Fumed Silica Market is projected to be worth USD 1662.0 Million by 2030, registering a CAGR of 6.8% during the forecast period (2020 - 2030).
The value of Global Fumed Silica Market was valued USD $989.0 million in the year 2019. With the immense growth and demand of fumed silica, the global market is expected to rise up to USD $1662.0 Million by 2030 with a CAGR rate of 6.8%.
The manufacturing of fumed silica is obtained through the flame that gives it the name pyrogenic silica. The special aspect of Fumed Silica is that it consists of amorphous silica in the form of microscopic droplets. Many industries have adopted this product in their diverse applications, out of which the paint & coating industry has leveraged the maximum potential out of it. They use fumed silica to ensure that the coatings keep the painted items free from rust and corrosion.
Not just paint jobs, but the characteristics of fumed silica make it highly applicable for many applications across diverse industries. For instance, they are highly preferred for adhesives, cosmetics, toners, inks, sealants, deformers, food additives, and others. Hence, this explains the fumed silica market demand and growth potential of the associated products. The growth aspects of the global fumed silica market has increased in the past seven years as stated by the MRFR analysis. Construction and automotive industries have adopted the use of these products for enhancing the product efficiency for the end-users.
As per the global fumed silica market overview, this report states the overall market potential based upon diverse factors and segmentations. The global fumed silica market‘s growth is segmented into different aspects such as application, type, and region. The report highlights the regional growth of the market that explains the demand for different products of this market in various regions. Along with that, this report also puts light upon the different fumed silica market manufacturers who are contributing their immense expertise and knowledge to drive the growth of fumed silica market.
COVID 19 Analysis
As per the COVID 19 analysis of the global fumed silica market, the fumed silica market uses and demands were recorded to have been hampered in the last quarter of 2019 and for most months of 2020. It is so because automobile, construction, and other such relevant industries who were the primary consumers of the fumed silica products were facing a sales crisis for which their production pace was hampered. As a result, the market took a downfall with reduced sales.
But with the COVID impact taking a slower turn now, the demands of the automobile, construction, and other such industries are now booming. Therefore, the demand scales had doubled than before since the global fumed silica market 2020 impact, with the production facilities working with higher efficiencies. The key players have also improved their manufacturing infrastructure to ensure that the supply is higher to meet the rising demands of the market.
The global fumed silica market has picked up the growth pace after COVID slowed down its impact upon the market. The consumers of fumed silica are now increasing their manufacturing potential to meet the rising demand for end-products. Therefore, the market driving potential is higher in the present fumed silica market forecast years than before. Fumed silica, being cost-effective, has higher adaption rate that increases its demand.
The market is being driven by the pharmaceutical industry in the present era as fumed silica is considered for the formation of the tablets. Therefore, the pharmaceutical industry and associated companies are high growth drivers for global fumed silica market. The key players are now looking out for more applications upon which the products can be implemented that will meet the predicted global fumed silica market size for the present forecast years.
Automotive, healthcare, paint & coatings, and construction industries have shown immense demand for the global fumed silica market products that create diverse opportunities for it to grow in the coming years. It is predicted to be implemented in most end-user applications. As of now, China did generate the highest revenue as of 2019 for the market, with USD $159 million at a growth rate of 8.98% based upon the industrial developments.
The World Painting & Coating Association states that the global painting & costing industry generated revenue of over USD $ 150 billion in the year 2020. With this higher profitable outcome, the industry is now increasingly demanding fumed silica for making the products even more efficient to meet the consumer demands. Hence, it is one of the major growth opportunities for the global fumed silica market.
The COVID breakdown did impact the global fumed silica market on a large scale. But the authorities, government, and the key players found out a collective solution to overcome this pandemic and resume the production facilities to meet the rising demands of consumers. It was an evident market restraint but was soon resolved with collective ideologies of key players and respective industries.
Apart from that, the automobile sector is also facing some challenges in terms of lowered demands in the past few years after the COVID outbreak. Even though the market scales have grown to some extent after COVID relaxations, demand and sales have not reached the maximum potential. But within the present global fumed silica market forecast years, the sales rate is expected to boom and meet the milestones.
