Specialty Silica Market is estimated to witness the highest growth by 2030

The amplified effect of the construction industry is anticipated to enhance the specialty silica market in the impending period.

Global Specialty Silica Market Synopsis -

The advancement of the electronic components segment is estimated to bolster the specialty silica market share. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. By 2022, the market is estimated to gain a CAGR of ~6.1%.

With the rising worry of exhaustion of fossil fuels and rigorous emission rules, automotive businesses are moving to use green tires to have an optimistic influence on the worldwide specialty silica market. With various applications in rubber, paints coatings, agriculture, personal care cosmetics, food beverage, electronic components, and others, the specialty silica market is steadily expanding.

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Specialty Silica Market - Eminent Firms:
Evonik Industries, Madhu Silica Private Limited, Akzo Nobel N.V., Cabot Corporation, Nalco Holding Company, Solvay S.A., Wacker Chemie AG, R. Grace Co., PPG Industries, Inc., Huber Engineered Materials, and others.

Drivers and Restraints: 

The amplified effect of the construction industry is anticipated to enhance the specialty silica market in the impending period. Because of its broad application, the automotive industry will still be the leading application segment for specialty silica, thanks to tire demand and efforts to reduce carbon emissions. Furthermore, due to rising concerns about fossil fuel depletion and strict pollution regulations, the automotive industry is transitioning to green tires, which will have a positive effect on the global specialty silica market. During the forecasted period of 2022, however, factors such as the high cost of colloidal silica and the availability of low-cost substitutes would restrict the market.

Rubber, cosmetics, oral care, vehicle tires, and food and beverage all use precipitated silica in significant quantities. As a result, the global specialty silica market has been dominated by growing demand for precipitated silica in various industries. Because of the increase in building and infrastructure growth in emerging economies, fumed silica is used in paint and coatings. Moreover, it is used in electronic components such as circuit boards and capacitors which is further anticipated to grow the market of specialty silica in the electronic industry. Silica gel can quickly replace expensive colloidal silica and fused silica, which is favored by small and medium buyers (SME). As a result, it offers opportunities for small and medium-sized businesses.

During the ongoing COVID-19 crisis, factory closures and volatile demand and supply are affecting the specialty silica market's growth. The complexity of lockout restrictions due to the the number of active COVID-19 cases in India, the U.S., Russia, and European countries has restricted manufacturers from investing in new production technologies and machineries. As the COVID-19 pandemic fades, companies in the specialty silica market are expected to invest in production technologies and machineries by the first quarter of 2021, stoking demand for high-quality materials.

On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.

The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.

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Segment Study of 
Specialty Silica Market-  

The specialty silica industry is witnessing momentum owing to a great performance and profit recorded by the following segments of the global market:

Based on the type of market -
The specialty chemicals market is segmented by type and includes advanced ceramic materials, construction chemicals, electronic chemicals, food additives, mining chemicals, oilfield chemicals, pesticides, plastic additives, and many others.

Based on function -
The specialty chemicals market includes functions like antioxidants, biocides, catalysts, enzymes, separation membranes, specialty coatings, and specialty pigments, among others.

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Regional Analysis -

On a geographical note, Asia-Pacific region leads the Specialty Silica Market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global Specialty Silica Market substantially.

Whereas, North America for second market share in this segment. North America led by the U.S. Specialty Silica Market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.

Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector. 

Study Objectives -

  • The global Specialty Silica Market aims to conduct a detailed analysis along with the forecast figures for the upcoming forecast period of 2021-2030 of various market segments and sub-segments of the functions that are in the global market premises.
  • The market report helps in having a deep market analysis and insights of the factors that have both a positive and negative impact on the global market operations and expansion.
  • The report aims to analyze the market equilibrium based on factors like the supply chain analysis and the force analysis that will drop comparison between the historic market growth, forecast, and revenue along with the present period.
  • The report helps to provide strategic profiling of the key market players functional in the global market premises by analyzing the core competencies and drawing a competitive graph amongst the functional players in the forecast period that will be ending in 2030.

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