Mica Market is estimated to reach US9.3 MN BY 2024

Posted by mandar on April 7th, 2021

Driven by the expanding application base of mica, the global mica market is witnessing a substantial rise in its valuation, finds a new report by Transparency Market Research (TMR). Various industries, such as electronics, constructions, plastic, paints and coatings, rubber, and cosmetics, demonstrate a high demand for mica. The electronics industry, especially, requires a large amount of mica for the production of various electronic and electrical devices. As the population rises, the demand for these devices will also likely increases, creating a sustainable market condition for mica producers across the world.

According to the TMR report, the global mica market stood at US8 mn in 2015 and is foretold to reach US9.3 mn by the end of 2024. The revenue growth in the market is pegged at 3.80% CAGR between 2016 and 2024.

Demand for Ground Mica to Boost Market Growth

The augmenting demand for ground mica in the building and construction industry is creating substantial growth opportunities for market players. Over the next few years, ground mica is projected to find extensive application in the paints and coatings, rubber, and the plastic industries as well. The continual expansion in the building and construction and the electronic and electrical industries is likely to provide lucrative opportunities for further growth of the worldwide mica market in the years to come, states the research report.

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Although the future of the global mica market looks thriving, the increasing concerns over health hazards caused by mica are not letting it gain its full potential. Many governments across the world have implemented stringent rules to regulate mica mining, which directly affects its production. Since mining is the main method to obtain raw mica, these enforcements result in fluctuation of raw material prices, which in turn impacts the revenues of market participants. However, the increasing array of electronic products, coupled with frequent technological changes, will create new revenue streams for mica producers in the coming years, reports the study.