Specialty Silica Market Size is Expected to Experience a CAGR of 7.1% till 2030

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 is widely used as a key additive in various applications. Ascending product demand from various applications including rubber, food, paints and coatings, and abrasives are expected to drive the market over the forecast period. There is an increasing demand for higher performance and specialized products in application industries such as rubber, where precipitated silica continues to play a key role as a performance additive that imparts increased wear resistance and wet grip capabilities to automotive and industrial tires. Based on product, the precipitated silica segment held the largest revenue share in 2021, and this trend is expected to continue across the forecast period.

Precipitated silica offers superior abrasion resistance, tensile strength, and flex fatigue properties, which enables its application in the rubber manufacturing industry. The growth of the tire market is anticipated to have a positive influence on the demand for specialty silica over the forecast period. Based on region, Asia Pacific held the largest revenue share in 2021. The growing electric vehicle industry coupled with increased construction spending by developing countries such as India and China is expected to augment the market growth. Increasing population, growing urbanization, and rising average disposable income are factors expected to propel the demand for paints and coatings in China, India, Indonesia, and Vietnam, which in turn are anticipated to benefit market growth.

Mergers and acquisitions and capacity expansions are strategies being carried out by key market players in the industry. For instance, In October 2021, DSL Japan, a joint venture of Shionogi and Evonik announced that they have opened a new production line for specialty silica at Ako, Japan. The new production unit is expected to cater to the demand arising from various industries such as automotive, food, and agriculture.

Related Press Release@ Specialty Silica Market Report

Specialty Silica Market Report Highlights

  • Based on product, the fused silica segment is anticipated to register a CAGR of 7.6%, in terms of revenue, from 2022 to 2030. The rising demand for semiconductors and UV light sanitation is propelling the product demand
  • Based on application, the rubber segment is expected to witness a CAGR of 8.0%, in terms of revenue, across the forecast period. This growth is attributable to increasing investments in fuel-efficient tiers and the rising demand for footwear
  • Based on region, North America is expected to register a CAGR of 6.9%, in terms of revenue, over the forecast period. Factors such as the growing EV industry, a significant rise in the number of R&D projects, and rapid technological developments are expected to boost the demand for specialty silica in the region
  • Based on product, the fumed silica segment is expected to register a growth rate of 6.8% in terms of revenue. The demand for fumed silica can be attributed to its use as a thickening agent and an anticaking agent in powders

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