DUBLIN--(BUSINESS WIRE)--The "Specialty Silica Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
The specialty silica Market was valued at US$3.76 billion in 2018 and is projected to expand at a CAGR of 5.73% over the forecast period to reach US$5.253 billion by 2023.
Increasing adoption of packaging materials in the automotive, food and beverage and other industries along with lower consumption cost and greater capacity utilization rates is the major factor that is driving the specialty silica market growth. Rising environmental concerns and the need to use environmentally friendly products will further boost the market growth. However, the high cost of specialty silica and the availability of low-cost substitute will restrain the market growth.
By Type of Product
By the type of product, the specialty silica market has been segmented into precipitated silica, fumed silica, silica gel, and others. Others include hydrophilic silica, hydrophobic silica, and silicates. Silica Gel is dominating the market as it is extensively used as a drying agent in industries such as painting and coating, plastic, food, pharmaceutical, and personal care industries.
By Application, the specialty silica market has been segmented into rubber goods, heat stability, anti-caking, printing sharpness, and others. Specialty silica is widely used as an anti-caking and carrying agent in cosmetics, fertilizers, synthetic detergents as it allows the products to freely flow when they are being used. They are often used in products that are prone to clumping.
By End-user Industry
By the end-user industry, the specialty silica market has been segmented into manufacturing, chemicals, electronics, personal care and cosmetics, and others. Others include mining, oil & gas, and pharmaceuticals. Due to its high tensile strength and abrasion resistance, specialty silica is highly used in rubber industries.
Geographically, the specialty silica market has been segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and South America region. Asia Pacific region will grow at an impressive rate over the forecast period owing to the booming automotive industry in terms of demand for vehicles as well as the production of tires which will impact the specialty silica market growth in a positive manner.
The specialty silica market is competitive owing to the presence of major players such as BASF, Evonik and Clariant and regional vendors in the market. With large production facilities located globally, these vendors have a huge geographical presence.
The global key players are Evonik Resource Efficiency GmbH, BASF SE, Clariant, Speciality Silica Private Ltd, Akzo Nobel N.V., Cabot Corporation, Wacker Chemie AG, PPG Industries, Inc., W.R Grace & Co. Conn., and Nalco Water- an Ecolab company.
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