fumed silica market Growth 2022 Overview with Demographic Data and Industry Size Trends 2030
Market Insights
Fumed Silica Market is projected to be worth USD 1662.0 Million by 2030, registering a CAGR of 6.8% during the forecast period (2020–2030).
Applications of fumed silica include, but are not limited to, use as a thickening agent, an anti-caking agent in free-flowing powders, as a desiccant, as a light diffuser in cosmetics, as a light abrasive, and several others. Many end-use industries use fumed silica for its various properties, and the growth of associated industries in a rapidly growing economic scenario has significantly improved the demand for fumed silica market Growth. Emerging economies of the globe are being recognized as prime markets with expansion opportunities due to rising disposable incomes as well as the presence of significant manufacturing sectors in these countries. The major scope of application for fumed silica is primarily in adhesives sealants and paint coatings for the automotive and construction sectors. Growing construction activities in emerging markets as well as for the upkeep of existing infrastructure in developed markets are expected to lead to an increased demand for fumed silica. Moreover, the material is highly affordable making it a common and popular choice. The pharmaceutical industry is an up-and-coming sector for the sales of fumed silica as healthcare investments rise worldwide.
However, the demand for bio-based fumed silica is growing, and the development of this alternative is expected to challenge the growth of the market over the coming years.
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Market Segmentation
MRFR’s analysis of the fumed silica market segments it on the basis of type, application, and region. Types of fumed silica have been broadly segmented into hydrophilic fumed silica, and hydrophobic fumed silica.
Applications of fumed silica have been segmented into silicon rubber, adhesives sealants, paints coatings, pharmaceuticals, cosmetics, battery gel, UPS, and others. Among these, the paint coatings industry was observed to have captured a market share of more than 30% of the total market. The pharmaceutical sector is anticipated to witness highly promising growth over the forecast period due to growing applications as healthcare investments are growing.
Global analysis of the market has segmented the market into key regions which include North America, Latin America, Europe, the Middle East Africa, and the Asia Pacific.
Regional Analysis
The Asia Pacific secured the largest share of the market of over 35% in 2016. Country-level markets such as China have established themselves in a leadership position in the APAC fumed silica market. Rapidly growing economies with significant growth in industries such as automotive, construction, paint coatings and healthcare. The APAC has a significant paint coatings market which drives the fumed silica market in the region. Increased demand for products and services from these industries has resulted in rising demand for fumed silica.
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North America follows the APAC fumed silica market in terms of size which covers roughly a fourth of the global market. Europe represents the third largest share, with Russia representing the fastest growing country-level market in the region. The Middle East Africa is also a growing regional market due to the presence of rapidly emerging economies such as U.A.E Saudi Arabia.
Key Players
MRFR’s report on the global fumed silica market includes profiles of market players of prominence. Noted players included are Tokuyama Corporation, Cabot Corporation, Dalian Fuchang Chemical Co. Ltd., Power Chemical Corporation Ltd., 3M, Wacker Chemie AG, Dongyue Group Ltd., PPG Industrie Inc, Evonik Industries AG, and Kemitura.
Latest Industry News
· Evonik Industries has established a joint venture agreement with Chinese Wynca Group to manufacture fumed silica under the Aerosil brand name.
· In response to growing demand, Evonik Industries in Germany is expanding its refining capacity for fumed silica in Rheinfelden, Germany.
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