New York, NY -- (SBWIRE) -- 12/23/2020 -- The nanosilica market is set to attain a valuation of USD 5.95 billion by 2027, registering a CAGR of 7.5%, according to the latest report by Reports and Data. The applications of nanosilica are widespread in several industries, including rubber, food, coatings, concrete, healthcare and medicine, gypsum, plastics, battery, electronics, agriculture, and cosmetics.
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Market Drivers
The major driving force for the development of the nanosilica market is the increasing awareness of hygiene and health among consumers that, in turn, increases the demand for nano-coatings in food packaging and pharmaceuticals. Additionally, aeroplane OEMs are investments highly in nano-coating technology to reduce the dependence of aerodynamic drag. The growing food production leads to an increase in consumption of nano-fertilizers. These factors are anticipated to drive the nanosilica market in the forecast period.
Further key findings from the report suggest
The Offline segment is forecasted to grow at a CAGR of 7.1% in the forecast period. This is primarily due to consumers wanting to physically examine the product before purchasing to make sure it fits their requirements.
S-type NanoSilica occupied 43.1% of the market share in 2019. This is attributed to the high growth rate from the developing countries. Also, the growing use of the product in the healthcare and medicine industry due to its biocompatibility properties drives the demand of the segment.
In terms of Application, concrete is forecasted to grow at a CAGR of 6.9%. NanoSilica is mixed with concrete as it results in the increase of tensile, flexural, and compressive strength of concrete. Also, concrete mixed with NanoSilica sets early.
The Middle East and Africa occupied 9.2% of the market share in 2019. This is due to the growth of various end-use industries, such as electronics, plastics, and automotive in the region. The growth of these industries leads to increased consumption of NanoSilica, thus driving the market demand for the product.
Key participants include Bee Chems, Dow Corning Corporation, Wacker Chemie AG, Fuso Chemical Co. Ltd, Nanostructured and Amorphous Materials, Inc. (NanoAmor), NanoPore Incorporated, Cabot Corporation, AkzoNobel N.V., I. du Pont de Nemours and Company, and Evonik Industries, among others.
For the purpose of this report, Reports and Data have segmented into the global NanoSilica market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
P Type
S Type
Type III
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Offline Stores
Online Stores
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Application Outlook (Revenue, USD Billion; 2017-2027)
Rubber
Healthcare and Medicine
Food
Coatings
Plastics
Concrete
Gypsum
Battery
Electronics
Agriculture
Cosmetics
Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Regional Analysis
According to 2019 reports, the Asia Pacific region dominated the nanosilica market worldwide. India, Japan, and China region are witnessing strong economic growth due to the rising industrial activities such as rubber, concrete, healthcare and medicine, food, coatings, and agriculture. North America holds the second-largest market share due to the presence of high tech-technology and various end-use industries. Europe is forecast to grow at a significant rate due to the large automotive industry that primarily uses nanosilica in the production process.
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