Albany, NY -- (SBWIRE) -- 04/09/2018 -- The global market for specialty silica is anticipated to exhibit a steady growth trajectory in the coming years, according to a report by Transparency Market research (TMR). The market is reported to be a consolidated one, with small number of prominent market names. There are a handful of vendors playing the field in the regional markets. Some of the leading market participants are Wacker Chemie AG, Evonik Industries AG, Solvay S.A., PPG Industries, Inc. and Akzo Nobel N.V. These enterprises are assessed to hold over half of the overall market share revenue.
The worldwide specialty silica market was valued to be at US$4.62 bn in the year 2016. Over the forecast period of 2016 to 2024, the market is foretold to exhibit a steady 5.9% CAGR, and reach a valuation of US$7.32 bn by the end of the forecast duration. On account of massive utilization in industrial tools, footwear and tires, the sector of rubber is expected to continue witnessing high demand for this market.
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Demand from Rubber Sector to Remain Dominant among Market Segments
There are various applications of specialty silica, for instance, it is used as a performance additive in tire industry on account of its low rolling resistance property. It also acts as a matting agent in cosmetics to prevent the glossy effect on skin. Additionally, it is used as a clarification agent for beer along with removal of impurities in the F&B sector. It is utilized in all kinds of toothpastes, including medicated and transparent, as an abrasive and polishing agent.
Based on application, it is segmented into electronic components, rubber, paints and coatings, personal care and cosmetics, crop protection and plastics, among others. Among these, the demand from the rubber segment has been consistently high, and is expected to remain a leading segment in the coming years as well. In the year 2015, over 50% of the market demand came in from the rubber industry, predominantly in the manufacture of tires and industrial tools.
Geographically, the Asia Pacific region is predicted to demonstrate swiftest growth over the forecast duration. Alongside this region, the North American market is also expected to showcase exceptional growth opportunities. These two regions have a booming automotive industry, which could contribute to the rise of these regions in this market.
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Emergence of Automotive Segment top Provide Lucrative Market Opportunity
With a surging scope for application of specialty silica over a plethora of industries, the market demand is expected to solidify. With a boom in industrial, construction and automotive sectors in emerging regions such as Asia Pacific, particularly countries such as India, Japan, South Korea and China. Vehicle manufacturers in the Asia Pacific are actively working toward production of green automobiles leading to the increased demand of specialty silica. The growing demand from the automotive sector for cleaner, swifter vehicles is expected to provide ample opportunities of growth worldwide.
Highly dispersible silica is presently an expensive option and manufacturers are expected to pursue extensive research and development in the field. However, the trend of using highly dispersible silica in premium vehicle segments is expected to become quite common over the globe.
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