The global precipitated silica market features a high
degree of competition among key manufacturers. Strategic
acquisitions, joint ventures, and mergers are some of the commonly
adopted growth strategies by key market participants to expand their
product portfolio, observes Transparency Market Research (TMR) in a
new study. Some of the prominent companies operating in the market
are Solvay, Evonik Industries AG, and PPG Industries Inc.
The easy availability of raw materials and relatively
low capital requirement are attracting new players to venture into
the market. “The rising demand for precipitated silica from the
rubber industry is rendering the market more lucrative for new
entrants,” says TMR’s lead analyst. The global precipitated
silica market had a valuation of US$2.35 bn in 2016 and is estimated
to reach US$3.49 bn by the end of 2023, expanding at a CAGR of 5.5%
between 2015 and 2023.
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Asia Pacific to Witness Strong Demand for Silica
Precipitate through 2023
On the basis of application, rubber will continue to
be the leading segment until 2023, accounting for 63.6% of the
overall market revenue. The increasing usage of precipitated silica
to provide reinforcement to the tires is supplementing the growth of
the segment. The segment is anticipated to make inroads in the shares
of other segments, exhibiting a noteworthy CAGR during the review
period.
Based on geography, Asia Pacific will continue to
dominate the market until 2023, commanding 52.5% of the overall
market revenue. The growth of the region can be attributed the robust
growth of the automotive sector and rising awareness for oral
hygiene. Owing to these factors, the region is poised to rise at a
CAGR higher than any other region during the same period.
Growing Need for Eco-friendly Alternatives in
Automotive Sector Creates Upswing in Demand for Precipitated Silica
The increasing levels of pollution and the subsequent
deterioration of the air quality is leading to multiple regions
across the world implementing strict emission norms. These norms are
compelling participants in the global automotive industry to look for
eco-friendly options that will help them in cutting down emissions
through their manufactured automobiles. In these attempts, there is a
growing emphasis on reducing rolling resistance. “Shifting towards
a combination of precipitated silica and other materials for
reinforcing filler in passenger tire treads can produce a nearly
one-third reduction in rolling resistance and 6% increase in fuel
efficiency of vehicles,” says TMR analyst. Therefore, the
burgeoning demand for environment-friendly alternatives in the
automotive industry is augmenting the global precipitated silica
market.
Moreover, the rising awareness regarding oral hygiene
in emerging countries of Asia Pacific and Latin America is creating a
staggering volume of demand for toothpaste. Since precipitated silica
is used as a thickening agent in toothpaste, the factor is impacting
the growth of the market positively.
High Cost of Production Restricts Precipitated
Silica Market from Realizing Full Potential
A major bottleneck in the growth of the global market
for precipitated silica is the high energy cost involved in its
production. Extraction of precipitated silica from silica sand and
sodium silicate involves extremely high temperatures of nearly 1,400o
C. The high quantities of fuel required to generate such high
temperatures are adversely affecting the cost-effectiveness of
precipitated silica.
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Nevertheless, the advent of new techniques such as
extraction from rice husk ash, which can be carried out at much lower
temperatures, is anticipated to reflect positively upon the future of
the global market. Moreover, the paper industry is offering highly
lucrative growth opportunities to the market.
The review is based on the findings of a TMR report
titled, “Precipitated Silica Market (Application - Rubber,
Personal Care, and Agrochemicals) - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015-2023.”
The key segments of the global precipitated silica
market are -
Global Precipitated Silica Market, by Application
- Rubber
- Personal Care
- Agrochemicals
- Others
Global Precipitated Silica Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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