Specialty Silica Industry Overview
The global specialty silica market size is expected to reach USD 10.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.1% from 2022 to 2030. The increasing investments in the construction and infrastructure industry are expected to propel the demand for paints and coatings, and eventually benefit the product demand over the coming years.
Governments across the world are trying to provide affordable houses to their citizens, which is expected to propel the demand for paint and coatings across the forecast period. For instance, in October 2021, the government of Israel announced a USD 5 billion housing plan from 2022 to 2025. The government is expected to start the construction of 280,000 homes over the next 4 years.
Specialty Silica Market Segmentation
Grand View Research has segmented the global specialty silica market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Precipitated silica, Fumed Silica, Fused Silica, Silica Gel, and Colloidal Silica
- The precipitated silica segment held the largest revenue share of more than 34.0% in 2021. The product acts as a reinforcing agent and improves abrasion and tear resistance.
- Fused silica is expected to register a growth rate of 7.6% in terms of revenue across the forecast period. The product is used in the manufacturing of optical parts such as mirrors, UV and IR transmitting optics, lenses, and metrology.
- Silica gel is another vital product segment of the market for specialty silica and it is expected to register a CAGR of 6.2% in terms of revenue in the said forecast period. The product is widely used as a desiccant to control the humidity of the environment to avoid spoilage.
- The rising demand for pharmaceuticals and packaged food is expected to drive the segment growth across the forecast period.
Based on the Application Insights, the market is segmented into Rubber, Agrochemical, Oral Care, Food Industry, Desiccants, Paints & Coating, and Others
- The rubber segment dominated the market for specialty silica and held a revenue share of over 30.0% in 2021.
- Paints and coating is another key application segment of the market for specialty silica and it is expected to register the fastest growth rate across the forecast period.
- Agrochemicals is another significant application segment of the market for specialty silica. The product is widely used in agrochemicals for aiding crop protection, seed treatment, and production of fertilizers.
- The desiccants application segment is projected to grow at a CAGR of 7.0% in terms of revenue across the forecast period. Desiccants are used in numerous industries such as leather, bags, pharmaceuticals, food and beverages, chemicals, and electronics.
Specialty Silica Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for specialty silica is highly competitive with key multinationals dominating the industry. Rising product demand in various regions and sectors has led these companies to increase investments in R&D and focus on new product development.
Some prominent players in the global Specialty Silica market include:
- Elkem
- Evonik Industries AG
- Madhu Silica Pvt. Ltd.
- Nouryon
- Oriental Silicas Corporation
- PPG Industries, Inc.
- PQ Corporation
- Sinosi Group Corporation
- Solvay
- Tosoh Corporation
- Wacker Chemie AG
- R. Grace & Co.
Order a free sample PDF of the Specialty Silica Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment