The global silica market size is anticipated to reach USD 10.10 billion by 2026, according to a new report by Grand View Research, Inc., registering an 8.6% 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.
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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.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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