Specialty Silica Market by Regional Analysis, Key Players and Forecast 2024
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As per a market intelligence publication released by Transparency Market Research, the global specialty silica market is expected to hold an increasingly intensifying rate of competition over the coming years. The current player landscape of the global specialty silica market shows a moderately consolidated structure with a medium to low presence of key global players. Meanwhile, the demand for specialty silica is increasing and the entry barriers for new players are low. The low initial investments required to initiate the manufacture of specialty silica is expected to encourage new entrants over the coming years. The global specialty silica market is expected to be valued at US$4.62 bn by the end of 2016. Between 2016 and 2024, this market’s value is expected to expand at a CAGR of 5.9% and reach US$7.32 bn by the end of 2024. In terms of volume, the global specialty silica market is expected to reach 5,185.0 kilo tons in 2024.
Surge in Demand for Green Tires Expected Over Coming Years
“The automotive industry has consistently been a top application segment for the global specialty silica market for the past few years. Fossil fuels are depleting and emission norms are getting stricter every year. This is pressuring the automotive industry to achieve greater feats of engineering that allow vehicles to use as little resources as possible. One of the greater ways to achieve this is to use tires that give a lower rolling resistance, effectively allowing a vehicle to move further while consuming lesser fuel. And one of the leading ways to achieve a reduction in rolling resistance is to use tires created with a mixture of specialty silica with rubber. Specialty silica imparts several beneficial physical properties to tires, including toughness and a smaller coefficient of friction for rolling resistance,” states a TMR analyst.
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Easy Availability of Substitutes Stifles Specialty Silica Demand
Colloidal silica and fused silica are the two key products from the global specialty silica market that are used in refractories. Both products are known to be expensive in nature and buyers are often reluctant enough to go for cheaper alternative even at the cost of lesser efficiency. Substitutes such as silica gel are not only cheaper than specialty silica but they are also easier to procure, therefore being a better preferred option for small and even medium scale buyers. This is currently a key restraining factor on the global specialty silica market, and might reduce in severity over time as development can help reduce product costs.
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“Developments in the global specialty silica market are expected to provide the boost that manufacturers need to gain better opportunities. One of the key opportunities currently visible in the global specialty silica market includes the development and production of highly dispersible silica. HDS finds noteworthy use in high-performance tires which are commonly meant for premium cars. Over time, the growing concern over fuel usage and consistent developments on HDS by leading players should get it into the commercial markets at reasonable rates, creating a whole new world of opportunities,” adds the analyst.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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