Global silica market forecast at $12.2 billion by 2029
Covina, CA – Global Silica Market accounted for US$ 5.8 billion in 2020 and is estimated to be US$ 12.2 billion by 2029 and is anticipated to register a CAGR of 8.7% according to Prophecy Market Insights.
In December 2019, a joint venture between Evonik and Wynca – Evonik Wynca (Zhenjiang) Silicon Material Co., Ltd. started the construction on a new fumed silica plant in Zhenjiang, Jiangsu Province, China. The plant is scheduled to be operational by 2021 with an annual production capacity of 9 Kilo Tons.
Silica is majorly used in the tire production owing to its extremely high purity and low moisture absorption. It brings superior electrical properties to rubber products. Silica has excellent reinforcing effects especially enhancing the tear resistance. Additionally, silica is commonly used in Liquid Silicone Rubber (LSR) and High Temperature Vulcanized (HTV) rubber that requires high mechanical strength and good electrical insulation. In industrial rubber goods, silica is used for reducing hysteresis loss in conveyor belts or as active filler in colored rubber particles or in products with good contact.
Silica is majorly used in the tire production owing to its extremely high purity and low moisture absorption. It brings superior electrical properties to rubber products. Silica has excellent reinforcing effects especially enhancing the tear resistance. Additionally, silica is commonly used in Liquid Silicone Rubber (LSR) and High Temperature Vulcanized (HTV) rubber that requires high mechanical strength and good electrical insulation. In industrial rubber goods, silica is used for reducing hysteresis loss in conveyor belts or as active filler in colored rubber particles or in products with good contact.
The global Silica market accounted for US$ 5.8 billion in 2020 and is estimated to be US$ 12.2 billion by 2029 and is anticipated to register a CAGR of 8.7%. The market report has been segmented on the basis of application, and region.
By application, the rubber segment accounted for the largest revenue share of 33.1% in 2018. Precipated Silica is extensively used in the rubber industry, particularly as a reinforcement filler in the manufacturing of tires. The specialized rubber compound, which is used in tires, is composed of various materials including natural as well as synthetic rubber.
By region, APAC is expected to dominate the market. India is a growing economy and holds great potential for future market opportunities. Despite demonetization and GST reforms affecting the national production volume, the impact of such reforms is slowly waning. Moreover, the country’s government has been taking initiatives to attract FDIs in the manufacturing sector, to make India a manufacturing hub.
The prominent player operating in the global silica market includes Evonik Industries, PPG Industries, Wacker Chemie AG, AkzoNobel N.V., Tosoh Corporation, Cabot Corporation, Solvay SA, Nouryon, Imerys S.A, Kemira Oyj.