Transparency Market Research

Specialty Silica to Grow at 5.9% CAGR Due to Increasing Application in Automotive Industry : TMR

 

Albany, NY -- (SBWIRE) -- 04/11/2019 -- The specialty silica market continues to witness robust growth due to increasing demand from the auto manufacturing and cosmetics industries. Rise in auto sales globally and increase in green tires in the industry are one of the key factors driving the specialty silica market. Increased concern among urban dwellers globally about dry skin disorders and unique properties of specialty silica such as UV protecting, dispersive nature, and anticaking, are predicted to drive the specialty silica market. Conversely, the specialty silica market's growth can be restrained by high costs of products, which are exacerbated by cheaper available alternatives. The paper industry's below average growth is also expected to adversely impact the specialty silica market.

The global specialty silica market was estimated to reach US$4.62 bn in 2016. The market is expected to rise at 5.9% CAGR during 2016 - 2024. The specialty silica market is likely to reach US$7.32 bn by the end of 2024. The total volume in the market is predicted to reach 5,185.0 kilo tons by the end of forecast period.

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Rubber Industry Expected to Drive Strong Growth for Specialty Silica

The specialty silica market is divided into crop protection, rubber, electronic components, paints and coatings, personal care & cosmetics, food & beverage, plastics, animal feed, and a collective segment of small or specialized applications. This segmentation is based on various applications of specialty silica. In the recent past, rubber manufacturing has generated the highest demand for the specialty silica market. In 2015, rubber manufacturing surpassed 50% of value in the specialty silica market. This demand was largely driven by key rubber products used globally including tires, footwear, industrial apparatuses, and equipment. In the near future, this demand is expected to grow significantly. Specialty silica applications in the manufacturing of rubber tires plays a key role in reducing friction and consequently, improving fuel mileage. Growing demand for fuel efficiency and increasingly stringent emission norms are expected to drive growth for in the specialty silica market.

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APAC Expected to Drive Robust Growth for the Specialty Silica Producers

Asia Pacific (APAC) held the largest share of the global specialty silica market in 2015. Its share amounted to 45% value of the global specialty silica market in the same year. The Asia Pacific region is expected to lead the specialty silica market during the forecast period as well.

Growing manufacturing in china, increased automotive sales globally, and rising production as well consumption rates are expected to drive the Asia Pacific specialty silica market during the forecast period. The specialty silica market in North America is also expected to grow significantly during the forecast period. Increased demand in the auto industry and electronics industry is expected to drive this market as well.

The specialty silica market in Europe is expected to present a mix bag of opportunities and challenges. It is expected pick up pace with the consumer electronics industry. The established players in the global specialty silica market are looking for opportunities in the Middle East and Africa due to increased demand in personal care and cosmetics industry.

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The global specialty silica market constitutes a consolidated but competitive landscape. The major players account for 50.0% of the market's total value. The main players in the market are Evonik Industries AG, Cabot Corporation, Wacker Chemie AG, PPG Industries, Inc., Huber Engineered Materials, Solvay S.A., Tokuyama Corporation, and W. R. Grace & Co., Akzo Nobel N.V.