Global precipitated silica market was valued at US$2.11 billion in 2014 and is anticipated to reach US$ 3.49 billion by 2023, expanding at a CAGR of 5.8% between 2015 and 2023, according to a report by Transparency Market Research.
Precipitated silica is a compound produced by the precipitation of silica (SiO2). On an industrial scale, precipitated silica is manufactured using sodium silicate and sulfuric acid. Precipitated silica finds applications in rubber, personal care, agrochemicals, and others (coatings, etc.).
Growing demand for environment-friendly alternatives in the automotive industry is estimated to be one of the major factors driving the precipitated silica market. Growth of the toothpaste industry is projected to augment the market in the near future. Increasing pollution and subsequent deterioration of air quality has induced several regions to adopt stringent emission norms.
Rubber was the major application segment, accounting for nearly two-third share of the global precipitated silica market in 2014. The tyre and footwear industries accounted for a major share of the rubber application segment of the precipitated silica market. The rubber application segment is anticipated to continue its dominance in the precipitated silica market during the forecast period. Personal care was the second-largest application segment of the precipitated silica market in 2014. The segment is expected to continue its dominance during the forecast period.
Asia Pacific dominated the global precipitated silica market accounting for nearly half of the market in terms of volume in 2014. This trend is anticipated to continue during the forecast period. Asia Pacific is likely to be the fastest growing market in the next few years due to high growth in several end-use industries in emerging economies such as India and China.
Major players operating in the precipitated silica market include Evonik Industries AG, Solvay S.A., PPG Industries, Inc., and Oriental Silicas Corporation.