Specialty Silica Market Future Demand and Growth Analysis with forecast 2024

Only a handful of names were visible as prominent in the global specialty silica market for 2015. In this consolidated market, the players Evonik Industries AG, Wacker Chemie AG, and Cabot Corporation, collectively held a significant 69% of its overall value. At the same time, there do exist a sizeable number of regional players in the global specialty silica market.

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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.

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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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This release was published on openPR.