Global Fumed Silica market: by type (hydrophilic and hydrophobic fumed silica), by Application (Paint and coating, adhesive and sealants, silicon rubber, pharmaceutical, cosmetics, battery gel, UPS, and others), and region - Forecast till 2023
Pune, India -- (SBWIRE) -- 08/23/2018 -- The Global Fumed Silica Market is segmented into Asia Pacific, North America, and Europe. Other important region in this market includes the Middle East & Africa and Latin America. Among the major regions Asia Pacific is the largest region in terms of size of the market. It holds nearly 38% share of the Global Fumed Silica Market. China, Japan, and India are leading the countries in this region. The developing countries in this region are rapidly taking up the infrastructure development activities, which drive the growth of the regional market. The disposable income of people in this region has increased exponentially in the last decade, which is anticipated to grow further during the forecast period. This is incentivizing the people to invest more in the construction activities, especially, in value addition things of the housing such as decorative and paints. Additionally, increasing public investment in development of physical infrastructure in this region adding fuel to the market growth. The Asian pharmaceutical industry is estimated to grow at a considerable CAGR with 5% rise in sale year-on-year till 2023. This is projected to propel growth of the regional market during the review period. Apart from the construction industry, the automobile industry is also flourishing in this region. India and Japan are pulling maximum demand for fumed silica in established automobile industry.
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North America is following Asia Pacific in terms of market size across the Global Fumed Silica Market. The U.S. is the major the regional Fumed Silica Market. The country is rapidly taking up the reconstruction activities to further develop its existing physical infrastructure in a sustainable manner, which is driving the demand for Fumed Silica. Apart from construction industry, aerospace and transportation the most significant industries in this region.
Europe is an important region in the Global Fumed Silica Market owing to the presence of important end use industries and concentration of key players. The substantial end use industry driving growth in this region is automotive industry. Germany, France, Italy, and U.K. are the major contributors in the regional Fumed Silica Market. Growing demand for light weight electric and luxury cars may help the regional Fumed Silica Market to grow further.
Other regions in the Global Fumed Silica Market are the Middle East & Africa and Latin America. The Middle East has a vast potential to invest in fumed silica market on account of growing building and construction, and sports industry in this region. Moreover, with availability of raw material, this region is estimated to be the major contributor to the growth of the global fumed silica market during the forecast period.
Some of the key players operating in the Global Fumed Silica Market are Wacker Chemie AG (Germany), Evonik Industries AG (Germany), Cabot Corporation (U.S.), Tokuyama Corporation (Japan), Kemitura A/S (Denmark), Cargill Inc. (U.S.), China Bluestar (Group) Co., Ltd. (China), Orisil (Ukraine), AGSCO Corp (U.S.), and Dongyue Group Ltd. (China), among others.
The Global Fumed Silica Market is segmented on the basis of Type, Source of Metal, Applications, and Region. On the Basis of Type, the market is divided into hydrophilic and hydrophobic, wherein hydrophilic segment is growing at the highest CAGR.
Based on the Source of Metal, the Global Fumed Silica Market is categorized into silicone and ferrosilicon.
On the Basis Applications, the market is divided into paints & coatings, pharmaceuticals, adhesives & sealants, silicon rubber, gel batteries, and others. Among these applications, pharmaceuticals is the fastest growing segment.
Geographically, the markets is spanned across Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Asia Pacific is the largest and the fastest growing region among them.
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