During the Covid-19 pandemic, the specialty silica market witnessed a drastic decrease in growth in terms of production, sales, marketing, and distribution. The global economic lockdown led to a series of market shutdowns which caused major losses to many key-use industries. There were various restrictions regarding imports and exports among the countries across the globe, which restricted the specialty silica market. However, the specialty silica market saw a considerable amount of growth during the year end of 2020 and is set to improve further during the year 2021.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=502953
Report Price: $4500 (Single User License)
Specialty Silica Market Segment Analysis By Product Type
Precipitated Silica held the largest share of 37% in the specialty silica market in the year 2020. Precipitated Silica is used as anti-setting additives, flatting agents, thickening agents and anti-corrosion pigments, which helps in improving the performance and enhancing the properties of coatings, paints, inks, adhesives and sealants. For instance, according to Coatings World, in 2020 the market size of the Indian painting market reached $7.75 billion (INR 570 billion), at a CAGR of 10.4%. This will further drive the specialty silica market, as it is extensively used in the preparation of paints and coatings. Food grade precipitated silica is also widely used in food items as they promote good flow of the item, promotes flavour and helps in preserving the products. These factors are highly driving the specialty silica market.
Specialty Silica Market Segment Analysis By Application
Rubber and tires segment held the largest share of 30% in the specialty silica market in the year 2020. The increase in the production of automotive around the globe is driving the production of tries manufacturing industry which in turn is leading to the rise in the specialty silica market. The concept of green tires in the present days is highly driving the specialty silica market, as silica enhances the properties of the tires and helps in smooth functioning of the tire which makes it economical and also safe for the person driving the vehicle. For instance, according to the ANRPC (Association of Natural Rubber Producing Countries), the world production of natural rubber (NR) in 2021 is anticipated to grow at 5.8%, year-on-year, to 13,812,000 tons. World demand of natural rubber is estimated to grow at 6.7%, up to 13,679,000 tons over the same period. This is estimated to drive the demand for specialty silica market.
Specialty Silica Market Segment Analysis By End-Use Industry
Automobile industry held the largest share of 34% in the specialty silica market in the year 2020. Specialty silica is commonly used in the manufacture of tires, especially owing to the current trend of green tires, due to their enhanced and environmentally-friendly properties. Specialty silica helps in enhancing the properties of the tire by providing slid-free surface, improved resistance and increased running time. The increase in the automobile production in the present days is hugely driving the specialty silica market. The total production of all the vehicles globally stood at 77,621,582 units in the year 2020. This will increase the use and demand of specialty silica in the manufacture of tires.
Specialty Silica Market Segment Analysis By Geography
Asia-Pacific region held the largest share of 40% in the specialty silica market in the year 2020. The rapid growth in the population in countries like India and China coupled with the increase in the growth of the automobile industry is driving the specialty silica market in the Asia Pacific region. For instance, the Indian auto-components industry was estimated at US $ 49.3 billion in the year 2020. The domestic automobile production in India increased at 6.96% during the year 2019 with a 30.9 million production of automobile. According to the International Trade Administration (ITA), the Chinese government expects the production of automobiles to reach 35 million units by 2025. Furthermore, according to International Trade Administration (ITA), South Korea doubled the number of automobile exports to 50,000 units per year to US from the year 2021 according to KORUS FTA. This is eventually driving the specialty silica market in India.
Specialty Silica Market Drivers
Increase in the demand from the electrical and electronics industry
The increase in the demand for specialty silica from the electrical and electronics industry owing to the increase in the use and demand of electronics devices is driving the specialty silica market. For instance, the market size of electronics and electrical industry stood at US$ 400 billion in India in the year 2020. Specialty silica is extensively used in the electrical and electronics industry as semi-conductors in devices such as transistors, printed circuit boards, integrated circuits, batteries, and electric cars which are driving the demand for specialty silica market with the growth in the electrical and electronics industry. Electric cars registered a 40% year-on-year increase in the year 2020 at 2.94 million units according to IEA (International Energy Association). This is driving the specialty silica market in the electrical and electronics industry.
Increasing application in adhesives and sealants
The increase in the application of specialty silica in adhesives and sealants is highly driving the specialty silica market. Specialty silica is used in adhesives and sealants as it provides improved adhesion, tack and chemical inertness. Adhesives and sealants is used in many key use industries such as the packaging industry, construction industry, electrical & electronics industry, automobile industry, and others. For instance, the packaging industry in the United States was valued at US$ 20.7 billion in the year 2019. This will further drive the specialty silica market as specialty silica is widely used in adhesives and sealants.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=502953
Specialty Silica Market Challenges
Stringent government regulations regarding the manufacture of tires
There are certain government regulations, regarding the manufacturing of tire, non-compliance of which will invite legal actions. For instance, according to 112(d) of the Clean Air Act (CAA), India, the National Emission Standards for Hazardous Air Pollutants (NESHAP), new and existing manufacturing facilities of tires used in agricultural equipment, airplanes and road vehicles such as cars, buses and trucks are levied for emission reduction. The primary sources that falls under this act are rubber processing, cement, solvents and other mixtures in tire production and tire cord production. This is done to reduce toxic air emissions from products used to manufacture tires by 1,100 tons yearly. This acts as one of the biggest challenges to the specialty silica market.
Specialty Silica Market Industry Outlook
Collaborations, partnerships, facility expansion, the production expansion, investments, acquisitions and mergers are some of the key strategies adopted by players in the Specialty Silica Market. Major players in the Specialty Silica Market are Master Bond Inc., Permatex, Arkema Group, 3M, Fuji Silysia Chemical, Fuso Chemical Co. Ltd, Glassven C.A, Wacker Chemie AG, Clariant, Evonik Industries, Solvay, Huber Engineered Materials and Cabot Corporation among others.
On 05 November 2019 WACKER introduced HDK N20P, a high-density pyrogenic specialty silica for pharmaceutical applications in the US.
On Sep 18, 2019 WACKER presented a dispersible polymer powder for EPI wood glue and highly hydrophobic pyrogenic silica.
A. Synthetic Wet Silica Market
B. Pharmaceutical Grade Silica Gel Market
For more Chemicals and Materials Market related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Discussion about this post