Albany, NY -- (SBWIRE) -- 06/16/2017 -- In the largely consolidated competitive landscape of the global specialty silica market, the top three vendors, namely Wacker Chemie AG, Cabot Corporation, and Evonik Industries AG, collectively accounted for a significant share of 69% in 2015, says Transparency Market Research in a recent report. The market, however, features a handful of regional vendors owing to the low initial investments required to setup manufacturing facilities of specialty silica. Competition is intense and low entry barriers for new vendors could further intensify the competition in the market.
Transparency Market Research states that the market reach a valuation of US$4.62 bn by 2016. Expanding at a healthy 5.9% CAGR over the period between 2016 and 2024, the market is expected to reach US$7.32 bn by the end of 2024. In terms of volume, the market is expected to be valued at 5,185.0 kilo tons in 2024
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Thriving Automotive Sector in Asia Pacific to be Key Contributor to Market Growth
Of the key applications of specialty silica, including across end-use sectors such as electronic components, rubber, paints and coatings, personal care and cosmetics, food and beverages, platics, and animal feed, applications across the rubber industry help the global specialty silica market amass much of its revenue. The rubber industry accounted for a more than 50% of the overall market in 2015 and is expected to remain one of the key consumers of the material owing to the extensive usage of specialty silica in tires to reduce their rolling resistance, to help make vehicles more fuel efficient.
In terms of geography, the market is dominated by Asia Pacific, which constituted about 46% of the overall revenue of the global market in 2015. The thriving construction industry in terms of vehicle sales as well as production rate will a key factor contributing to the overall growth of the Asia Pacific specialty silica market in the near future. The Asia Pacific specialty silica market will continue to dominate the global market over the report's forecast period.
Increased Demand for Low Rolling Resistance Vehicle Tires to Boost Specialty Silica Consumption
Tires with low rolling resistance, allowing vehicles to move smoothly, help reduce the overall fuel consumption of vehicles. As emission laws become more stringent and the market for conventional vehicle fuels continue to see the negative impact of depleting fossil fuels in the form of fluctuating prices and reduced supply, the need for ways to achieve vehicle designs that consume less fuel has intensified. Tires made from a mixture of specialty silica and rubber help tire manufacturers develop tires with low rolling resistance and a higher quotient of environment friendliness, which is why the demand for specialty silica is rising on a global front.
Availability of Several Substitutes Could Hinder Market Growth
The easy availability of cheaper substitutes such as silica gel is one of the key restraints for the overall future growth prospects of the global market for specialty silica. The expensive nature of key specialty silica products such as fused silica and colloidal silica often refrain small and medium sized buyers from buying them and resorting to cheaper alternatives. Thus, the threat of alternatives could notably hamper the overall development of the global specialty silica market over the report's forecast period.
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This review of the market is based on a recent market research report by Transparency Market Research, titled "Specialty Silica Market (Products - Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel, and Colloidal Silica; Applications - Rubber (Tire, Footwear, and Industrial), Crop Protection, Paints & Coatings, Electronic Components, Food & Beverage, Animal Feed, Plastics, Personal Care & Cosmetics, Textile, and Paper) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
For the study, the market has been segmented as follows:
Specialty Silica Market: Product Type Analysis
Specialty Silica Market: Application Analysis
Paints & Coatings
Food & Beverage
Personal Care & Cosmetics
Other (textile, paper, etc.)