Specialty Silica Market Estimated to Reach US$ 7.32 Bn by 2024: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024: Transparency Market Research

ALBANY, New York, December 28, 2016 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Specialty Silica (Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel and Colloidal Silica) Market for Rubber (Tire, Footwear, Industrial), Crop Protection, Paints & Coatings, Electronic Components, Food & Beverage, Animal Feed, Plastics, Personal Care & Cosmetics, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global specialty silica market was valued at US$ 4.40 Bn in 2015 and is projected to reach US$ 7.32 Bn by 2024 at a CAGR of 5.9% from 2016 to 2024.

The automotive tire industry has been expanding significantly in North America and Europe in past few years. Specialty silicas are majorly used in tire applications to partially reduce the use of carbon black. Furthermore the paints & coatings, is one of the key application industry, which has been expanding steadily since the last few years due to extensive demand from developed and developing regions. Specialty silica are also widely used in the cosmetics and personal care applications owing to its properties such as, anticaking, UV protecting, flowing aiding and dispersive nature. It is typically employed in products such as body scrubs, sunscreen lotions, body lotions, antiaging creams, color cosmetics and others. Thus growth in the personal care and cosmetics industry is expected to provide the necessary momentum to the specialty silica market in the next few years. However, factors such as expensive nature of colloidal silica and fused silica and availability of substitutes such as oxides of aluminum (alumina), magnesium (magnesia), and calcium (lime) are anticipated to hinder the growth of the silica market during the forecast period. Increasing inclination of tire manufacturers toward highly dispersible silica material to obtain low rolling resistance for fuel efficiency and better performance, is estimated to boost the demand for specialty silica in rubber industry. This, in turn, is projected to offer growth opportunities to the specialty silica market during the forecast period.

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Precipitated silica dominated the global specialty silica market and accounted for more than 50% volume share in 2015. Wide demand for precipitated silica from tire application is projected to boost precipitated silica market during the forecast period. Fumed silica is anticipated to grow at a significant rate owing to growing demand from electronics industry. It is primarily used in CMP abrasives, ceramic capacitors, circuit boards, etc. Silica gel is anticipated to grow at a sluggish rate due to strong competition from its substitutes in various application such as cat litter, chromatography, etc.

In terms of application revenue, rubber was the largest segment of the global specialty silica market, accounting for nearly 53% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to continual growth from the global tire industry. Paints and coatings is another key application segment of the specialty silica market. The segment is estimated to witness the moderate growth in the next few years due to the steady increase in demand for paints and coatings in developed regions. Electronic components is another important segment of the specialty silica market. It is projected to be the second most lucrative application segment during the forecast period. Rise in preference for durable and highly dispersible specialty silica in high performance tire applications is also projected to drive the global specialty silica market in the next few years. Specialty silicas such as fumed silica for CMP applications are still in the development phase; however, these offer promising potential for usage in several end-use industries.

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Asia Pacific dominates the specialty silica market, followed by Europe and North America. Developing regions (including Latin America and Middle East & Africa) are expected to be the key upcoming markets for specialty silica during the forecast period. Significant expansion in the rubber, electronic components and cosmetics & personal care application segments in developing regions is anticipated to be a key factor driving the specialty silica market in these regions.

The global specialty silica market is partially consolidated. Key players include Evonik Industries AG , Cabot Corporation, Wacker Chemie AG, PPG Industries, Inc., Tokuyama Corporation, Huber Engineered Materials, Akzo Nobel N.V., Solvay S.A. , W. R. Grace & Co. and others.

The global specialty silica market has been segmented as follows:

Specialty Silica Market: Product Type Analysis 

• Precipitated Silica
• Fumed Silica
• Fused Silica
• Silica Gel
• Colloidal Silica

Specialty Silica Market: Application Analysis 

• Rubber
  • Tire
  • Footwear
  • Industrial
• Crop Protection
• Paints & Coatings
• Electronic Components
• Food & Beverage
• Animal Feed
• Plastics
• Personal Care & Cosmetics
• Other (textile, paper, etc.)

Specialty Silica Market: Regional Analysis 

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • U.K.
  • Rest Of Europe
• Asia Pacific
  • China
  • India
  • ASEAN
  • Japan
  • Rest Of Asia
• Latin America
  • Brazil
  • Mexico
  • Rest of South America
• Middle East & Africa (MEA)
  • GCC
  • South Africa
  • Rest of MEA

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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.

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SOURCE Transparency Market Research