Fumed silica market forecast at $3.36 billion by 2028
Jersey City, NJ – Fumed Silica Market size was valued at USD 1.91 Billion in 2020 and is projected to reach USD 3.36 Billion by 2028, growing at a CAGR of 7.36% from 2021 to 2028 according to Verified Market Research.
The Global Fumed Silica Market is projected to witness significant demand during the forecast period, due to the strong focus of economies across the world on improving the performance of the pharmaceutical sector. A positive outlook showcased by the construction sector, especially in developing countries, will drive the demand for fumed silica. The Global Fumed Silica Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Fumed Silica also known as pyrogenic silica is manufactured in a flame and is made up of microscopic droplets of amorphous silica. Fumed silica is majorly used as an anticaking agent and thickening agent. The major application segment of fumed silica includes paints, coatings, inks, adhesives, and sealants. Fumed silica is a type of silica that comprises minute droplets of amorphous silica and is utilized as a thickening and anti-caking agent in powders all over the world. Coatings, paints, adhesives, sealants, cosmetics, plastics, and unsaturated polyester resins are just a few of the industries that employ pyrogenic silica. Fumed silica is also utilized as an anti-settling ingredient in the paint and coating industries. The manufacturing of fumed silica is obtained through the flame that gives it the name pyrogenic silica.
The special aspect of Fumed Silica is that it consists of amorphous silica in the form of microscopic droplets. Many industries have adopted this product in their diverse applications, out of which the paint & coating industry has leveraged the maximum potential. They use fumed silica to ensure that the coatings keep the painted items free from rust and corrosion. Not just paint jobs, but the characteristics of fumed silica make it highly applicable for many applications across diverse industries. For instance, they are highly preferred for adhesives, cosmetics, toners, inks, sealants, deformers, food additives, and others. Hence, this explains the Fumed Silica Market demand and growth potential of the associated products. The growth aspects of the global Fumed Silica Market has increased in the past seven years as stated by the MRFR analysis. Construction and automotive industries have adopted the use of these products for enhancing product efficiency for the end-users.
The global Fumed Silica Market has picked up the growth pace after COVID slowed down its impact upon the market. The consumers of fumed silica are now increasing their manufacturing potential to meet the rising demand for end-products. Therefore, the market driving potential is higher in the present Fumed Silica Market forecast years than before. Fumed silica, being cost-effective, has a higher adaption rate that increases its demand. The market is being driven by the pharmaceutical industry in the present era as fumed silica is considered for the formation of the tablets. Therefore, the pharmaceutical industry and associated companies are high growth drivers for the global Fumed Silica Market. The key players are now looking out for more applications upon which the products can be implemented that will meet the predicted global Fumed Silica Market size for the present forecast years.
Automotive, healthcare, paint & coatings, and construction industries have shown immense demand for the global Fumed Silica Market products that create diverse opportunities for it to grow in the coming years. It is predicted to be implemented in most end-user applications. As of now, China did generate the highest revenue as of 2019 for the market, with USD $159 million at a growth rate of 8.98% based upon the industrial developments. The World Painting & Coating Association states that the global painting & costing industry generated revenue of over USD $ 150 billion in the year 2020. With this higher profitable outcome, the industry is now increasingly demanding fumed silica for making the products even more efficient to meet consumer demands. Hence, it is one of the major growth opportunities for the global Fumed Silica Market.
The COVID breakdown did impact the global Fumed Silica Market on a large scale. But the authorities, government, and the key players found out a collective solution to overcome this pandemic and resume the production facilities to meet the rising demands of consumers. It was an evident market restraint but was soon resolved with the collective ideologies of key players and respective industries. Apart from that, the automobile sector is also facing some challenges in terms of lowered demands in the past few years after the COVID outbreak. Even though the market scales have grown to some extent after COVID relaxations, demand and sales have not reached their maximum potential. But within the present global Fumed Silica Market forecast years, the sales rate is expected to boom and meet the milestones.