Specialty Silica Market : Global Demand, Growth Analysis & Opportunity Outlook 2023
Buy Now Report ID: 191 | Published Date: Feb 14, 2023
Specialty Silica Market : Global Demand, Growth Analysis & Opportunity Outlook 2023
Buy Now Report ID: 191 | Published Date: Feb 14, 2023
Our in-depth analysis segmented the global specialty silica market in the following segments:
Global specialty silica market is further classified on the basis of region as follows:
The global specialty silica market is expected to expand significantly at a CAGR of 5.7% over the forecast period i.e. 2016-2023. Further, the global specialty silica market accounted for USD 3.8 Billion in 2015 and anticipated to reach USD 5.8 Billion by 2023. Moreover, the precipitated silica segment is estimated to be the fastest growing segment of overall specialty silica market on account of high demand of specialty silica in rubber sector comprising automotive tires and industrial and mechanical rubber.
The specialty silica market of Asia-Pacific is estimated to dominate the overall market across the globe. The market accounted the largest volume share of 955.6 KT in 2015 in overall specialty silica market across the globe. Rapid expansion of automotive sector and growth in infrastructural facilities in the region are expected to sustain the demand for specialty silica in near future.
On the other hand, increasing research and development investments to develop cost-effective and less toxic silica derivative in North-America and Europe region are expected to foster the growth of specialty silica in near future. Growing awareness towards green tires and efficient coatings are expected to exhibit a positive impact on the growth of specialty silica market over the forecast period i.e. 2016-2023.
Technological advancements, introduction of various advanced silica derivatives and growing demand of enhanced silica derivatives in various end-use industries in order to manufacture good quality products, rapid growth in urbanization and swelled food & beverages industries across the globe are some of the key factors expected to pave the market growth for the specialty silica market in near future.
In addition to that, increasing aging population and growing trend towards effective personal care products are expected to drive the demand for beauty products which subsequently would raise the demand for specialty silica in chemical and personal care products industry in near future.
On the other hand, emergence of industrial automation and automobile industries, huge investment in automotive sector and rising use and adoption towards advance silica products are further projected to give a boost to the demand of specialty silica in automotive sector globally.
The market of specialty silica is majorly driven by the rapid growth in industrial automation and automobile industries. Additionally, increasing infrastructure and building construction in emerging economies, rise in use of silica derivatives in order to manufacture products with better strength and long life, growing trend of green tires and rising concern towards the harmful effects of rubber tires on environment would bid a boost in the demand of the specialty silica in ear future. Moreover, properties such as matte finish, proficient in removing impurities, performance additive nature in terms of tires and colorless appearance makes silica compound and its derivative beneficial in various applications, hence benefitting the global silica market in long run.
Factors such as introduction of advanced silica derivatives, technological advancements in construction and automobile sector, on-going researches to develop more efficient and cost effective silica derivatives, rising demand of fumed silica owing to its wide scale application in automotive industry are expected to swell the demand for specialty silica market over the forecast period i.e. 2016-2023.
However, high cost of silica derivatives further increase the cost of products, developed landscape of end-use industries resulting less demand, slackening of global economy and high emissions from specialty silica are some of the factors hindering the growth of specialty silica market globally.
The key manufacturers of specialty silica market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
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