PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064132
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064132
According to Stratistics MRC, the Global Specialty Silica Market is accounted for $6.68 billion in 2022 and is expected to reach $14.05 billion by 2028 growing at a CAGR of 13.2% during the forecast period. Silica is found naturally in sandstone and other rocks. It is a colorless and hard compound. The specialty silica is generally prepared by chemically reacting it with blast sand. Based on its use in industries, it is either used in fine or granule form. On account of its high absorption capacity and large surface area, it is used as non-reactive filler. It is also utilized as a thickening and reinforcing agent in adhesives. Specialty silica is extensively used in the production of the conveyor as well as transmission belts, wherein it provides abrasion resistance, high tensile strength, and improves tear resistance.
As of 2018, the annual production volume of silica sand in Saudi Arabia was about 1.4 million metric tons. It increased from 820 thousand metric tons of silica sand produced in 2010. The mine production of silica sand in Mexico amounted to 2.65 million metric tons in 2021, an increase of approximately six percent in comparison to the previous year. Mexico's silica sand production reached the peak of the decade in 2012, at almost 3.6 million metric tons.
Increase in the demand from the electrical and electronics industry
The increase in the demand for specialty silica from the electrical and electronics industry owing to the increase in the use and demand of electronics devices is driving the specialty silica market. For instance, the market size of electronics and electrical industry stood at US$ 400 billion in India in the year 2020. Specialty silica is extensively used in the electrical and electronics industry as semi-conductors in devices such as transistors, printed circuit boards, integrated circuits, batteries, and electric cars which are driving the demand for specialty silica market with the growth in the electrical and electronics industry. This is driving the specialty silica market in the electrical and electronics industry.
Stringent government regulations regarding the manufacture of tires
There are certain government regulations, regarding the manufacturing of tire, non-compliance of which will invite legal actions. For instance, according to 112(d) of the Clean Air Act (CAA), India, the National Emission Standards for Hazardous Air Pollutants (NESHAP), new and existing manufacturing facilities of tires used in agricultural equipment, airplanes and road vehicles such as cars, buses and trucks are levied for emission reduction. The primary sources that fall under this act are rubber processing, cement, solvents and other mixtures in tire production and tire cord production. This is done to reduce toxic air emissions from products used to manufacture tires by 1,100 tons yearly. This acts as one of the biggest challenges to the specialty silica market.
Increasing application in adhesives and sealants
The increase in the application of specialty silica in adhesives and sealants is highly driving the specialty silica market. Specialty silica is used in adhesives and sealants as it provides improved adhesion, tack and chemical inertness. Adhesives and sealants is used in many key use industries such as the packaging industry, construction industry, electrical & electronics industry, automobile industry, and others. This will further drive the specialty silica market as specialty silica is widely used in adhesives and sealants.
High cost of silica derivatives
However, high cost of silica derivatives further increase the cost of products, developed landscape of end-use industries resulting less demand, slackening of global economy and high emissions from specialty silica are some of the factors hindering the growth of specialty silica market globally.
With ongoing crisis caused by the COVID-19 pandemic, manufacturing activities have declined. However, are expected to improve with the economic recovery with stabilization of the ongoing pandemic. COVID-19 pandemic has had serious repercussions at various levels on the global economy and on the specialty silica market.
The rubber segment is expected to have the highest CAGR during the forecast period
The rubber segment is growing at the highest CAGR in the market due to extensive utilization of precipitated silica in reinforcement of rubbers. Properties of specialty silica namely high tensile strength and scratch resistance are expected to boost the demand for specialty silica in rubber industries. Rubber's application for the non-tire segment is projected to rise at a moderate pace in near future. Non-tire applications include silicone rubber, footwear soles, and industrial rubber. These applications are expected to further drive the segment over the forecast period.
The agrochemical segment is expected to be the largest during the forecast period
The agrochemical segment is expected to be the largest share due to the need for efficient agro-processing techniques. Specialty silica helps improve the quality, performance, and manufacturing process of liquid and solid formulations of agrochemical products. It is utilized to deliver visco-elastic properties to the liquid formulation. It is used as an anti-settling additive and a rheology modifier to prevent the agglomeration of active ingredients, thereby avoiding sedimentation. In solid formulations, it is utilized as flow aid, anti-caking aid, and milling aid.
Region with highest share:
Europe is projected to hold the largest share in the market. Paints and coatings industry is set to witness a moderate growth owing to the growth in construction output of the region. Besides, the massive automotive industry of Germany is a significant growth driver for the market in Europe.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR due to the rising demand of the paints & coatings in construction and automobile industry, which has perpetually influenced the specialty silica market size. Also, automobile manufacturers in this region are actively moving towards green tire development and pursuing it as future business, thus propelling the product demand in the near future. Moreover, the specialty silica market in India expanded considerably. The country is anticipated to exhibit a lucrative trend for the specialty silica market in the near future.
Key players in the market:
Some of the key players profiled in the Specialty Silica Market include AkzoNobel NV, BASF, Clariant, CPS, Inc., Ecolab Incorporated, Evonik Industries, Fuso Chemical Co. Ltd, Glassven C.A, Huber Engineered Materials, Imerys SA, Merck KGaA, Nalco Holding Company, Nouryon, Orisil, PPG Industries Incorporated, Qingdao Makall Group Inc., Solvay SA, Tokuyama Corporation, Tosoh Silica Corporation, W. R Grace & Company, and Wacker Chemie AG.
In October 2021: CPS Inc., announced that it has decided to focus its future production activities on the North American patterned solar glass market. This choice is based on a thorough examination of several glass manufacturing end markets. The Company's high-purity, low-iron silica sand deposit is perfect for the production of solar glass. CPS has the potential to be the first integrated manufacturer of patterned solar glass in North America because to its wholly-owned silica sand mine.
In August 2019: Evonik Business line silica has introduced one new product for the oral care and the product is named as SPHERILEX 145, that is launched to achieve high cleaning level while offering lower abrasion to enamel as well as other oral hardware.
In April 2019: BASF declared to invest euro million amounts in the development of silica plant at Dusseldorf-Holthausen site. This type of development leads to motivate the specialty silica market over the forecast period.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.