The global market for specialty silica is expected to reach US$4.43 billion by the year 2022. This information is according to a new report released by the US-based market research and consulting company Grand View Research, Inc. The report states that the rising application scope of the product in various end-use industries including rubber and coatings is expected to fuel demand over the forecast period.
On account of growing construction and rising government expenditure on infrastructure development in the emerging economies of India and China, the increasing coating demand in Asia Pacific is expected to propel product need over the next seven years.
The growing automotive industry is expected to fuel the tyre demand in numerous countries, which in turn is expected to have a positive impact on the product market over the forecast period.In addition, increasing use of the product in green tyre manufacturing on account of various advantages such as increased shelf life and fuel efficiency will propel the industry growth over the next seven years. However, mature nature of various end-use industries primarily in Europe and North America may challenge specialty silica industry growth.
The report also states, as one of its key findings, that the rubber application segment was estimated over US$1,000 million in 2014. Rising rubber need on account of increased automobile production particularly in India and China is expected to have a positive impact on the industry over the forecast period. Also, precipitated silica was the largest product segment estimated over 2,000 kilo tons in 2014. It is widely employed as a performance additive as it increases wet-grip capabilities and wear resistance in automotive and industrial tyres. Silica-filled tyres are widely used owing to low rolling resistance which results in better handling and improved mileage. This is expected to fuel overall product demand over the forecast period.