USD 5.5 Billion
Report ID: SQMIG15H2037 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 69 | Figures: 75
Global Specialty Silica Market size was valued at USD 5.5 Billion in 2021 and is poised to grow from USD 6.38 Billion in 2022 to USD 10.1 Billion by 2030, at a CAGR of 5.0% during the forecast period (2023-2030).
The growing demand for rubber, paints, & coatings in industries such as construction and electric automobiles is propelling the specialty silica market forward. A large increase in EV production is likely to present a lucrative opportunity for the tire sector, significantly influencing specialty silica demand.
The United States controls the majority of the specialty silica market in North America. The electric vehicle (EV) market in the United States has grown significantly. As a result, there is a growing demand for innovative and energy-efficient rubber tires. Growing domestic manufacturing of these cars is likely to have a beneficial impact on specialty silica demand in the US tire sector. For example, Lion Electric stated in 2021 that it will build the country's largest medium and heavy-duty EV facility. The company plans to invest USD 70 million over the course of three years. The factory is expected to have a capacity of 20,000 all-electric buses & vehicles.
Furthermore, the United States government is focusing on providing affordable housing to its citizens, which is projected to drive demand for paints and coatings. For example, in 2021, the House Democratic enacted the Build Back Better Act, which is estimated to provide USD 170 billion in financial assistance for affordable housing. The government intends to preserve or construct over one million affordable dwellings. Growing product demand from sectors such as packaging, rubber, & paints & coatings is likely to drive market expansion in coming years. For instance, Nouryon said in 2021 that it intends to expand the capacity of its Levasil colloidal silica manufacturing factory in the United States. The expansion is intended to accommodate rising packaging and construction sector demand.
Global Market Size
USD 5.5 Billion
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The global specialty silica market is segmented on the basis of product, application, and region. Based on product, the market is segmented into precipitated silica, fumed silica, fused silica, silica gel, colloidal silica. Based on application the market is segmented into rubber, agrochemicals, oral care, food industry, desiccants, paints & coatings, and others. Based on region the global specialty silica market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Specialty Silica Market Analysis by Product
The precipitated silica category had the highest revenue share of more than 34.0% in 2022. The product reinforces the fabric and increases abrasion & tear resistance. It is also widely used in PVC sheets, and it functions as a separating agent and improves pigment dispersion & tensile strength. In terms of revenue, fused silica is predicted to increase at a 7.6% annual pace over the forecast period. The material is utilized to make optical components like mirrors, UV and IR transmission optics, lenses, and metrology. It is also employed in semiconductor production due to its physical characteristics. The growing demand for semiconductors is likely to propel segment expansion throughout the forecast period.
The substance is frequently employed as a desiccant to manage environmental humidity and prevent rotting. Rising pharmaceutical and packaged food demand is likely to drive segment growth throughout the forecast period. In demand for silica gel grows significantly, prominent market participants are spending to increase capacity. W. R. Grace and Co., for example, stated in 2021 that it had finished the growth of its silica gel production plant in Kuantan, Malaysia. The plant is projected to meet expanding demand from a variety of industries, including biofuel, anti-blocking purification in plastic films in and bags, leather, matting furniture, in and coils.
Specialty Silica Market Analysis by Application
The rubber category dominated the market for specialty silica, with a revenue share of more than 30.0%. Because of its high modulus, high tear strength, and fatigue endurance, specialty silica is a crucial reinforcing agent in the rubber industry. It is widely employed for fuel-efficient tires, which are expected to boost category growth in the next few years. Paints and coatings are another important application sector of the specialized silica market, and they are predicted to develop at the fastest rate over the forecast period. Specialty silica is a low-cost extender that is popular due to its chemical inertness, which allows for great heat resistance, chemical & acid resistance, and, finally, finally, it tends to increase paint viscosity.
An additional significant category for specialized silica is agrochemicals. The substance is widely used in agrochemicals for crop protection, seed treatment, & fertilizer manufacturing. Increasing crop output is also driving the manufacture of agrochemicals, which benefits market growth. In terms of revenue, the desiccants applications segment is expected to increase at a CAGR of 7.0% over the forecast period. Desiccants are utilized in a wide range of sectors, including leather, bags, drugs, food & drinks, chemicals, and electronics. Growth in those sectors is expected to boost segment growth during the forecast period.
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Asia Pacific dominated the specialty silica market, accounting for more than 40% of total revenue in 2022. Growing economic development in the region's emerging countries is expected to play a significant influence in increasing tire production. Furthermore, the coating sector is likely to rise as the region's construction activity increases. Product demand is causing market leaders to expand their manufacturing facilities. For instance, the Evonik Wynca (Zhenjiang) Silica Materials commenced operations in 2021, generating Evonik's first synthesized silica factory in China.Evonik intends to position itself by establishing a worldwide supply chain for its Chinese and Asian customers.
North America had the second-largest share in 2022. The countries in the area are investing in the building of affordable housing, which is likely to drive demand for coatings and paints. For example, in April 2022, the Canadian government dedicated USD 10 billion to the total housing programme for the next five years. The European market for specialized silica is significant. Pharmaceuticals, autos, FMCG, & high-end luxury products are boosting product demand in the region. Regulations governing VOC emission reductions in the coatings & paints sector are expected to stimulate regional demand for eco-friendly specialty silica in the coming years.
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Specialty Silica Market Drivers
Increasing Demand from End-use Industries
Specialty silica finds applications across several industries, including automotive, electronics, construction, healthcare, and personal care. The growing demand for specialty silica in these industries, driven by factors such as rising urbanization, technological advancements, and changing consumer preferences, is a major driver for market growth.
Increasing Demand Chemical mechanical planarization
Chemical mechanical planarization (CMP) is a polishing technique used to get rid of undesirable conductive and dielectric materials on semiconductors and microelectronic parts. Abrasive particles used extensively in CMP slurries include fumed and colloidal silica. Because of its high purity and straightforward manufacturing, flame-pyrolyzed fumed silica is utilized extensively. By carefully removing big particles, fused silica stabilizes CMP slurries. The need for CMP slurries has increased due to the CMP industry's expansion as well as the growth of the microelectronics sector. The need for speciality silica has increased as a result.
Specialty Silica Market Restraints
High Production Costs
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The market for specialty silica is extremely competitive, with major multinational corporations dominating the industry. Rising product demand in many regions and industries has prompted these organizations to enhance R&D investments and concentrate on developing novel products.
Specialty Silica Market Top Player’s Company Profiles
Specialty Silica Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global specialty silica market analysis, the growing demand for rubber, paints, & coatings in industries such as construction and electric automobiles is propelling the specialty silica market forward. A large increase in EV production is likely to present a lucrative opportunity for the tire sector, significantly influencing specialty silica demand. Specialty silica finds applications in the personal care and cosmetics industry, where it is used as an absorbent, thickener, and anti-caking agent in various products. With the growing consumer awareness regarding personal care and grooming, there is a rising demand for specialty silica in this sector. The trend towards natural and organic products also fuels the demand for specialty silica as a safe and sustainable ingredient.
|Market size value in 2021||USD 5.5 Billion|
|Market size value in 2030||USD 10.1 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Specialty Silica Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Specialty Silica Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Specialty Silica Market:
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