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Specialty Silica Market Set for Huge Growth in the Near Future

Author : Rahul Varpe | Published Date : 2019-04-03 

The specialty silica market size, in terms of demand and production is led by the Asia Pacific. India, china, south Korea and Japan are the main consumers of product due to rising demand of the paints & coatings in automobile and construction industry, which has perpetually influenced the specialty silica market size. Also, automobile manufacturers in Asia Pacific are actively moving towards green tire development and pursuing it as future business, thus propelling the product demand in the near future. North America is the second biggest consumer of the product. This can be attributed to their high efficiency and increasing application scope in green tire development.

Global Specialty Silica Market size is likely to witness a prominent growth, expanding at a moderate CAGR over the forecast period. Specialty silica, chemical name silicon dioxide, is largely available in nature as quartz. Specialty silica is used in wide range of industries including paints & coatings, rubber, personal care & cosmetics, electronic components, refractories, food & beverage and plastics.

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Enormous investments in research & development along with technological advancements for cost competitive product manufacturing, is expected to have a positive influence on the global specialty silica market size by 2024. Regulatory approvals by numerous associations such as U.S Department of agriculture and FDA pertaining to the product use in food & beverage industry will be the factor driving specialty silica market size in the forecast period.
 
The rising demand for oral care and cosmetic products in developing countries, will be escalating the specialty silica market size in the coming years. For instance, the global cosmetic industry sales in likely to expand at over 5% CAGR from 2017 to 2024. Furthermore, due to the abrasion resistance and high tensile strength of the product, it is highly desirable in rubber industry. The steady growth in automobile industry all over the world, especially on a larger scale in Asia Pacific, will propel the demand in rubber industry that will eventually augment the specialty silica market size over the forecast timeframe.
 
Sluggish growth of end-user industries of such as paper and paints & coatings in developed regions, particularly Europe will probably hinder the specialty silica market size in the forecast timespan. Moreover, availability of cost competitive alternatives to silica gel and colloidal silica is also a threat to the industry growth. However, various tire manufacturers are considering uses the product in manufacturing green tires, thus creating new growth avenues for the specialty silica market share contributors over the forecast timespan.

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The major players functional in the specialty silica market share are AkzoNobel, PPG Industries, Solvay, Cabot Corporation, Madhu Silica Private Limited, Huber Engineered Materials, Tokuyama Corporation, Evonik Industries, W. R Grace & Company and Nalco Holding Company.

On account of growing demand from tire & rubber industry, Evonik Industries began with production of precipitated silica at their new plant in Essen, USA in 2015. Likewise, Evonik and PPG Industries also announced new site for production of precipitated silica in 2016. Solvay launched highly dispersible silica (HDS) in 2015, that enhances performances in tires by saving energy.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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