Global Specialty Silica Market is valued approximately at USD 5.89 billion in 2022 and is anticipated to grow with a growth rate of more than 7.1% over the forecast period 2023-2030. Specialty Silica is defined as a silicon dioxide, which is extensively available in the form of quartz in nature. Specialty Silica is manufactured as round pebbles, sawed or trimmed blocks, or fine powder, and is then employed as a crucial element in the formulation of a variety of products for a wide range of end-user industries. The rise of end-use sectors such as rubber and plastics is likely to drive further growth in the coming years. Growing tire manufacturing due to increased consumption of consumer goods such as footwear and oral care items; increased industrial uses and other factors are projected to elevate demand for specialty silica.
The specialty silica market is expected to be driven by an increase in the tyre demand as a result of growing global automotive sales. Growth in the demand for rubber can be attributed to an increase in tire output, since global automotive manufacturing has increased in numerous industrialized countries. According to the Association of Natural Rubber Producing Countries (ANRPC) in November 2022, 1.435 million tons of natural rubber (NR), with ANRPC members accounting for approximately 87% of total output. During the same time period, global demand for Natural Rubber increased by 1.2% to 1.301 million tons. In October 2022, the rubber markets in key producing nations showed declining pricing patterns. Additionally, Increasing R&D and technical improvements, and significant rise in the production of Electric Vehicles (EVs) is expected to provide a lucrative opportunity for the tire market. However, the high cost of colloidal silica and low substitute stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Specialty Silica Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 holding the largest market share owing to growing investment in industrial infrastructure and other government strategic initiatives are projected to improve the market. Furthermore, the coatings sector is expected to expand as a result of growing building activity in the region. Product demand is increasing, leading market players to ramp up their manufacturing facilities. Moreover, Evonik Wynca (Zhenjiang) Silicon Material began operations in October 2021, making it Evonik’s first fumed silica facility in China. Evonik intends to position itself by establishing a worldwide supply network for its Chinese and Asian clients. North America is expected to fastest growing during the forecast period, due to Investing in the building of cost-effective homes is anticipated to increase demand for paints and coatings. For instance, the Canadian government committed USD 10 billion to the whole housing plan over the following five years in April 2022. One of the important markets for specialized silica is in Europe. The region’s product demand is being driven by a number of businesses, including those in the pharmaceutical, automotive, FMCG, and high-end luxury goods sectors. In the upcoming years, the region’s demand for eco-friendly specialty silica is anticipated to increase due to legislation pertaining to the decrease of VOC emissions in the paint and coatings sector.
Major market player included in this report are:
Evonik Industries AG
Madhu Silica Pvt. Ltd.
Nouryon chemicals India Pvt Ltd.
Oriental Silicas Corporation
Sinosi Group Corporation
Recent Developments in the Market:
Ø In October 2021, U.S. Silica Holdings, Inc., a diversified global performance materials company, announced that it will start a strategic review of its Industrial & Specialty Products (“ISP”) segment. The company is a major producer of high value minerals and specialty products used in a wide range of industrial applications, as well as the leading proppant and last-mile logistics provider to the U.S. shale industry. Many options, including the sale or split of the ISP sector, are being thought about.
Ø In October 2021, CPS Inc. has declared that it would concentrate its future production efforts on the North American patterned solar glass industry. This decision was made after a careful assessment of different glass production end markets. The Company’s resource of high-purity, low-iron silica sand is ideal for the manufacturing of solar glass. Because of its wholly-owned silica sand mine, CPS has the potential to be North America’s first integrated manufacturer of patterned solar glass.
Global Specialty Silica Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Middle East & Africa
Rest of Middle East & Africa