Precipitated Silica Market Worth 2.23 Billion USD by 2021
PUNE, India, July 20, 2016 /PRNewswire/ --
The report "Precipitated Silica Market by End-Use Industry (Automobiles, Cosmetics, Electronics, Agriculture), by Application (Rubber, Personal Care, Food, Battery Separator, Coating & Inks, Adhesives & Sealants), & by Region - Global Forecast to 2021", published by MarketsandMarkets, The global market is projected to reach USD 2.23 Billion by 2021, at a CAGR of 9.1% from 2016 to 2021.
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Browse 127 market data Tables and 39 Figures spread through 163 Pages and in-depth TOC on "Precipitated Silica Market - Global Forecast to 2021"
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High demand for precipitated silica from the tire and rubber products industry is expected to drive the growth of the market in near future.
Automobile is the fastest-growing end-use industry segment of the global precipitated silica market
Automobile end-use industry segment contributed the largest share to the precipitated silica market, by end-use industry in 2015, and is projected to be the fastest-growing end-use industry segment from 2016 to 2021. This growth can be mainly attributed to the increased demand of precipitated silica from the automotive tire industry, as precipitated silica provides enhanced properties to the tire such as reduced rolling resistance, increased traction, and high wear resistance.
Rubber was the fastest-growing application segment of the global precipitated silica market
Rubber segment contributed the largest share to the Precipitated Silica Market, by application in 2015, and is projected to be the fastest-growing application segment from 2016 to 2021. This growth can be attributed to the increased demand of precipitated silica in rubber products, as it acts as reinforcing filler and increases the strength and durability of rubber.
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Asia-Pacific was the largest market for global precipitated silica market in 2015
Asia-Pacific was the largest market for precipitated silica market in 2015, owing to the rise in demand of precipitated silica in this region. This increased demand can be attributed to the growing demand for automotive tires, personal care products such as toothpastes, footwear, and pesticides in the region. China, India, and Japan are the leading countries in terms of production and consumption of precipitated silica in Asia-Pacific. Low cost of raw materials and labor as well as the high demand from end-use industries such as tires, toothpastes, and others is expected to drive the growth of the precipitated silica market in these countries.
Key players operational in the precipitated silica market include Evonik Industries AG (Germany), PPG Industries Inc. (U.S.), W.R. Grace & Co. (U.S.), Tosoh Silica Corporation (Japan), Solvay SA (Belgium), Huber Engineered Materials (U.S.) and Oriental Silica Corporation (Taiwan).
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