Colloidal Silica Market Expected to grow at High CAGR with Top Manufacturers Ana

Posted by Yuvraj Bhadane on May 23rd, 2022

The scope of our recent study on “Colloidal Silica Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Alkaline, Acidic, Modified, and Ordinary) and Application (Pulp and Paper, Building and Construction, Paints & coatings, Electronics and Semiconductors, Pharmaceuticals, Investment Casting, and Others)” consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The colloidal silica market is projected to reach US$ 1,121.22 million by 2028 from US$ 757.80 million in 2021; it is expected to grow at a CAGR of 5.8% during 2021–2028. Colloidal silica is stable at a pH range of 8–10.5 and carries an anionic surface charge stabilized, usually with sodium or ammonium. Some grades of ordinary colloidal silica may have silicon atoms replaced with aluminate ions, allowing enhanced stability in a wider pH range. Standard colloidal silica has applications in various industries, such as paints & dyes, textiles, investment casting, and building & construction. It can also produce other types of colloidal silica through surface modification. The growth of various end-use industries is propelling the market growth for colloidal silica.

The global colloidal silica market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, Asia Pacific accounted for the largest share of the market and is expected to grow at the highest CAGR during the forecast period. Colloidal silica (Silica Sol) is also used in various industries, including textile, papermaking, coatings, refractory, ceramics, and foundries. Furthermore, consumption of colloidal silica is growing fast in applications, such as pulp and paper mills and paints & coatings. The paints & coatings industry in Asia Pacific is well established but affected by global economic conditions.

The paints & coatings industry in Asia Pacific is expected to grow at a CAGR of 4.4% from 2018 to 2023 in volume and 5.3% in value, as per American Coatings Association. One of the most significant characteristics of the paints & coatings industry in Asia Pacific dictates the growth in demand based on the trend of GDP growth. As Asia Pacific consists of developing economies with GDP growing at an aggressive rate, the paints & coatings industry in the region is expected to witness massive growth over the forecast period. Paints & coatings are one of the major applications for colloidal silica; therefore, the growth in the application industry is expected to benefit the colloidal silica market in Asia Pacific over the forecast period.

Impact of COVID-19 Pandemic on Colloidal Silica Market

In the pre-pandemic period, the colloidal silica market was mainly driven by the high demand from various application sectors, including building and construction, investment casting, and textile. However, due to the outbreak of COVID-19 in 2020, many industries faced unprecedented challenges. The textile industry faced a decline in growth due to the slowdown in manufacturing activities. The COVID-19 pandemic disturbed the manufacturing processes due to restrictions imposed by government authorities in various countries. There was a decrease in demand for textiles from subsequent end-use industries, such as construction, mining, automotive, and consumer goods, owing to disruption of supply chains, raw material shortage, and a temporary halt in business operations. The textile industry is one of the major application areas of colloidal silica, and the disruption in this industry significantly impacts its demand. These factors adversely affected the colloidal silica market in 2020.

Global Colloidal Silica Market Breakdown – by Region

The report includes the segmentation of the global colloidal silica market as follows:

By product type, the colloidal silica market is segmented into alkaline, acidic, modified, and ordinary. By end user, the market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceuticals, investment casting, and others. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the SMiddle East & Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The colloidal silica market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the rest of Asia Pacific. The colloidal silica market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the rest of MEA. The market in South and Central America is subsegmented into Brazil, Argentina, and the rest of South and Central America.

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