Colloidal silica is finding immense use in the electronics & semiconductor industry, wherein, it plays a critical role in the production of ultra-flat, uniform, and low detection surfaces for semiconductors. Moreover, colloidal silica is used as a rough surface remover and as a polishing additive. It is extensively used for electropolishing to remove microscopic layers of metal particles from surfaces. In addition, the growing electronics & semiconductor industry in South and East Asia is expected to drive the colloidal silica market over the decade ahead. Paints & coatings and paper & pulp industries are also expected to pave the way for market growth in the coming years.
Sales in the global colloidal silica market are slated to top US$ 252.0 Mn in 2022. With a favourable demand outlook, the market is projected to expand at a steady 3.9% CAGR, reaching US$ 342.3 Mn by 2030.
A significant portion of the revenue of the colloidal silica market is realized from the electronics & semiconductors industry. However, this industry is likely to witness a decline in the near term due to the coronavirus (COVID-19) pandemic that is spreading across the world. The onset of the pandemic has resulted in travel bans and isolations, uncertainties in the stock market, and massive disruption of the supply chain. As such, the pandemic would adversely impact the global electronics & semiconductor industry, and, in turn, hamper the growth of the global colloidal silica market.
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“Colloidal silica is gaining prominence as a chemical excipient in the pharmaceutical sector for synthesizing tablets such as paracetamol and animal medicines. Players in the colloidal silica market targeting pharmaceutical applications will be better placed for outsized returns.”
Key Takeaways from Global Colloidal Silica Market Study
- Acidic colloidal silica would remain sought-after, owing to its increasing application in electronics and semiconductors.
- In terms of consumption, Europe and North America are prominent regions; countries such as Belgium, the US, the Netherlands, Spain, Germany, France, and Italy are prime consumers of colloidal silica.
- The electronics & semiconductor industry would be the key revenue generator in the colloidal silica market, while the paints & coatings industry is offering growth avenues.
- Top-line growth of the global chemical industry is expected to augur well for the colloidal silica market.
- Colloidal silica is extensively used for investment casting as a slurry on base coatings such as zircon flour, and zircon sand, thus, offering further impetus to market growth over the coming years.
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Competitive Landscape
Players such as Nouryon Holding BV, Evonik Industries AG, Cabot Corporation, W. R. Grace & Co., Ecolab Inc., Merck Global, and The Dow Chemical Company have invested strategically in the colloidal silica market in the recent past, suggesting that, major manufactures are keeping tabs on the market, as it holds a lot of potential in the coming years. In addition, manufacturers such as Nouryon Holding BV and Evonik Industries AG are strategically increasing their market footprint by expanding their customer base in other regions. R&D, coupled with expansion of production capacity and footprint, remains the differentiating strategy followed by colloidal silica manufacturers to enhance productivity and capture new market opportunities.
East Asia to Offer Lucrative Growth Opportunities
East Asia is anticipated to hold a prominent share in the global colloidal silica market, owing to flourishing electronics and semiconductor industries in the region. Manufacturers are focusing on developing products as per end-use applications. Colloidal silica is also significantly used in the production of water-based coatings. Manufactures are thus tapping this opportunity, given increasing preference to water-based solvents in the paints & coatings industry.
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The report on the colloidal silica market, published by Future Market Insights, brings to the fore a pin-point analysis of the market, and offers comprehensive information with historical demand data of 2015-2021 and forecast statistics for 2022-2030. The study offers insightful information on the global colloidal silica market based on various categories – product type and application, across seven regions. This study highlights key players who are well-known market vendors, and have proven themselves as key shareholders in the global colloidal silica market.