After the COVID was handled, a new growth challenge was introduced recently in biogenic fumed silica. The biogenic fumed silica is about to make it challenging for the global fumed silica market to grow effectively in the coming years to stabilize the sales levels. The key players will look for ideal alternative implementations to overcome the challenge stated by the biogenic silica market.
The key players are now finding ideal production alternatives to improve the efficiency of their products for meeting the quality needs of consumers. With the diverse applications of fumed silica, the responsibility upon the key players is quite high for the present forecast years.
As per the global fumed silica market analysis based upon growth, the demands of the products increased after the market dealt with COVID breakdown. Many top companies are keen to be the market players for fumed silica. It is so because the diverse applications and product efficiency are now being witnessed across the globe.
The key players are also looking forward to increasing the production rate in modern infrastructure to meet the quality demands of industries for efficient implementation of the end-products. The intended audience, such as production process industries, raw material suppliers, traders, distributors, manufacturers, and others, are putting up their interest in the efficacy of fumed silica in the market.
Value Chain Analysis
Based upon type segmentation, the global fumed silica market is segmented into hydrophobic fumed silica and hydrophilic fumed silica. These types are made up of different compositions to meet diverse application requirements.
With different types of fumed silica options made available, diverse industries will have options to pick as per their budget and requirements.
Based upon the application segmentation, the global fumed silica market is segmented into various aspects. The major applications of fumed silica are paint & coating, silicon rubber, adhesive & sealants, cosmetics, UPS, battery gel, pharmaceutical, and others.
With fumed silica being used in diverse applications, the fumed silica market growth potential for the present years is portrayed.
Based upon the regional classification, the global market is widely spread across various regions of the globe such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The key players across the regions are putting up efforts to increase the market revenue for the present forecast years.
Asia Pacific dominated the global fumed silica market as of 2019 by holding the highest fumed silica market share of 39%. With the rising demands, Asia Pacific will eventually dominate the revenue generation in the present forecast years.
The major key players of global fumed silica market are:
These are some of the major fumed silica market suppliers who have given in their maximum efficiency for enhancing the market growth for the previous periods and also present forecast years.
Amongst all, one top fumed silica market supplier is Tokuyama Corporation who has implemented impeccable marketing strategies and improvements to the fumed silica product types for enhancing the demand and sales.
Here are the couple of fumed silica market trends:
The report consists of information and insight into the facts that explain the growth of the global fumed silica market for the forecast years till 2027
The segmentation table is as follows:
Global Fumed Silica Market, by Type:
Global Fumed Silica Market, by Application:
Global Fumed Silica Market, By Region:
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Evonik Industries, Wacker Chemie AG, Cabot Corporation, Tokuyama Corporation, PPG Industries, Inc., 3M, Dalian Fuchang Chemical Co. Ltd., Kemitura, Dongyue Group Ltd., Power Chemical Corporation Ltd.|
|Key Market Opportunities||Automotive, healthcare, paint & coatings, and construction industries have shown immense demand|
|Key Market Drivers||The consumers of fumed silica are now increasing their manufacturing potential to meet the rising demand for end-products.|
Fumed silica market expected to reach USD $1662.0 Million by 2030
Asia Pacific was the dominant region with a market share of 39%. Following that, North America was the second-largest market shareholder with one-fourth of the total share.
The leading competitors in the fumed silica market globally are Wacker Chemie AG (Germany), Evonik Industries AG (Germany), PPG Industrie, Inc (U.S.), Kemitura, Dongyue Group Ltd. (China), Cabot Corporation (U.S.), 3M(U.S.), Tokuyama Corporation(Japan), Dalian Fuchang Chemical Co., Ltd(China), and Power Chemical Corporation Ltd (UK).
Automotive, healthcare, paint & coatings, and construction industries have shown immense demand for the global fumed silica market products that create diverse opportunities for it to grow in the coming years