Global Mica Market is Expected to Reach US$669.3 mn by 2024 - Industry Analysis; Latest Research Report 2016 - 2024 by Transparency Market Research

15 Sep, 2016, 07:30 ET from Transparency Market Research

ALBANY, New York, September 15, 2016 /PRNewswire/ --

The global market for mica is driven by applications across a diverse set of industries such as electronics, construction, cosmetics, plastic, rubber, and paints and coatings. The market earns a dominant share of its overall revenues from the electronics industry, applications across which are expected to be the key driver of the global mica market in the near future. With a constant rise in the population of people used to seeing and working with a vast variety of electronic and electric equipment on a daily basis for an endless set of applications, the electronics industry is expected to exhibit excellent growth in the next few years. The trend is expected to lead to the development of sustainable growth opportunities for the global mica market in the coming years.

Transparency Market Research estimates that the global mica market will expand at a CAGR of 2.6% over the period between 2016 and 2024. In terms of revenue, the market is expected to exhibit a 3.8% CAGR over the said period, rising from a valuation of US$478.1 mn in 2015 to US$669.3 mn by 2024.

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Fluctuating costs due to high dependence on production through mining activities, presence of vast growth opportunities across some of the world's most prominently expanding industries, and rising applications across promising sectors such as robotics outline the present state of the global mica market, observes Transparency Market Research in a recent report. The market is dominated by companies such as The Premier Mica Company, Mica Manufacturing Co. Pvt. Ltd., and Ashville-Schoonmaker Mica Company. These large-scale manufacturers with integrated operations have a competitive advantage over other companies in the market chiefly due to an easy access to raw materials.

Along with the several stringent regulations related to mining-related issues, the threat of a constantly rising set of reliable substitutes is keeping a check on the market's overall development. Nevertheless, the crucial role played by mica in certain industries will allow the market to tread along a healthy growth path in the coming years.

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Asia Pacific to Continue to be Mica's Leading Market 

Asia Pacific is presently the leading regional market for mica, holding a share of nearly 40% in the global market in 2015. The region is also expected to remain the leading producer as well as the leading consumer of mica in the near future, thanks to the flourishing electronics and construction industries. The market for mica in developed economies such as North America and Europe will witness moderate to sluggish growth; preference to substitutes will play a key role in the trend. Of the key mica grades utilized, the segment of ground mica is presently the dominant, accounting for a share of over 50% of the global market in 2015.

Rising Demand across Electronics Industry to Prove Catalytic for Market's Growth 

Mica is known to provide thermal and electric insulation and exhibit stability after exposure to extreme heat, light, and moisture. Owing to this, it finds extensive usage across the electronics industry. Among the key end-users of mica, the electronics industry is the leading consumer of mica, accounting for the dominant share in the global market in 2015.

"The excellent future growth prospects of the global electronics industry are also expected to prove beneficial for the growth of the global mica market over the period between 2016 and 2024," states a TMR analyst. Mica's use across industries such as paints and coatings, construction, and cosmetics, which are all treading along healthy growth path globally, will also bring vast traction for the global mica market in the near future.

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Stringent Government Regulations to Restrain Market Growth 

Owing to the potential health hazards that mining activities can cause to people employed on mining sites and the environment in general, several governments across the globe have imposed strict regulations pertaining to mining. As mining is the single most important source of raw mica, such impositions can have a severe negative impact on the overall development of the global mica market in the next few years. This factor could also lead to a significant rise in prices of raw mica in the near term globally.

Nevertheless, the mica market holds immense potential of growth owing to the substance's indispensable role across industries such as electronics, paints and coatings, and cosmetics. Rising applications of mica in the robotics industry could also lead to vast growth opportunities for the market in the near future.

This review of the market is based on a recent market research report published by Transparency Market Research, titled "Mica Market for Paints & Coatings, Electronics, Construction, Cosmetics, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

For this study, the global mica market is segmented as follows:

Mica Market - Form Analysis 

  • Natural Mica
  • Synthetic Mica

Mica Market - Grade Analysis 

  • Ground Mica
  • Sheet Mica
  • Built-up Mica

Mica Market - End-user Analysis 

  • Paints & Coatings
  • Electronics
  • Construction
  • Cosmetics
  • Others (Rubber, Plastics, etc.)

Mica Market - Regional Analysis 

North America 

  • U.S.
  • Canada

Europe 

  • Germany
  • Russia
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific 

  • China
  • India
  • Japan
  • ASEAN
  • Rest of Asia Pacific

Middle East & Africa 

  • GCC
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

Latin America 

  • Brazil
  • Mexico
  • Rest of Latin America

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About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research