The global specialty silica market is expected to reach USD 4.43 billion by 2022, according to a new report by Grand View Research, Inc. Rising application scope of the product in various end-use industries including rubber and coatings is expected to fuel demand over the forecast period.
Increasing coating demand in Asia Pacific on account of growing construction and rising government expenditure on infrastructure development in emerging economies of India and China is expected to propel product need over the next seven years.
Automotive industry growth in numerous countries is expected to fuel tire demand which in turn is expected to have a positive impact on the product market over the forecast period. In addition, increasing use of the product in green tire manufacturing on account of various advantages such as increased shelf life and fuel efficiency will propel the industry growth over the next seven years. However, mature nature of various end-use industries primarily in Europe and North America may challenge specialty silica industry growth.
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Further key findings from the report suggest:
· Precipitated silica was the largest product segment estimated over 2,000 kilo tons in 2014. It is widely employed as a performance additive as it increases wet-grip capabilities and wear resistance in automotive and industrial tires. Silica-filled tires are widely used owing to low rolling resistance which results in better handling and improved mileage. This is expected to fuel overall product demand over the forecast period.
· Rubber application segment was estimated over USD 1,000.0 million in 2014. Rising rubber need on account of increased automobile production particularly in India and China is expected to have a positive impact on the industry over the forecast period.
· Europe specialty silica market was estimated over USD 300.0 million in 2014. Robust automotive manufacturing base in the Germany is expected to be a favorable factor for rising demand. In addition, growth in the food & healthcare sector in various countries including France, UK, and Germany on account of changing lifestyle of consumers coupled with increased government spending on public health is expected to propel product need over the next seven years.
· The global specialty silica industry is highly competitive with key multinationals dominating the sector. Increased R&D expenditure for new product developments coupled with the need to reduce production cost are key trends witnessed within the industry. In January 2016, PPG Industries announced plans for setting up new production site for precipitated silica in North America. As of July 2015, Solvay introduced highly dispersible silica (HDS) which enhances the performance of tires by cost-effective energy saving.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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