Global Specialty Silica Market

Specialty Silica Market Size, Share, Growth Analysis, By Product(Precipitated Silica, Fumed Silica), By Application(Rubber, Agrochemicals) - Industry Forecast 2024-2031

Report ID: SQMIG15H2037 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 69 | Figures: 75

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Specialty Silica Market size was valued at USD 6.38 Billion in 2022 and is poised to grow from USD 6.70 Billion in 2023 to USD 9.9 Billion in 2031, at a CAGR 5.0% during the forecast period (2024-2031).

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. 'Evonik Industries AG', 'Cabot Corporation', 'W.R. Grace & Co.', 'PPG Industries, Inc.', 'Solvay S.A.', 'Huber Engineered Materials', 'Imerys SA', 'Tokuyama Corporation', 'Madhu Silica Pvt. Ltd.', 'Akzo Nobel N.V.', 'Nalco Holding Company', 'PQ Corporation', 'Wacker Chemie AG', 'Oriental Silicas Corporation', 'Anten Chemical Co., Ltd.', 'Tosoh Corporation', 'Fuso Chemical Co., Ltd.', 'Kadvani Chemicals Pvt. Ltd.', 'J.M. Huber Corporation', 'Cabot Microelectronics Corporation'

Specialty silica production involves complex processes and requires high capital investments. The costs associated with raw materials, energy, and specialized equipment are significant. These high production costs can act as a restraint on the market growth, limiting the affordability and accessibility of specialty silica products.

Growing Demand from Automotive Sector: The automotive industry is a significant consumer of specialty silica, particularly in tire manufacturing. Specialty silica is used as a reinforcing filler in tires, improving their performance, durability, and fuel efficiency. With the increasing demand for high-performance tires and the growth of the automotive industry, the specialty silica market is witnessing a rise in demand from this sector.

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.

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