and PPG Industries also announced new site for production of precipitated silica in 2016. Solvay launched highly dispersible silica (HDS) in 2015, that enhances performances in tires by saving energy.
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