Precipitated Silica Market is Predicted to Reach USD 5.7 billion, at a CAGR of 4.4% by 2031 | Transparency Market Research Inc.
An increase in the use of personal care and cosmetics is also boosting market growth.
WILMINGTON, Del., Nov. 20, 2023 /PRNewswire/ -- The global precipitated silica market was estimated at a value of US$ 3.8 billion in 2022. It is anticipated to register a 4.4% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 5.7 billion by 2031.
The global demand for green tires, which are known for their safety, comfort, energy efficiency, and environmental preservation, has created a substantial opportunity for growth in the precipitated silica market.
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Automobile manufacturers everywhere are working hard to achieve the strict road safety regulations. These include wet traction and rolling resistance, particularly in the European Union's passenger car class. Precipitated silica use in these applications is probably going to improve the market's trajectory throughout the course of the forecast year.
Precipitated Silica Market Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2031 |
Base Year | 2020–2022 |
Size in 2022 | US$ 3.8 Bn |
Forecast (Value) in 2031 | US$ 5.7 Bn |
Growth Rate (CAGR) | 4.4 % |
No. of Pages
| 153 Pages |
Segments covered
| Application |
Key Findings of the Market Report
- Over the past few years, the cosmetics and personal care industry has experienced tremendous growth because of shifting consumer lifestyles, rising disposable money, and greater skin care knowledge.
- Since precipitated silica can function as an opacifying, bulking, abrasive, suspending, and anti-caking agent, it is commonly used in cosmetics and personal care products.
- As precipitated silica can absorb sweat and moisture, it is also frequently used as an absorbent powder in cosmetics.
- Due to its superior spreadability, synthetic amorphous silica is frequently used in compact powders, blushes, and sunscreens.
- Throughout the projected period, increase in the worldwide personal care and cosmetics industry is anticipated to support the acceleration of the silica market.
Market Trends for Precipitated Silica
- One of the most prevalent agricultural wastes in nations that produce rice is rice husk (RH). It can be found all over Southeast Asia. After rice is ground, rice husk is produced. It contains eighty to ninety percent silica.
- Precipitated silica can be recovered from rice husk ash at a rate of 90%–95% if the conversion efficiency is greater than 70%. Because of this, one of the most affordable feedstock for making precipitated silica is rice husk ash.
- Manufacturers of precipitated silica are anticipated to find great prospects due to low capital input costs, simple access to raw materials, as well as high profitability in the production of silica from rice husk ash for the entire projection period.
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Global Market for Precipitated Silica: Regional Outlook
Various reasons are propelling the growth of the precipitated silica market throughout the region. These are:
- In 2022, precipitated silica held a substantial market share in Asia Pacific. Due to the rising need for tires in the local automotive industry, this trend is probably going to continue during the forecast period. Because of the great need for rubber in the nation's tire industry, China accounted for the most portion of precipitated silica sales in the Asia Pacific region in 2022.
- It is anticipated that North American business would expand steadily in the foreseeable future. The regional market is expanding mostly because of the personal care and rubber industries. North American market dynamics are anticipated to be driven by an increase in demand for energy-efficient tires.
- The European precipitated silica market outlook appears to be encouraging as well. Throughout the projection period, manufacturers are expected to intensify their efforts to optimize vehicle fuel efficiency and introduce tire-labeling requirements, which will propel the market trajectory in Europe.
Global Precipitated Silica Market: Key Players
Important participants in the global precipitated silica market are putting more and more emphasis on employing inorganic growth strategies to increase their market share both domestically and internationally.
In this environment, partnerships, acquisitions, and mergers are frequent occurrences. The following companies are well-known participants in the global precipitated silica market:
- Oryzasil Silicas Naturais
- Madhu Silica Pvt. Ltd
- Agile Nobel Inc.
- Tata Chemicals Ltd.
- Oriental Silicas Corporation
- Brisil
- Solvay S.A.
- PPG Industries
Few of key developments by the players in this market are:
Company name | Key Developments |
PPG Industries Inc. | ● PPG Industries Inc. declared that it has collaborated with a top tire producer to create a new tire that makes use of PPG's products including precipitated silica. ● It is anticipated that the new tire will have better traction and fuel efficiency. |
Madhu Silica Pvt. Ltd. | ● Madhu Silica Pvt. Ltd. declared in March 2023 that it has increased the amount of precipitated silica it could produce in India. ● The development is probably intended to fulfill the increasing demand in the Indian market for precipitated silica. |
Global Precipitated Silica Market Segmentation
Application
- Rubber
- Personal Care
- Agrochemicals
- Others
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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