In order to enhance their product portfolio and expand their business, the key players operating in the global precipitated silica market are likely to enter into strategic acquisitions and mergers, joint ventures, exclusive agreements. Many leading companies are also focusing on the expansion of their production capacity to increase the circulation of their products. They are also investing in research and development projects for innovation and new product development.
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Rising Need for Environment Friendly Alternatives from Automotive Industry to Drive Demand for Precipitated Silica
Due to the growing pollution and the deteriorating air quality, many developed countries have been impelled to adopt strict emission norms. As a result of this, the automotive industry is focusing on the development of environment friendly alternatives which are likely to aid in the reduction of emissions from automobiles. The amount of energy spent to move a vehicle is directly responsible for the decrease in fuel consumption, making tires responsible for the use of almost one-third of a vehicle’s fuel.
According to a TMR analyst, “The use of a combination of precipitated silica and other eco-friendly materials is likely to reduce the amount of emission of fuel from vehicles.” Thus, the demand for precipitated silica is anticipated to rise due to the prevalence of these factors. The growing toothpaste industry is also likely to drive the sales of precipitated silica as it is used as a thickening agent in toothpastes.
High Energy Costs to Hinder Productivity of Precipitated Silica Industry
Precipitated silica is highly used as a filler in rubber tires and thus is in high demand from the automotive industry. However, the high energy cost incurred by manufacturers during the production of precipitated silica is likely to hamper the growth of the global precipitated silica market. As the extraction of precipitated silica requires a temperature of around 1,400 degree Celsius, the use of fuel in this process is also substantially very high. This in turn is likely to adversely affect the cost-effectiveness of precipitated silica resulting in a decrease in the productivity of the global precipitated silica market. However, researchers across the world are trying to develop better production techniques to curb this issue.
Increasing Application in Paper Industry to Present Manufacturers of Precipitated Silica with Better Growth Prospects
Due to the fluctuation in the titanium dioxide market, the paper industry has shifted its focus toward precipitated silica to increase the opacity and whiteness of processed paper. Precipitated silica is likely to be one of the best potential replacements for titanium dioxide in the paper industry. Thus, as a result of the large scale adoption of precipitated silica in the paper industry, the manufacturers of precipitated silica are likely to be presented with lucrative opportunities from this industry in the coming years.
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With all these factors prevailing, the global precipitated silica market is projected to expand at a CAGR of 5.5% from 2015 to 2023. The global precipitated silica market was valued at US$2.22 bn in 2015 and is expected to touch a valuation of over US$3.48 bn by the end of 2023. Asia Pacific is anticipated to lead the global precipitated silica market in terms of consumption with a revenue share of 52.5%. Rubber is likely to emerge as the largest application segment by 2023 in the global precipitated silica market accounting for almost 63.6% of the overall revenue.
The review is based on the findings of a TMR report titled, “Precipitated Silica Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Extraction of precipitated silica from rice husk ash to provide lucrative opportunities to manufacturers of precipitated silica.
Asia Pacific to emerge as the largest region in terms of consumption of precipitated silica accounting for 52.5 % of the global revenue.
Global precipitated silica market to expand at a CAGR of 5.5% from 2015 to 2023.
Key Segments of the Global Precipitated Silica Market:
Global Precipitated Silica Market – By Application,
Global Precipitated Silica Market – By Region,
The Middle East and Africa
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