Specialty Silica Market was valued at USD 15.88 billion in 2030 after growing at a CAGR of 10.97% from 2022-2030.
Specialty silica market is growing steadily with various applications of the same in rubber, paints & coatings, agriculture, personal care & cosmetics, food & beverage, electronic components and others. With such wide application, automobile industry will always be the top application segment for specialty silica owing to production of tires and efforts taken towards reducing carbon emission. In addition, growing concern of depletion of fossil fuels and strict emission rules, automotive industries are shifting to use green tires that will have positive impact on specialty silica market. However, the market will be restraint by factors such as high cost of colloidal silica and availability of low cost substitutes during the forecasted period 2022. Specialty silica shows cyclical behavior. So, low cost substitute will affect the continuity of profit margin and revenue generation which is a major challenge for manufacturers in specialty silica.
Specialty Silica consist of five basic types silica which includes precipitated silica, fused silica, fumed silica, silica gel and colloidal silica which are extensively used in end user industries such as rubber, agriculture, paints & coatings, electronic components, personal care & cosmetics and others. Rising demand for specialty silica in personal care & cosmetics products owing to its properties such as anticaking, UV protecting and dispersive nature will push the specialty silica market in future. Furthermore, developing regions like China and India are showing high growth in the construction industry as well as in infrastructure which calls for the rise in demand for paints & coatings. These are one of the key application of specialty chemicals and has boosted the demand for the same in developing regions. Owing to properties such as high tensile strength and abrasion resistance, specialty silica is highly used in rubber industries which are expected to boost its demand in forecasted period.
There has been a growth in the concern regarding the low availability and depletion of fossil fuels that are likely to present the global market with excellent opportunities for growth to dwell upon during the forecast period. The rising demand from the construction industry especially from the activities undertaken in the developing regions has good growth in store for the market operations.
Research Methodology for Specialty Silica Market:
The general spread of the COVID 19 pandemic has influenced the organizations and their manufacturing and production units. The principal members present in the strength specialty silica market are right now laying their consideration on extending their working scale by bringing business upgrades. This progression is being taken up to restrict the peril factors and hazards and further, persevere through the dynamicity that has been presented by the novel Covid pandemic. The malls, retail squares, and various associations that use the market items and administrations to maintain their business have been halted in light of the unavailability of the talented labor force and work by the weight of both inadequate and complete lockdown and other practical limitations.
The enhancing specialty silica market value is a result of the mergers, acquisitions, growth initiatives, and recent developments of the following market players:
The Specialty silica market growth can be attributed to the steady use of the market products and services across various applications that are prominent in rubber, paints, and coatings, agriculture, personal care, and cosmetics, amongst others like food and beverage, electronic components amongst others. With such wide use of the application, the automobile industry will always be the top application segment for specialty silica demand owing to the constant production of tires and efforts undertaken towards reducing the carbon emission levels. In addition, with the growing concern of depletion of fossil fuels and strict implementation of emission rules, the automotive industries are shifting to the use of green tires that will have a positive impact on the specialty silica market during the forecast period that will be ending in 2030.
However, the global specialty silica market size will be witnessing the development of growth restraining factors such as the high cost of colloidal silica alongside the availability of low-cost substitutes that serve the need of the global target audience during the forecast period that will be ending in 2030. Specialty silica is known to show cyclical behavior. So, the low-cost substitute in the global market premises will affect the potential of continuity regarding the profit margin and revenue generation chances of the market which is emerging as a major challenge for manufacturers in specialty silica market size.
Specialty Silica consist of five basic types of silica which includes precipitated silica, fused silica, fumed silica, silica gel, and colloidal silica as major market components that are extensively used in the functioning of the end-user industries which include rubber, agriculture, paints, and coatings, electronic components, personal care and cosmetics amongst the rest. The rising demand for specialty silica in personal care and cosmetics products because of its properties such as anticaking, UV protecting, and others like having a dispersive nature will push the specialty silica market in the future especially during the forecast period of 2021-2028.
The specialty silica industry is witnessing momentum owing to a great performance and profit recorded by the following segments of the global market:
Based on the type of market
The specialty chemicals market is segmented by type and includes advanced ceramic materials, construction chemicals, electronic chemicals, food additives, mining chemicals, oilfield chemicals, pesticides, plastic additives, and many others.
Based on function
The specialty chemicals market includes functions like antioxidants, biocides, catalysts, enzymes, separation membranes, specialty coatings, and specialty pigments, among others.
Based on the region
The specialty chemicals market is segmented based on prominent regions like Europe, North America, Asia-Pacific, and the rest of the World.
In October of 2021, CPS Inc., announced that it has decided to focus its future production activities on the North American patterned solar glass market. This choice is based on a thorough examination of several glass manufacturing end markets. The Company's high-purity, low-iron silica sand deposit is perfect for the production of solar glass. CPS has the potential to be the first integrated manufacturer of patterned solar glass in North America because to its wholly-owned silica sand mine.
The specialty silica market report conducts qualitative research of the factors that will help in the development of the market in the global premises. The market report helps in understanding the factors and basis on which the global market has been segmented and the potential of the market to meet the propelling needs of the target audience during the ongoing forecast period of 2021-2028.
|Market Size||USD 15.88 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, By Application and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Evonik Industries, Akzo Nobel N.V., Cabot Corporation, Wacker Chemie AG, PPG Industries, Inc., Huber Engineered Materials, Solvay S.A., W. R. Grace & Co., Nalco Holding Company, Madhu Silica Private Limited and others|
|Key Market Opportunities||
|Key Market Drivers||
Colloidal silica, silica gel, fumed silica, precipitated silica, and fused silica are the five different types of specialty silica.
The specialty silica market is predicted to grow at a 10.97% CAGR between 2022-2030.
Availability of low-cost substitutes and high price of colloidal silica may limit the specialty silica market growth during the forecast period.
Specialty silica has a wide range of applications in various end use industries including electronic components, food and beverage, personal care and cosmetics, agriculture, paints and coatings, and rubber.
Notable players profiled in the specialty silica market include Madhu Silica Private Limited, Nalco Holding Company, W. R. Grace & Co., Solvay S.A., Huber Engineered Materials, PPG Industries, Inc., Wacker Chemie AG, Cabot Corporation, Akzo Nobel N.V., and Evonik Industries.