The global specialty silica market shows a consolidated market as it is confined with limited number of players. The dominant players hold 50% of the market value, as analyzed by Transparency Market Research (TMR). Some of the key players dominating the specialty silica market are Huber Engineered Materials, Cabot Corporation, Evonik Industries AG, Akzo Nobel N.V., Wacker Chemie AG, Tokuyama Corporation, PPG Industries, Inc., Solvay S.A., and W. R. Grace & Co.
The report throws light on the growth indicators for the forecast period between 2016 to 2024. During this tenure, the market is expected to reach a valuation of US$ 7.32 bn which was US$ 4.62 bn in 2016. The CAGR of this period is estimated to grow at a steady 5.9%. The rubber segment under the application category where footwear, tires, and industrial tools are being widely used is projected to dominate the market during the forecast period. Regionally, the market in Asia Pacific is expected to boost the specialty silica in coming years. This region holds up to 45% of the total market value. North America is also expected to hold significant shares during the forecast period.
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Automotive Industry to Increase the Demand for Specialty Silica Market
The increasing use of specialty silica in green tires and high global demand in automotive industry have grown the market significantly. Rising demand for automotive in emerging market especially in Asia Pacific region. Higher demand for cleaner and swifter vehicles in the automotive industry has significantly boosted the specialty silica market across the globe. Increasing awareness among the huge population to reduce carbon emission has also driven the demand for green tires that will further increase the demand for specialty silica market. Moreover, growing demand for fumed silica due to developments in chemical mechanical planarization (CMP) will also help to expand the global specialty silica market during the forecast period.
Emerging Economies Creating Lucrative Opportunities for the Market to Grow Effectively
Increasing applicability of specialty silica in the numerous industry, the specialty silica market is expected to flourish in coming years. Growing number of automotive, construction and industrial sector in the emerging economies is further expected to boost the market. Asia Pacific is leading the market with 45% of share. Countries in Asia Pacific include Japan, China, South Korea, and India. Moreover, Asia Pacific and North America both are projected to expand the market for the specialty silica players that will increase the revenue generation for the specialty silica market.
Additionally, growth in consumption with increasing developments in consumer electronics industry will create huge opportunities for the manufactures in specialty silica market. Although sluggish growth of paints and coating industry may hinder the market to attain its full potential. However, these restrains can be overcome with consistent efforts made by manufactures across the globe.
The information presented in this review is based on a TMR report, titled “Specialty Silica Market (Products - Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel, and Colloidal Silica; Applications - Rubber (Tire, Footwear, and Industrial), Crop Protection, Paints & Coatings, Electronic Components, Food & Beverage, Animal Feed, Plastics, Personal Care & Cosmetics, Textile, and Paper) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”
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With low price sensitivity characterizing the temperament of the global precipitated silica market, the leading players are competing on the basis of product differentiation, states a new research report by Transparency Market Research (TMR).
In 2014, the top four participants, namely, Evonik Industries AG, PPG Industries Inc., Solvay, and Oriental Silicas Corp., held approximately 57% of the overall market.
Over the coming years, the leading vendors of precipitated silica are likely to engage into strategic partnerships in a bid to improve their product portfolios and expand their reach across various regions, reports the research study.Are you a start-up willing to make it big in the business?
Grab an exclusive PDF sample of this report hereAs per TMR’s estimations, the global market for precipitated silica was worth US$2.22 bn in 2015.
Expanding at a healthy CAGR of 5.50% over the period from 2015 to 2023 the opportunity in this market is expected to increase to US$3.48 bn by the end of the forecast period.
Among these, the rubber segment has been the main contributor to this market and this scenario is anticipated to remain so in the years to come, states the market report.Asia Pacific to Maintain Dominance over Global Precipitated Silica MarketIn terms of the regional spread of the worldwide market for precipitated silica, Asia Pacific has emerged as the leading region and it is expected to retain its position through 2023, thanks to the significant rise in the automotive, and especially the tire industries.
Precipitated Silica Market by End-Use Industry (Automobiles, Cosmetics, Electronics, Agriculture), by Application (Rubber, Personal Care, Food, Battery Separator, Coating & Inks, Adhesives & Sealants), & by Region - Global Forecast to 2021.Browse 127 market data Tables and 39 Figures spread through 163 Pages and in-depth TOC on "Precipitated Silica Market”.The automobile end-use industry segment accounted for the largest share of the global precipitated silica market in 2015.
There is also a high demand for precipitated silica for the production of hoses, tubes, gaskets & seals, belts, and other products that are used in the automobile industry.Among all applications, rubber is the fastest-growing segment in the precipitated silica market.
It is mainly used in the production of tires, tubes, hoses, gaskets & seals, conveyor belts, footwear, and many other rubber products.
This growth can be mainly attributed to the increased demand of precipitated silica from the automotive tire industry, as precipitated silica provides enhanced properties to the tire such as reduced rolling resistance, increased traction, and high wear resistance.Rubber was the fastest-growing application segment of the global precipitated silica marketRubber segment contributed the largest share to the precipitated silica market, by application in 2015, and is projected to be the fastest-growing application segment from 2016 to 2021.
This growth can be attributed to the increased demand of precipitated silica in rubber products, as it acts as a reinforcing filler and increases the strength and durability of rubber.Asia-Pacific was the largest market for global precipitated silica market in 2015Asia-Pacific was the largest market for precipitated silica market in 2015, owing to the rise in demand of precipitated silica in this region.
China, India, and Japan are the leading countries in terms of production and consumption of precipitated silica in Asia-Pacific.
The Global Precipitated Silica Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on application.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Final Report will cover the impact of COVID-19 on this industry.Browse the complete Global Precipitated Silica Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/8722-precipitated-silica-market-reportThe report also covers the complete competitive landscape of the global Precipitated Silica market with company profiles of key players such as:Anten ChemicalEvonik Industries AGHuber Engineered MaterialsIQE GroupMadhu Silica Pvt.
Ltd.Oriental Silicas CorporationPPG Industries, Inc.QSolvay S.A.W.R.
