Albany, NY -- (SBWIRE) -- 03/23/2018 -- Fluctuating costs due to high dependence on production through mining activities, presence of vast growth opportunities across some of the world's most prominently expanding industries, and rising applications across promising sectors such as robotics outline the present state of the global mica market, observes Transparency Market Research in a recent report. The market is dominated by companies such as The Premier Mica Company, Mica Manufacturing Co. Pvt. Ltd., and Ashville-Schoonmaker Mica Company. These large-scale manufacturers with integrated operations have a competitive advantage over other companies in the market chiefly due to an easy access to raw materials.
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Along with the several stringent regulations related to mining-related issues, the threat of a constantly rising set of reliable substitutes is keeping a check on the market's overall development. Nevertheless, the crucial role played by mica in certain industries will allow the market to tread along a healthy growth path in the coming years. TMR states that the market will expand at a 3.8% CAGR from 2016 through 2024 in terms of revenue. Expanding at this pace, the market, which valued US$478.1 mn in 2015, is expected to rise to US$669.3 mn by 2024.
Asia Pacific to Continue to be Mica's Leading Market
Asia Pacific is presently the leading regional market for mica, holding a share of nearly 40% in the global market in 2015. The region is also expected to remain the leading producer as well as the leading consumer of mica in the near future, thanks to the flourishing electronics and construction industries. The market for mica in developed economies such as North America and Europe will witness moderate to sluggish growth; preference to substitutes will play a key role in the trend. Of the key mica grades utilized, the segment of ground mica is presently the dominant, accounting for a share of over 50% of the global market in 2015.
Rising Demand across Electronics Industry to Prove Catalytic for Market's Growth
Mica is known to provide thermal and electric insulation and exhibit stability after exposure to extreme heat, light, and moisture. Owing to this, it finds extensive usage across the electronics industry. Among the key end-users of mica, the electronics industry is the leading consumer of mica, accounting for the dominant share in the global market in 2015.
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"The excellent future growth prospects of the global electronics industry are also expected to prove beneficial for the growth of the global mica market over the period between 2016 and 2024," states a TMR analyst. Mica's use across industries such as paints and coatings, construction, and cosmetics, which are all treading along healthy growth path globally, will also bring vast traction for the global mica market in the near future.