Based on the market research conducted by FMI, the global silica for S-SBR market is projected to record a CAGR of 7.3% from 2023 to 2033. The market size in 2023 is expected to be US$ 861.8 million. By 2033, the valuation is anticipated to reach beyond US$ 1.8 billion.
The manufacturers in the footwear market are making use of silica for S-SBR in order to ensure that the footwear is sturdy. The application of silica is projected to ensure that the slippers show an anti-skidding property. This might increase the demand for silica for S-SBR market.
The automotive industry has been expanding significantly. The introduction of hybrid vehicles is anticipated to hasten market expansion. To prevent rust on the spare components, the industry has been using silica for S-SBR. Automobile tires are made more durable by the application of silica. The green tire, which has enormous commercial potential, primarily uses silica. Manufacturers across niches are looking for carbon black alternatives. The application of carbon black leads to lung disease, and irritation in the ears, throat, and nose. The silica for S-SBR is a suitable alternative as its application doesn’t lead to an unhealthy ecosystem. This may surge the sales of silica for S-SBR during the forecast period.
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Silica is also one of the most important components in the electrical market. The ability to act as both conductor and insulator has assisted the product in gaining traction.
Thus, the FMI analysts are of the view that ‘The surging footwear market, automobile market, eco-friendly nature, and lots of other factors are expected to surge the silica for S-SBR market growth during the forecast period.’
Key Takeaways:
- The market is expected to record a CAGR of 7.3% from 2023 to 2033.
- In 2023, the market value is projected to be US$ 861.8 million.
- By 2033, the valuation is anticipated to cross US$ 1.8 billion.
- On the basis of regional analysis, North America is expected to hold the leading market share.
- The United States market is anticipated to record a CAGR of 6.1%.
- Germany market is expected to record a CAGR of 5.6%.
- China market is projected to register a CAGR of 9.2%.
- Japan market is anticipated to record a CAGR of 4.7%.
- South Korea market is expected to record a CAGR of 5.7%.
- On the basis of type, the untreated segment is expected to hold the leading market share and is anticipated to record a CAGR of 7.3%.
- On the basis of application, the tire reinforcement segment is projected to hold the dominant market share, and is expected to record a CAGR of 7.5%.
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Competitive Landscape
Manufacturers are looking to make huge investments in research and development. This might result in the production of better-quality products. The focus is also on sustainable development and making use of eco-friendly products. The emphasis is on entering into profitable mergers and acquisitions. This may allow the key players to surge their market share. The manufacturers are also emphasizing entering into related niches through organic growth. During such times, the key players are thoroughly analyzing the related sectors and making the required move.
Significant Developments in the Silica for S-SBR Market:
- In February 2023, Trinseo was named one of America’s most responsible firms by Newsweek.
- In January 2023, LANXESS and TotalEnergies agreed to collaborate on sustainable styrene.
Silica for S-SBR Market: Top Players
- Trinseo
- LANXESS
- Evonik Industries
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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