Revenues from special silica will jump from USD5.1 billion today to USD9.9 billion by 2025. Special silica will mostly be used to make “green” tyres.
Future Market Insights (FMI) delivers key insights on the global specialty silica market in its latest report titled, “Specialty Silica Market: Global Industry Analysis and Opportunity Assessment, 2015 – 2025”. In terms of value, the global specialty silica market is projected to register a moderate CAGR of 6.9% during the forecast period (2015–2025) due to various factors, regarding which FMI offers vital detailed insights.
By application, the market is segmented into rubber, plastic, ink & coatings, electrical and electronics, agriculture and feed, food and beverages, personal care and others. In terms of value, rubber application segment is expected to dominate the specialty silica market, accounting for approximately 60.5% share of the total specialty silica market in 2015. The segment is projected to expand at a robust CAGR of 7.8% over the forecast period.
Specialty silica market is mainly driven by its increasing application in rubber products, especially in tyres. Use of specialty silica enables better rolling resistance and improved grip of tyres, which increases fuel efficiency of the vehicle. These tyres are also called green tyres and are widely preferred over conventional tyres. Increasing use of colloidal silica in consumer electronics has also bolstered demand for specialty silica. Colloidal silica helps in achieving high gloss finish for flat surface electronic device such as mobile phones. Growing application of specialty silica in oral care (toothpaste) as an abrasive agent to clean the teeth thoroughly is also anticipated to determine future demand for specialty silica.
On the down side, manufacturing of specialty silica products such as precipitated silica and colloidal silica leads to major air pollution. Hence in regions such as Europe, governments have imposed stringent regulations regarding manufacture of specialty silica products. Emergence of greener alternatives to specialty silica products also poses a threat for the market.
By region, APEJ (Asia Pacific excluding Japan) is expected to account for 39.2% share of the total specialty silica market in 2015 and is projected to account for 44.6% share by the end of 2025. Other regions as covered in the report are North America, Western Europe, Eastern Europe, Japan, Latin America, Middle East and Africa.
Key players covered in the global specialty silica report are Evonik AG, PPG Industries, Akzo Nobel N.V., Cabot Corporation, Wacker Chemie, Nalco Holdings and Qingdao Makall Group Inc.
Major players are focusing on expanding their specialty silica production capacities to meet increasing demand for specialty silica products in various industries.