The consumption of specialty silica within the rubber industry is expected to be considerably high, finds Future Market Insights (FMI) in a new study. Despite sluggish growth registered in 2020 amid COVID-19, the rubber will comprise 60% of specialty silica applications in terms of volume in 2021. The specialty silica market’s overall valuation in 2021 is expected to reach US$ 6.37 Billion in the same year.
Owing to the growth of packaging, print & specialty coatings consumption specialty silica consumption has increased. Besides this, the demand from the inks & coatings Industry also will be buoy growth in upcoming years. Other notable end uses of specialty silica include plastics, food & beverages, electrical & electronics components & insulation, personal care product additives, agricultural & feed, consumer products, and others.
“Demand from rubber industry will continue to fuelling the demand for specialty silica. Though the significant drop in automotive industry output production rate during the last two consecutive fiscals have impacted the consumption of tires; however, the market growth is expected to gain traction in upcoming years. Additionally product innovation involved in specialty coatings will spur the demand of specialty silica.” says a FMI analyst.
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Key Takeaways of Specialty Silica Market Study
- The global specialty silica market is anticipated to expand at a CAGR of ~4.8% during the forecast period of 2021-2031
- The U.S. is expected to account for nearly 80% of sales in the North American market
- Growth in the U.K. is expected to recover from 2021 onwards. FMI projects it to exhibit 4.7% Y-o-Y growth in 2021, after going downhill in 2020
- Growth trends are expected to remain favorable in Germany and France too
- Within East Asia China will emerge as a key market, exhibiting high growth. CAGR exhibited by Japan and South Korea as well is expected to remain positive through the forecast period
Demand for specialty silica is expected to grow at a moderate rate owing to its increasing consumption in rubber application. Personal care is anticipated to witness the highest growth among all other applications. East Asia is projected to hold a prominent share followed by Europe and North America.
China and Japan are the major target locations for the supply of Specialty Silica for manufacturers. The Specialty Silica market is fairly consolidated with a small number of tier-1 players accounting for the major share.
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Market Landscape to Remain Fairly Consolidated
The specialty silica market is understood to be fairly consolidated, with leading players included viz. Solvay SA, Huber Engineered Materials, Madhu Silica Pvt. Ltd, Evonik Industries AG and PPG Industries, Inc, Akzo Nobel NV, Cabot Corporation, Wacker Chemie AG, Nalco Holding Company, Qingdao Makall Group Inc, and others account for the prominent share in the market.
To gain a competitive advantage in the market, market participants have been involved in production capacity expansions, mergers, and acquisition activities with regard to the consolidation of the business footprint.
Specialty Silica Market by Category
By Product Type
- Precipitated
- Fumed
- Fused
- Silica Gel
- Colloidal
By Application
- Rubber
- Plastic
- Ink & Coatings
- Electrical & Electronics
- Agricultural & Feed
- Food & Beverages
- Personal Care
- Others
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Want to Know More?
Future Market Insights, an ESOMAR-certified research and consulting firm has published a market research report on the Specialty Silica market that contains a global industry analysis of 2016–2020 and an opportunity assessment for 2021–2031.
The report provides depth analysis of the Specialty Silica Market through different segments, namely product type, application, and region. The Specialty Silica Market report also provides supply and demand trends, along with an overview of the parent market.
Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain
Precipitated Silica Market: Ascending demand from rubber, agrochemicals, and oral care will drive the global precipitated silica (SiO2) market to grow at an astounding growth rate of more than 9% between 2019 and 2029.
Colloidal Silica Market: Sales in the global colloidal silica market are slated to top US$ 252.0 Million in 2022. With a favorable demand outlook, the market is projected to expand at a steady 3.9% CAGR, reaching US$ 342.3 Million by 2030.
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