Specialty Silica Market Approach A Value Worth US$ 10 Bn By The End Of 2026
According to a market report published by Future Market Insights on Global Specialty Silica market in its latest report titled ‘Specialty Silica Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2016 – 2026’ The long-term outlook on the global Specialty Silica market remains a sound one, with market value of specialty silica expected to increase at a CAGR of 6.9% during the forecast period (2016 – 2026) embarking upon a market size around 10 Bn in 2026.
Speciality silica predominantly consists of silica (SiO2) and is produced in the coarse form of round pebbles and sawed or trimmed blocks or fine powder which is used as a key additive in formulation of several products and components fabricated in a wide range of end use industries such as automotive, electronics, inks, coatings, personal care products and others.
The Specialty Silica market has been analysed on the basis of product type and application. Among the product type, the precipitated type of specialty silica has been found to contribute over 60% of the overall sales of specialty silica and is further expected to grow at a significant CAGR in terms of value over the forecast period by 2026. On the basis of application, currently the specialty silica mainly finds its use in fabrication of automotive tyres and other elastomeric products. Furthermore, the plastics segment is expected to be another high growth market for specialty silica during the forecast period, owing to its multitude of uses in product design enabled with superior performance characteristics.
In terms of the Specialty Silica market outlook and analysis by geographical regions, the Asia Pacific region has been identified as the leading segment in terms of current acquired specialty silica market value share and estimated growth in the future period which has been recorded above global average. The demand of specialty silica is considered to arise mainly from China contributing close to 60% of the global specialty silica market. North America, Japan and Europe are also considered to be the prominent regions of growth in the global specialty silica owing to established manufacturing base with automotive OEMs and ancillaries in particular. The other regions are expected to record moderate growth levels of respective markets of specialty silica in the forecast period.
The specialty silica market is susceptible to volatile pricing of raw materials which in turn has also influenced the specialty silica manufacturers to adopt alternative value chain, sales process as well as production technologies of specialty silica reducing production overhead costs, optimizing trade margins and enabling profitability. The specialty silica market has also been governed by regulations based on HSE (Health, Safety and Environment) norms so as to produce specific grades/ forms of specialty silica fully complying with mandatory guidelines.
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Specialty Silica Market Participants
Some of the market participants identified in the Specialty Silica market are Evonik AG, Akzo Nobel N.V., Cabot Corporation, Wacker Chemie, PPG Industries, Ecolab Inc., and Qindao Makall Group. The market participants of specialty silica market have envisioned two key strategies to fortify their footprint in the target specialty silica market by two methods: 1. Consolidation of market footprint and 2. Vertical/ Horizontal Integration to streamline their business operations in a more efficient manner. The former type has been achieved through setting business in untapped specialty silica market through collaborative tie-ups with regional enterprise or increasing product portfolio of specialty silica, increased spending in research and development, strengthening of sales and distribution network; whereas the latter type has involved mergers and acquisitions of small business units. For e.g. Evonik AG expanded its production capacities of specialty silica at its sites in Thailand and Japan during 2013 and 2014 respectively. In another key development, PPG Industries in 2015, announced a partnership with Goodyear Tire & Rubber company for supply of its Agilon specialty performance silica to produced enhanced tyres to increase fuel efficiency of vehicles.