In the largely consolidated competitive landscape of
the global specialty silica market, the top three vendors, namely
Wacker Chemie AG, Cabot Corporation, and Evonik Industries AG,
collectively accounted for a significant share of 69% in 2015, says
Transparency Market Research in a recent report. The market, however,
features a handful of regional vendors owing to the low initial
investments required to setup manufacturing facilities of specialty
silica. Competition is intense and low entry barriers for new vendors
could further intensify the competition in the market.
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Transparency Market Research states that the market
reach a valuation of US$4.62 bn by 2016. Expanding at a healthy 5.9%
CAGR over the period between 2016 and 2024, the market is expected to
reach US$7.32 bn by the end of 2024. In terms of volume, the market
is expected to be valued at 5,185.0 kilo tons in 2024
Thriving Automotive Sector in Asia Pacific to be
Key Contributor to Market Growth
Of the key applications of specialty silica,
including across end-use sectors such as electronic components,
rubber, paints and coatings, personal care and cosmetics, food and
beverages, platics, and animal feed, applications across the rubber
industry help the global specialty silica market amass much of its
revenue. The rubber industry accounted for a more than 50% of the
overall market in 2015 and is expected to remain one of the key
consumers of the material owing to the extensive usage of specialty
silica in tires to reduce their rolling resistance, to help make
vehicles more fuel efficient.
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In terms of geography, the market is dominated by
Asia Pacific, which constituted about 46% of the overall revenue of
the global market in 2015. The thriving construction industry in
terms of vehicle sales as well as production rate will a key factor
contributing to the overall growth of the Asia Pacific specialty
silica market in the near future. The Asia Pacific specialty silica
market will continue to dominate the global market over the report’s
forecast period.
Increased Demand for Low Rolling Resistance
Vehicle Tires to Boost Specialty Silica Consumption
Tires with low rolling resistance, allowing vehicles
to move smoothly, help reduce the overall fuel consumption of
vehicles. As emission laws become more stringent and the market for
conventional vehicle fuels continue to see the negative impact of
depleting fossil fuels in the form of fluctuating prices and reduced
supply, the need for ways to achieve vehicle designs that consume
less fuel has intensified. Tires made from a mixture of specialty
silica and rubber help tire manufacturers develop tires with low
rolling resistance and a higher quotient of environment friendliness,
which is why the demand for specialty silica is rising on a global
front.
Availability of Several Substitutes Could Hinder
Market Growth
The easy availability of cheaper substitutes such as
silica gel is one of the key restraints for the overall future growth
prospects of the global market for specialty silica. The expensive
nature of key specialty silica products such as fused silica and
colloidal silica often refrain small and medium sized buyers from
buying them and resorting to cheaper alternatives. Thus, the threat
of alternatives could notably hamper the overall development of the
global specialty silica market over the report’s forecast period.
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This review of the market is based on a recent market
research report by Transparency Market Research, titled “Specialty
Silica Market (Products - Precipitated Silica, Fumed Silica, Fused
Silica, Silica Gel, and Colloidal Silica; Applications - Rubber
(Tire, Footwear, and Industrial), Crop Protection, Paints &
Coatings, Electronic Components, Food & Beverage, Animal Feed,
Plastics, Personal Care & Cosmetics, Textile, and Paper) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 -
2024.”
For the study, the market has been segmented as
follows:
Specialty Silica Market: Product Type Analysis
- Precipitated Silica
- Fumed Silica
- Fused Silica
- Silica Gel
- Colloidal Silica
Specialty Silica Market: Application Analysis
- Rubber
- Crop Protection
- Paints & Coatings
- Electronic Components
- Food & Beverage
- Animal Feed
- Plastics
- Personal Care & Cosmetics
- Other (textile, paper, etc.)
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