May 30, 2018
WELLESLEY, Mass., May 30, 2018 -- High demand in a broad range of industry end-users is expected to drive growth in the global market for specialty silica. The demand for raw material from the end-use industry and the increasing demand from tire and non-tire rubber markets are also expected to push growth. In a new report, Specialty Silica: Global Market Through 2023, BCC Research estimates this market to reach almost $8.7 billion by 2022, up from $6.5 billion in 2017, indicating a compound annual growth rate (CAGR) of 5.8%.
In recent years, the global production of specialty silica has shifted from developed regions such as Europe and the United States to developing economies such as China and India. Growing demand from both developed and developing countries is expanding the worldwide specialty silica market. Industrial growth in the developing economies and the increasing use of specialty silica in the manufacture of eco-friendly “green” tires are driving growth, as well.
The Asia-Pacific region is the largest regional market for specialty silica in terms of volume and has high growth potential. Growing end-user industries such as rubber, plastics, food and beverage are expanding the Asia-Pacific market. The precipitated silica plants in China and India are growing, requiring continuous need for maintenance in the transportation industry. Also, increasing government initiatives to boost private sector investments in the rubber industry, particularly in China and India, is driving growth in the automotive sector, spurring high demand for specialty silica.
“Over the past decade, the global specialty silica market has grown steadily with specialty silica becoming one of the most widely used advanced materials in the world. The continued recovery of the global economy and rapid industrialization has boosted high demand for the material,” the report notes. “End-use industries that use specialty silica as their raw material, such as rubber, food and beverage, healthcare, cosmetics and personal care, plastics, agriculture and others, have also been growing steadily. Increased competition and development in formulation technology and product development are continuing to stimulate growth in the global market.”
Specialty Silica: Global Markets to 2022( AVM164A )
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