ALBANY, New York, May 14, 2019 /PRNewswire/ -- The global specialty silica market showcases a highly consolidated vendor landscape as it is confined with a handful number of players. However, Transparency Market Research (TMR) notes that the dominant players in the specialty silica market hold up to 50% of the total market share. A few renowned companies in the market are continuously innovating and transforming to exceed industry standards and client expectations.
These companies in the global specialty silica market also hold a superior customer base and offers an extended technical service in order to gain more prominence. On the other hand, some of the startups are constantly focusing on creating, manufacturing, developing the superior engineered specialty chemicals and ingredients to achieve a good position in the market. However, well-established companies are majorly focusing on their industrial silica manufacturing, which can be executed in enhancing the appeal, performance, and processing of a wide array of products used in consumer-based applications. A few companies' names appear at the top of the list in the global specialty silica market include Cabot Corporation, Huber Engineered Materials, Tokuyama Corporation, Solvay S.A, and PPG Industries.
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TMR's analysts' prediction reveals that the global specialty silica market is projected to grow at a promising 5.9% CAGR during the assessment tenure. The market is anticipated to gain a valuation of US$ 7.32 bn at the end of the forecast period. The market stood at US$4.62 bn in 2016.
From the perspective of applications, the rubber segment holds the highest share in the global specialty silica market. This is accountable to the wide use of tires, footwear, and industrial tool in several industries worldwide. Geographically, Asia Pacific is dominating over other regions in the global specialty silica market as the region has witnessed rapid manufacturing in the country such as China.
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Specialty Silica Drives Dynamics of Global Automotive Industry
Specialty silica majorly consists of silica (SiO2). This is predominantly produced in the coarse form of fine powder, round pebbles, or trimmed blocks, which are highly used as a key additive during the formulation of numerous products. These products are fabricated in a wide array of end-use industries such as electronics, automotive, coatings, inks, and personal-care products. Such applications are majorly driving the global specialty silica market. Additionally, enormous demand from food, rubber, coatings, and healthcare industries is also a significant factor influencing the growth of the global specialty silica market.
With such an extended application range, automotive industry accounts for the top application segment for specialty silica on account of the production of special types of tires as well as the efforts towards lowering carbon emissions. Besides this, rising concern of depletion of fossil fuels and governments' strict emission rules, automotive industry worldwide is inclining towards using green tires, which in turn is also contributing demand in the global specialty silica market.
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Flourishing Paint and Coatings and Personal Care Industries Stoke Demand in Market
Due to such excellent properties such as UV protecting, anticaking, and dispersive nature of specialty silica, it is extensively adopted in various other industries include personal care, agriculture, electronics, and paints and coatings. Soaring demand for specialty silica in cosmetics products and mushrooming paints and coatings industries worldwide are also providing impetus to the growth of the global specialty silica market. Other properties such as abrasion resistance and high tensile strength opens doors for specialty silica to be widely used in rubber industries, which is further fueling growth of the global specialty silica market.
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The review is based on a market research report by TMR, titled, "Specialty Silica Market (Products - Precipitated Silica, Fumed Silica, Fused Silica, Silica Gel, and Colloidal Silica; Applications - Rubber (Tire, Footwear, and Industrial), Crop Protection, Paints & Coatings, Electronic Components, Food & Beverage, Animal Feed, Plastics, Personal Care & Cosmetics, Textile, and Paper) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
The segmentation of global specialty silica market is based on:
End Users Industries
- Aerospace & Defense
- Energy & Power
- Electrical & Electronics
- Other End-Use Industries
- Rest of Europe
Asia Pacific Excluding Japan
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Rest of Latin America
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