Market Research Future has reported that the Global Fumed Silica Market is expected to witness higher than average growth at a CAGR of 7.80% during the forecast period from 2017 to 2023. The Fumed Silica Market generated a value of USD 989 Mn in 2016, and at its projected CAGR the market is poised to reach an estimated value of USD 1662 Mn by the end of 2023.
Applications of Fumed Silica include, but are not limited to, use as a thickening agent, an anti-caking agent in free-flowing powders, as a desiccant, as a light diffuser in cosmetics, as a light abrasive, and several others. Many end-use industries use Fumed Silica for its various properties, the growth of associated industries in a rapidly growing economic scenario has significantly improved the demand for Fumed Silica. Emerging economies of the globe are being recognized as a prime market with expansion opportunities due to rising disposable incomes as well as the presence of significant manufacturing sectors in these countries. The major scope of application for Fumed Silica is primarily in adhesives & sealants and paint & coatings for automotive and construction sectors. Growing construction activities in emerging markets as well as for upkeep of existing infrastructure in developed markets are expected to lead to an increased demand for fumed silica. Moreover, the material is highly affordable making it a common and popular choice. The pharmaceutical industry is an up and coming sector for the sales of fumed silica as healthcare investments rise worldwide.
However, demand for bio-based Fumed Silica is growing, and the development of this alternative is expected to challenge the growth of the market over the coming years.
MRFR's analysis of the Fumed Silica Market segments it on the basis of Type, Application and Region. Types of fumed silica have been broadly segmented into hydrophilic fumed silica, and hydrophobic Fumed Silica.
Applications of Fumed Silica have been segmented into silicon rubber, adhesives & sealants, paints & coatings, pharmaceuticals, cosmetics, battery gel, UPS, and others. Among these, the paint & coatings industry was observed to have captured a market share of more than 30% of the total market. The pharmaceutical sector is anticipated to witness highly promising growth over the forecast period due to growing applications as healthcare investments are growing.
Global analysis of the market has segmented the market into key regions which include North America, Latin America, Europe, the Middle East & Africa, and the Asia Pacific.
The Asia Pacific secured the largest share of the market of over 35% in 2016. Country-level markets such as China have established themselves in a leadership position in the APAC Fumed Silica Market. Rapidly growing economies with significant growth in industries such as automotive, construction, paint & coatings and healthcare. The APAC has a significant paint & coatings market which drives the Fumed Silica Market in the region. Increased demand for products and services from these industries has resulted in rising demand for fumed silica. The APAC region has additionally established itself as a manufacturing hub and has attracted the attention of international players who recognize the potential the regional market represents.
North America follows the APAC Fumed Silica Market in terms of size which covers roughly a fourth of the global market. Europe represents the third largest share, with Russia representing the fastest growing country-level market in the region. The Middle East & Africa is also a growing regional market due to the presence of rapidly emerging economies such as U.A.E & Saudi Arabia.
MRFR’s report on the Global Fumed Silica Market includes profiles of market players of prominence. Noted players included are Tokuyama Corporation, Cabot Corporation, Dalian Fuchang Chemical Co. Ltd., Power Chemical Corporation Ltd., 3M, Wacker Chemie AG, Dongyue Group Ltd., PPG Industrie Inc, Evonik Industries AG, and Kemitura.
Latest Industry News:
Evonik Industries has established a joint venture agreement with Chinese Wynca Group to manufacture fumed silica under the Aerosil brand name.
In response to growing demand, Evonik Industries in Germany is expanding its refining capacity for fumed silica in Rheinfelden, Germany.
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