Fumed silica, also known as pyrogenic silica, is used across major industries due to its ability to increase corrosion and rust resistant properties. The global fumed silica market report by Market Research Future (MRFR) has been compiled due to its high potential and predictions for its growth during the period of 2020 to 2028 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry has also been included.
Power Chemical Corporation Ltd, Cabot Corporation, PPG Industries, Inc, 3M, Wacker Chemie AG, Kemitura, Dongyue Group Ltd., Evonik Industries AG, Tokuyama Corporation, and Dalian Fuchang Chemical Co., Ltd, are key players of the global fumed silica market.
The global fumed silica market can touch a size of USD 1,662 million by 2023. It was valued at USD 989 million in 2016. Its properties make it practical for use in paints and coatings, adhesives, sealants, food additives, deformers, cosmetics, inks, toners, and others. Huge demand for these solutions in automotive and construction sectors is likely to fuel the market to expand at 7.80% CAGR over the forecast period.
The cost-effective nature of fumed silica is bound to be attractive to end-user industries and fuel the market demand in the coming years. The pharmaceutical industry is one of the biggest end-users of fumed silica owing to its application in the production of tablets. The large healthcare expenditure of nations can also be a key factors driving market growth.
But the launch of biogenic fumed silica can challenge the market.
The global fumed silica market is segmented on the basis of type and application.
On the basis of type, the market is divided into hydrophilic fumed silica and hydrophobic fumed silica.
Major market applications include cosmetics, paints and coatings, adhesive and sealants, uninterrupted power supply (UPS), silicon rubber, pharmaceutical, battery gel, and others. Paints and coatings accounted for 31.37% market share in 2016. The segment can contribute to market revenue at 8.11% CAGR over the forecast period due to increased adsorbency of fumed silica and the need for corrosion resistant paints.
The global fumed silica market has been spanned across major regions including North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East Africa (MEA).
APAC had acquired the largest market share of 39% in 2016. It is deemed to dominate the global market till 2023. China is one of the biggest contributors behind the Asia Pacific fumed silica demand. The economic developments and the growth in key industries of healthcare, automotive, construction, and paints coatings has driven the need for fumed silica.
North America was the second largest fumed silica market and trailing APAC with one fourth of the global market share. The humongous growth in the transportation sector driven by acquisitions activities among automotive giants has fueled market demand. The resurgence of the realty sector and the boom in renovation can be lucrative for the market.
Europe is expected to showcase a huge growth rate owing to regions of France, Germany, U.K., and Russia. The changes in policies by large governmental regulatory bodies and the shift to bio based products due to environmental concerns can work in favor of the global fumed silica market. Russia was one of the regions with the highest potential. It had grown at a CAGR of 7.75% in 2016.
Lastly, there was an increased interest in the MEA region, specifically, in UAE and Saudi Arabia. Hence, the focus by global leaders to take advantage of the local industry and establish units can drive the global fumed silica market growth in the coming years.