Pune, India – Newly released data from an ESOMAR-certified market research and consulting firm shows that global demand of fumed silica enjoyed year-on-year growth exceeding 5 percent in 2021. According to the report, the market is anticipated to add 1.5X value by 2031 as compared to 2021, according to Fact.MR.
Historically, sales of fumed silica surged at a CAGR exceeding 4 percent , closing in at over $1 billion in 2020. Prospects dipped amidst the COVID-19 pandemic, as mandatory factory shutdowns occurred to curb the spread of the novel coronavirus. Fortunately, prospects widened since the fourth quarter of 2020, as lockdowns were lifted and restrictions eased, permitting resumption of manufacturing operations.
Growing demand for fumed silica in the pharmaceutical industry and paints and coatings segment is likely to project the market expansion for fumed silica throughout the forecast period 2021-2031. North America holds around one third of overall market share in global fumed silica market. Consumption of fumed silica in North America is backed mainly from mature end use market such as personal care, automotive and paints and coatings.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers and acquisitions.
In June 2021, key player Evonik Industries AG signed a purchase agreement to acquire the privately owned technology driven company Infinitec Activos, with closing expected by the end of July.
Infinitec Activos will be integrated into the Care Solutions business line of Evonik’s Nutrition and Care Division complementing the active delivery systems acquired in 2017.
In May 2021, Cabot Oil and Gas Corp. plans to merge with Cimarex Energy in an all stock deal that values the combined company at $17 billion. The transaction is set to close in the fourth quarter. The combined company will operate under a new name and will be headquartered in Houston.