Fluctuating costs due to high dependence on production through mining
activities, presence of vast growth opportunities across some of the
world’s most prominently expanding industries, and rising
applications across promising sectors such as robotics outline the
present state of the global mica market, observes Transparency Market
Research in a recent report. The market is dominated by companies
such as The Premier Mica Company, Mica Manufacturing Co. Pvt. Ltd.,
and Ashville-Schoonmaker Mica Company. These large-scale
manufacturers with integrated operations have a competitive advantage
over other companies in the market chiefly due to an easy access to
raw materials.
Along with the several stringent regulations related to
mining-related issues, the threat of a constantly rising set of
reliable substitutes is keeping a check on the market’s overall
development. Nevertheless, the crucial role played by mica in certain
industries will allow the market to tread along a healthy growth path
in the coming years. TMR states that the market will expand at a 3.8%
CAGR from 2016 through 2024 in terms of revenue. Expanding at this
pace, the market, which valued US$478.1 mn in 2015, is expected to
rise to US$669.3 mn by 2024.
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Asia
Pacific to Continue to be Mica’s Leading Market
Asia Pacific is presently the leading regional market for mica,
holding a share of nearly 40% in the global market in 2015. The
region is also expected to remain the leading producer as well as the
leading consumer of mica in the near future, thanks to the
flourishing electronics and construction industries. The market for
mica in developed economies such as North America and Europe will
witness moderate to sluggish growth; preference to substitutes will
play a key role in the trend. Of the key mica grades utilized, the
segment of ground mica is presently the dominant, accounting for a
share of over 50% of the global market in 2015.
Rising
Demand across Electronics Industry to Prove Catalytic for Market’s
Growth
Mica is known to provide thermal and electric insulation and exhibit
stability after exposure to extreme heat, light, and moisture. Owing
to this, it finds extensive usage across the electronics industry.
Among the key end-users of mica, the electronics industry is the
leading consumer of mica, accounting for the dominant share in the
global market in 2015.
“The excellent future growth prospects of the global electronics
industry are also expected to prove beneficial for the growth of the
global mica market over the period between 2016 and 2024,” states a
TMR analyst. Mica’s use across industries such as paints and
coatings, construction, and cosmetics, which are all treading along
healthy growth path globally, will also bring vast traction for the
global mica market in the near future.
Stringent
Government Regulations to Restrain Market Growth
Owing to the potential health hazards that mining activities can
cause to people employed on mining sites and the environment in
general, several governments across the globe have imposed strict
regulations pertaining to mining. As mining is the single most
important source of raw mica, such impositions can have a severe
negative impact on the overall development of the global mica market
in the next few years. This factor could also lead to a significant
rise in prices of raw mica in the near term globally.
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Nevertheless, the mica market holds immense potential of growth owing
to the substance’s indispensable role across industries such as
electronics, paints and coatings, and cosmetics. Rising applications
of mica in the robotics industry could also lead to vast growth
opportunities for the market in the near future.
This review of the market is based on a recent market research report
published by Transparency Market Research, titled “Mica Market
for Paints & Coatings, Electronics, Construction, Cosmetics, and
Other End-users - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
For
this study, the global mica market is segmented as follows:
Mica
Market – Form Analysis
- Natural Mica
- Synthetic Mica
Mica
Market – Grade Analysis
- Ground Mica
- Sheet Mica
- Built-up Mica
Mica
Market – End-user Analysis
- Paints & Coatings
- Electronics
- Construction
- Cosmetics
- Others (Rubber, Plastics, etc.)
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Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
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techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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