Specialty Silica Market Size, Share | Industry Trends Analysis Report, 2024
Specialty Silica Market is expected to be valued at US$4.62 bn by the end of 2016. Between 2016 and 2024, this market’s value is expected to expand at a CAGR of 5.9% and reach US$7.32 bn by the end of 2024
Specialty Silica Market is expected to be valued at US$4.62 bn by the end of 2016. Between 2016 and 2024, this market’s value is expected to expand at a CAGR of 5.9% and reach US$7.32 bn by the end of 2024
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Transparency <strong>Market</strong> Research<br />
<strong>Specialty</strong> <strong>Silica</strong> <strong>Market</strong>- Global <strong>Industry</strong><br />
<strong>Analysis</strong>, <strong>Size</strong>, <strong>Share</strong>, Growth, <strong>Trends</strong><br />
and Forecast 2016 - <strong>2024</strong><br />
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REPORT DESCRIPTION<br />
In the largely consolidated competitive landscape of the global specialty silica market, the top three vendors,<br />
namely Wacker Chemie AG, Cabot Corporation, and Evonik Industries AG, collectively accounted for a significant<br />
share of 69% in 2015, says Transparency <strong>Market</strong> Research in a recent report. The market, however, features a<br />
handful of regional vendors owing to the low initial investments required to setup manufacturing facilities of<br />
specialty silica. Competition is intense and low entry barriers for new vendors could further intensify the competition<br />
in the market.<br />
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Transparency <strong>Market</strong> Research states that the market reach a valuation of US$4.62 bn by 2016. Expanding at a<br />
healthy 5.9% CAGR over the period between 2016 and <strong>2024</strong>, the market is expected to reach US$7.32 bn by the end<br />
of <strong>2024</strong>. In terms of volume, the market is expected to be valued at 5,185.0 kilo tons in <strong>2024</strong><br />
Thriving Automotive Sector in Asia Pacific to be Key Contributor to <strong>Market</strong> Growth<br />
Of the key applications of specialty silica, including across end-use sectors such as electronic components, rubber,<br />
paints and coatings, personal care and cosmetics, food and beverages, platics, and animal feed, applications across<br />
the rubber industry help the global specialty silica market amass much of its revenue. The rubber industry<br />
accounted for a more than 50% of the overall market in 2015 and is expected to remain one of the key consumers of<br />
the material owing to the extensive usage of specialty silica in tires to reduce their rolling resistance, to help make<br />
vehicles more fuel efficient.<br />
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In terms of geography, the market is dominated by Asia Pacific, which constituted about 46% of the overall revenue<br />
of the global market in 2015. The thriving construction industry in terms of vehicle sales as well as production rate<br />
will a key factor contributing to the overall growth of the Asia Pacific specialty silica market in the near future. The<br />
Asia Pacific specialty silica market will continue to dominate the global market over the report’s forecast period.<br />
Increased Demand for Low Rolling Resistance Vehicle Tires to Boost <strong>Specialty</strong> <strong>Silica</strong> Consumption<br />
Tires with low rolling resistance, allowing vehicles to move smoothly, help reduce the overall fuel consumption of<br />
vehicles. As emission laws become more stringent and the market for conventional vehicle fuels continue to see the<br />
negative impact of depleting fossil fuels in the form of fluctuating prices and reduced supply, the need for ways to<br />
achieve vehicle designs that consume less fuel has intensified. Tires made from a mixture of specialty silica and<br />
rubber help tire manufacturers develop tires with low rolling resistance and a higher quotient of environment<br />
friendliness, which is why the demand for specialty silica is rising on a global front.<br />
Availability of Several Substitutes Could Hinder <strong>Market</strong> Growth<br />
The easy availability of cheaper substitutes such as silica gel is one of the key restraints for the overall future growth<br />
prospects of the global market for specialty silica. The expensive nature of key specialty silica products such as<br />
fused silica and colloidal silica often refrain small and medium sized buyers from buying them and resorting to<br />
cheaper alternatives. Thus, the threat of alternatives could notably hamper the overall development of the global<br />
specialty silica market over the report’s forecast period.<br />
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This review of the market is based on a recent market research report by Transparency <strong>Market</strong> Research, titled<br />
“<strong>Specialty</strong> <strong>Silica</strong> <strong>Market</strong> (Products - Precipitated <strong>Silica</strong>, Fumed <strong>Silica</strong>, Fused <strong>Silica</strong>, <strong>Silica</strong> Gel, and Colloidal <strong>Silica</strong>;<br />
Applications - Rubber (Tire, Footwear, and Industrial), Crop Protection, Paints & Coatings, Electronic Components,<br />
Food & Beverage, Animal Feed, Plastics, Personal Care & Cosmetics, Textile, and Paper) - Global <strong>Industry</strong> <strong>Analysis</strong>,<br />
<strong>Size</strong>, <strong>Share</strong>, Growth, <strong>Trends</strong>, and Forecast 2016 - <strong>2024</strong>.”<br />
For the study, the market has been segmented as follows:
<strong>Specialty</strong> <strong>Silica</strong> <strong>Market</strong>: Product Type <strong>Analysis</strong><br />
• Precipitated <strong>Silica</strong><br />
• Fumed <strong>Silica</strong><br />
• Fused <strong>Silica</strong><br />
• <strong>Silica</strong> Gel<br />
• Colloidal <strong>Silica</strong><br />
<strong>Specialty</strong> <strong>Silica</strong> <strong>Market</strong>: Application <strong>Analysis</strong><br />
• Rubber<br />
• Crop Protection<br />
• Paints & Coatings<br />
• Electronic Components<br />
• Food & Beverage<br />
• Animal Feed<br />
• Plastics<br />
• Personal Care & Cosmetics<br />
• Other (textile, paper, etc.)<br />
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