Silica Market is estimated to be 139.1 billion by 2034 with a CAGR of 11.00% during the forecasted period.

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Published Date: February 2024

Silica market accounted for US$ 53.6 billion in 2024 and is estimated to be US$ 139.1 billion by 2034 and is anticipated to register a CAGR of 11.00%.

The report "Silica Market, By Application (Rubber, Construction, Agrochemicals, Oral Care, Food & Feed, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2034”.

Key Highlights:

In December 2019, a joint venture between Evonik and Wynca - Evonik Wynca (Zhenjiang) Silicon Material Co., Ltd. started the construction on a new fumed silica plant in Zhenjiang, Jiangsu Province, China. The plant is scheduled to be operational by 2021 with an annual production capacity of 9 Kilo Tons.
In October 2018, Evonik Industries invested about USD 120 million and started a precipitated silica plant for the tire industry in South Carolina, U.S.

Analyst View:

Silica is majorly used in the tire production owing to its extremely high purity and low moisture absorption. It brings superior electrical properties to rubber products. Silica has excellent reinforcing effects especially enhancing the tear resistance. Additionally, silica is commonly used in Liquid Silicone Rubber (LSR) and High Temperature Vulcanized (HTV) rubber that requires high mechanical strength and good electrical insulation. In industrial rubber goods, silica is used for reducing hysteresis loss in conveyor belts or as active filler in colored rubber particles or in products with good contact.

Key Market Insights from the report:

Silica Market was valued at US$ 53.6 Billion in 2024 and is projected to grow at a CAGR of 11.00% to reach US$ 139.1 Billion by 2034. The market report has been segmented on the basis of application, and region.

By application, the rubber segment accounted for the largest revenue share of 33.1% in 2018. Precipitated silica is extensively used in the rubber industry, particularly as a reinforcement filler in the manufacturing of tires. The specialized rubber compound, which is used in tires, is composed of various materials including natural as well as synthetic rubber.

By region, APAC is expected to dominate the market. India is a growing economy and holds great potential for future market opportunities. Despite demonetization and GST reforms affecting the national production volume, the impact of such reforms is slowly waning. Moreover, the country’s government has been taking initiatives to attract FDIs in the manufacturing sector, to make India a manufacturing hub.

Competitive Landscape:

The prominent player operating in the silica market includes Evonik Industries, PPG Industries, Wacker Chemie AG, AkzoNobel N.V., Tosoh Corporation, Cabot Corporation, Solvay SA, Nouryon, Imerys S.A, Kemira Oyj.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered