fumed silica market Growth 2020 | Evonik Industries, Wacker Chemie AG, Cabot Corporation, Tokuyama Corporation, PPG Industries, Inc., 3M
fumed silica market Report
MRFR (Market Research Future) expects the fumed silica market to touch USD 1662.0 million by the year 2027. Meanwhile, the rate at which the global market will soar between 2020 and 2027 is expected to be 6.8%, adds MRFR.
Growth Boosters and Key Impediments
In light of the COVID-19 outbreak and its rapid spread worldwide, the global market revenue has witnessed a significant drop owing to the increasing demand and supply gap. China is responsible for close to more than half of the total fumed silica industry, in terms of consumption and production. Overdependency on China has been unfavorable for the global supply chain with the novel coronavirus having had a debilitating impact on production and logistics operations. Also, following the lockdown to curb the spread of the pandemic, factories had to be closed down and travel as well as trade were restricted. This is yet another growth restricting factor in the global market for fumed silica market Report On the bright side, the strong demand for excipient, and additives for use in the formulation of a variety of medicines like paracetamol and more has helped maintain the demand rate of fumed silica.
Fumed silica is largely used in industries such as pharmaceutical, cosmetics and construction industries. The automotive sector happens to be one of the leading consumers of adhesive and sealants, which are some of the top applications of fumed silica. As a result, the constant growth of the automotive sector worldwide should benefit the fumed silica industry in the years ahead. The escalating rate of the construction industry in developing regions should present a host of attractive opportunities to the global companies in the ensuing period.
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Segmental Analysis
Types and application are the major segments outlined in the MRFR study, in order to depict an enhanced framework of the global market for fumed silica.
The different types of fumed silica profiled in the report include hydrophilic fumed silica as well as hydrophobic fumed silica. Hydrophilic fumed silica is the leading segment in the market, given the diverse application range of the same. The robust application range of this silica is due to its impressive insulating characteristics at extreme temperatures. Hydrophilic fumed silica can be used in non-polar resin systems and is widely deployed in formulations wherein shelf stability is not an important factor. Another significant use of this silica is in silicone thickening and reinforcing as a glidant for industrial and food powders as well as thickening of a variety of non-polar solvents like mineral spirits, styrene, and xylene.
Based upon the application segmentation, the global fumed silica market is segmented into paint coating, silicon rubber, adhesive sealants, cosmetics, UPS, battery gel, pharmaceutical, and others. Fumed silica notes robust demand in the adhesive and sealants industry and are extensively deployed to foster the product viscosity, enhance anti-settling characteristics during storage, curb extrusion properties while being applied, and facilitate anti-sagging during cure.
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Regional Outlook
The fumed silica industry is spread across a few major regions, namely Latin America, North America, Europe, MEA or Middle East Africa and Asia Pacific or APAC.
Asia Pacific has been the top performer in the global market for fumed silica since 2019, with the largest share of 39%. The region is touted to maintain its winning streak throughout the evaluation period, in view of the rising industrialization rate across several counties and the rapid expansion of prominent end-use sectors such as paints and coatings, automotive, cosmetics, pharmaceutical and more. China should expect to take the lead in the APAC market during the evaluation period, considering the country’s fast-paced industrial growth, particularly pharmaceutical and paints and coatings.
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The American industry for fumed silica should witness consistent growth in the following years, facilitated by the heightened sales of personal care and cosmetic items. America demonstrates a striking growth potential, with beauty products experiencing substantial demand among the mass due to high disposable income and consumers’ surging interest in grooming. Additionally, soaring popularity of organic and homegrown beauty products and higher focus on product differentiation among players will pave way for more production output and better market growth.
Affluent Firms
The market leaders profiled in the MRFR report include Wacker Chemie AG, Power Chemical Corporation Ltd., Tokuyama Corporation, Kemitura, 3M, Dalian Fuchang Chemical Co. Ltd., Evonik Industries, Dongyue Group Ltd., Cabot Corporation, PPG Industries, Inc., to mention a few.
These are the top manufacturers of fumed silica in the world and have remained in the lead given their constant uptake of impeccable strategical moves such as mergers, partnerships, agreements, and acquisitions.
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