Developments in Automotive and Coatings Sectors Generates Opportunities in Specialty Silica Market: FMI Study
Participants in the specialty silica market are investing to leverage niche applications in the agriculture sector including feed and pesticide and fertilizer production.
Dubai, United Arab Emirates – March 14, 2021 /MarketersMedia/ —
Future Market Insights, Dubai: The global specialty silica market is expected to display a steady growth of over 4.5% CAGR for the duration of the assessment period from 2021 to 2031. The demand for specialty silica can be attributed to use in multiple end use sectors including coating, personal care, automotive, food & beverage, and electronics. Efforts towards the development and production of eco-friendly tires for the automotive sector, in addition to the lucrative niche of personal care products is expected to remain important to strategies in the industry for the coming decade.
“Silica is used extensively as a cleaning agent in the production of varying oral care products. Further, increased adoption of specialty silica in chemical mechanical planarization (CMP) processes in the electronics sector is boosting market growth for specialty silica.” says the FMI study.
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Specialty Silica Market – Leading Takeaways
Precipitated silica products will hold the lead accounting for more than 30% of market share, driven by use in green tire production.
Paint and coating applications reflect a relatively stronger rate of growth owing to thixotropic applications to minimize risk of corrosion and rust.
China and India are displaying strong growth on the back of expansion of tire production activities.
Germany displays strong growth on the back of strict VOC emission regulations in the automotive sector.
Specialty Silica Market – Growth Factors
Growing use of CMP polishing applications in the electronics sector is bolstering scope of growth in the market.
Novel offerings for use in the oral care sector contribute to revenue generation opportunities.
Investments towards improving silica production processes contribute to long-term growth.
Specialty Silica Market – Constraints
Excessive hardness of specialty silica fillers results in wear on polymer substrates hurting adoption rates.
Cyclical nature of demand from end use industries could become a major challenge for profits for market players.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has hurt short term developments in the global specialty silica market. Restrictions on mining activities and reduced demand from end user sectors including personal care and automotive production, and curtailed consumer spending during the crisis have limited sales.
On the other hand, 2021 is displaying a steady recovery of the sector with relaxations on lockdown regulations and diversification efforts towards raw material sources. The transition towards green technologies in the automotive sector will generate opportunities through the coming decade. Moreover, growing use of consumer electronics will support adoption, driven by multi-industry applications in the near future.
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Competition Landscape
Some of the leading manufacturers participating in the specialty silica market are Qingdao Makall Group Inc., Solvay SA, Nalco Holding Company, Huber Engineered Materials, Wacker Chemie AG, Madhu Silica Pvt. Ltd., Cabot Corporation, Evonik industries AG, Akzo Nobel NV, and PPG Industries Inc. among others.
Strategies aimed towards collaborations and product launches to widen scope of application for specialty silica products, will continue to hold importance among market leaders in the industry, influencing long-term developments.
Evonik Industries AG has agreed to extend its partnership with Biesterfeld covering the production and distribution of paints and varnishes including specialty silica products in March 2021. VRX Silica has set up 3 projects in Western Australia including resources of 99.6% and 99.9% silicon dioxide in February 2021. Cabot Corporation announced the launch of its silica-based Engineered Elastomer Composites E2C™ DZ8650 with improved erosion and abrasion resistance characteristics.
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More on the Report
FMI’s provides in-depth insights on the specialty silica market. The market is segmented in terms of product type (precipitated, fumed, fused, silica gel, and colloidal), and application (rubber, plastic, ink & coatings, electrical & electronics, agricultural & feed, food & beverages, personal care, and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/specialty-silica-market
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