The increasing use of mica in the novel paint technology is one of the major trends being witnessed in the global mica market 2018-2022. The increasing use of mica in the modern paint technology and pearlescent finish for automotive paints is expected to drive the market growth during the forecast period. The modern paint technologies involve the use of various clear coats and materials to obtain a superior and durable, long-lasting finish.
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According to Technavio analysts, one of the key factors contributing to the growth of the global mica market is the growing demand for mica from the developing countries:
Global mica market: Growing demand for mica from the developing countries
The demand for mica from the developing economies, such as China, India, Brazil, Mexico, Philippines, and Indonesia, is expected to increase in the next five years. These countries offer low transportation costs, easy availability of land, low cost of labor, easy accessibility of raw materials, and less stringent regulations and policies by the government, thus, multiple manufacturers of mica are shifting their manufacturing units to these regions.
According to a senior analyst at Technavio for research on metals and minerals, “Factors such as the growing population, high disposable income and increasing purchasing power in developing countries of APAC and Latin America are promoting higher investment in the construction, automotive, and electronics industries. In APAC, the emergence of China and India as the manufacturing hubs of electronics and automobile industries is expected to improve the market growth. The growing demand for smartphones and laptops in this region is expected to drive the demand for mica.”
Global mica market: Segmentation analysis
The global mica market research report provides market segmentation by application (electronics, paints and coatings, construction, and cosmetics) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The electronics segment held the largest market share in 2017, accounting for nearly 28% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 48%. The region is expected to dominate the market through 2022, with an increase in its market share.
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Five Forces Analysis
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