Silica Market Progressing At A 9.9% CAGR From 2023 to 2030

Posted by Neha Bora on June 9th, 2023

San Francisco, 9 June 2023: The Report Silica Market Size, Share & Trends Analysis Report By Application (Construction, Agrochemicals, Rubber, Oral Care, Food & Feed, Others), By Region, And Segment Forecasts, 2023 - 2030

The global silica market size is anticipated to reach USD 104.34 billion by 2030, according to a new report by Grand View Research, Inc., registering a 9.9% CAGR during the forecast period. Rising demand for silica across various end-use industries such as rubber, agrochemicals, oral care, and paints and coatings is anticipated to drive the industry.

Precipitated silica is the most extensively consumed product in the market. It is utilized in the reinforcement of elastomer products, such as automotive tires, due to its ability to reduce rolling resistance, improved traction under slippery conditions, and enhanced fuel efficiency. It also acts as an anti-blocking agent in thermoplastic films and a matting agent in paints and varnishes.

Rubber application acquired the largest share in 2018 and is estimated to remain dominant throughout the forecast period. The global demand for tires is increasing on account of an expanding automobile industry, especially in emerging economies. As a result, major tire manufacturers are aggressively involved in expansion projects in emerging economies like India. For instance, in April 2018 Bridgestone India announced plans to double its production capacity over the next five years at an investment of USD 304 million. This is anticipated to propel product demand from tire manufacturers.

In the construction sector, high-performance concrete (HPC) comprising silica has been recognized as one of the most significant advanced materials necessary for infrastructure development. HPC manufactured with silica fumes provides increased strength and higher resistance to corrosion, abrasion, and chemicals. Moreover, it offers lower permeability, enhanced durability, sustainability, and life-cycle cost efficiencies for concrete. This is estimated to drive utilization of the product in the construction sector.

The competitive landscape of the market reflects a number of companies currently engaging in capacity extensions in order to enhance their market position. For instance, in October 2018, Evonik set up a precipitated silica plant in South Carolina to meet the increasing demand from the tire industry in North America.

Access Research Report of Silica Market @ https://www.grandviewresearch.com/industry-analysis/silica-market

Silica Market Report Highlights

• Rubber is anticipated to exhibit the highest CAGR of 10.5% during the forecast period, in terms of revenue, on account of increasing demand from tire manufacturers
• In terms of volume, construction captured the second largest market share of 13.3% in 2022, owing to greater compressive strength, high modulus of elasticity, and high flexural strength offered by silica fume in concrete
• Agrochemicals is predicted to register a revenue-based CAGR of 8.8% due to increased viscosity and improved flow ability offered by silica in agrochemical formulations
• Asia Pacific dominated the market with a revenue share of 44.1% in 2022 owing to rapid expansion of automotive and construction sectors in the region
• Evonik Industries, PPG Industries, Tosoh Silica Corporation, Cabot Corporation, Akzo Nobel N.V., and Solvay SA are major players in the market. Capacity expansion owing to increasing demand and price modification on account of volatility in raw material prices are key strategies adopted by these companies.

List of Key Players in Silica Market

• AkzoNobel N.V.
• Cabot Corporation
• Evonik Industries
• Imersys S.A.
• Kemira Oyj
• Nissan Chemical Corporation
• Oriental Silicas Corporation
• PPG Industries
• Solvay SA
• Tosoh Corporation
• R. Grace & Co.
• Wacker Chemie AG

Access Press Release of Silica Market @ https://www.grandviewresearch.com/press-release/global-silica-market