The growing consumption from various end-use industries is driving the demand for the NanoSilica market.
New York, NY -- (SBWIRE) -- 02/19/2021 -- Market Size – USD 3.32 Billion in 2019, Market Growth - CAGR of 7.5%, Market Trends – High demand from developing nations.
The global NanoSilica market is forecasted to reach USD 5.95 Billion by 2027, according to a new report by Reports and Data. Increasing demand for the product from various end-use industries is driving the market growth. The rubber industry finds extensive uses for NanoSilica as the product finds many applications in the automotive industry. NanoSilica also finds applications in other industries, such as concrete, electronics, plastics, agriculture, and battery, among others.
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Leading Players Profiled in the Report 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.
The market is growing due to the increasing awareness regarding the environment, which is leading to higher consumption of biodegradable products. Renewable feedstock provides cost reduction opportunities and higher penetration in regulated markets to the manufacturers. The NanoSilica market is witnessing a higher product demand due to the increasing investments in research and development. Heavily regulated regions, such as Asia-Pacific and North America, are continuously investing in innovations of the product.
NanoSilica is also used in hydrophobic coating applications that provide a low sliding angle and a high-water contact angle, which leads to superhydrophobicity in coating formulations. NanoSilica applications have even begun in industries such as healthcare and medicine in recent times. Stringent regulations regarding the use of NanoSilica in various end-use industries can hamper the market demand.
The COVID-19 impact:
The COVID-19 pandemic has led to lockdowns in major countries of the world. This has led to the operations of many industries being halted. Industries that find applications for NanoSilica, such as the rubber, coating, and cosmetics industries, are also not operating in the current situation. This has led to a decline in the demand for the product. Major manufacturers involved in the market have also halted operating currently, which has led to a reduction in the supply.
It is anticipated that once the COVID-19 pandemic is over and the situation becomes normal, the industries start operating again, the demand for the product will rise. Also, major manufacturers, who have currently halted operations due to the pandemic, are involved in innovations in NanoSilica. This would help them capture a larger market share in the future. This will also create a greater overall market size.
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.
China is the consumer of NanoSilica owing to the growing industrial activities in the region. Moreover, a large number of end-use industries are present in the region, which is propelling the growth of the market.
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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)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Healthcare and Medicine
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. NanoSilica Market Segmentation & Impact Analysis
4.1. NanoSilica Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Increasing use in the Concrete Mixture Market
22.214.171.124. Increasing use in the rubber industry
126.96.36.199. Growing Information of Technology and Electronics
4.2.3. Market restraints analysis
188.8.131.52. Stringent Regulations
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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