Yahoo Finance Fumed Silica Market to hit $2.9 Billion by 2032, Says Global Market Insights inc.
Fumed Silica Industry is expected to register 5.3% CAGR between 2023 and 2032 propelled by rising demand for beauty & personal care products.
Selbyville, Delaware, Dec. 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Fumed Silica Market was estimated at USD 1.7 bn in 2022 and is expected to surpass a valuation of $2.9 bn by 2032, progressing at a CAGR of 5.3% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rapidly rising number of activities in the building & construction sector will have a positive outlook on the fumed silica market statistics. The product acts as a highly pozzolanic material and is used for enhancing the mechanical as well as durability properties of concrete. The swift advances in paints and coatings industry have triggered the higher deployment of new ingredient technologies to increase the water viscosity in oil emulsions. However, the high prices of the product may negatively the market outlook to some extent.
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Increasing use of non-polar resin systems to support demand for hydrophilic fumed silica
Hydrophilic fumed silica held more than 59% of the overall revenue share in 2022 due to its higher application scope. On account of its superior insulating properties at high temperatures, this type of fumed silica is employed in the thickening of non-polar solvents, including mineral spirits, xylene, and styrene. Rising adoption in non-polar resin systems and the growing use of glidants for silicone reinforcing & thickening in food & industrial powders will further influence the industry growth.
Key reasons for Fumed Silica Market growth:
Increasing need to improve pharmaceutical production processes.
Rising demand for beauty & personal care products.
Favorable trends associated with the building & construction sector.
Positive outlook of the unsaturated polyester resin sector.
Constant need for performance benefits to amplify revenues from silicone elastomer applications
Fumed silica market size from silicone elastomers application segment is expected to surpass 600 million by 2032. The growth can be attributed to rising requirement for fumed silica in HTV (high-temperature vulcanized) silicone rubber to offer enhanced reinforcement, sag resistance, dispersibility, surface quality, and service life. Rising deployment in the production of silicone elastomers for increasing tensile strength & modulus, toughness, hardness, and elongation will add impetus to the growth momentum of this industry.
Rapid advances in the construction sector to drive fumed silica adoption in APAC
Asia Pacific fumed silica market is anticipated to grow at a more than 6% CAGR through 2032 due to the increasing interest in beauty and personal care products along with the swiftly expanding construction and pharmaceuticals sector. The improving economic conditions in China, India, and Japan have made way for increased industrialization in the continent. The rising demand for automotives and the increased presence of tire manufacturers will also boost the market demand.
Capacity expansion initiatives to augment fumed silica market expansion
Hubei Xingrui Silicon Materials Co., Ltd., Evonik Industries AG, Wacker Chemie AG, Dongyue Group, Cabot Corporation, OCI Company Ltd., Henan Xunyu Chemical Co., Ltd., Tokuyama Corporation, Kemitura A/S, Orisil, China-Henan Huamei Chemical Co., Ltd., and Cabot Sanmar Limited are some of the leading manufacturers of fumed silica worldwide.
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These companies are constantly focusing on new product developments and capacity expansions to cater to the increasing industrial requirements while reinforcing their global presence. For instance, in October 2021, Evonik joined hands with Chinese silicone manufacturer Wynca to introduce the first fumed silica production facility in China. The new plant is expected to cater the local market's demands for coatings, silicones, adhesives, and sealants among many other industrial applications.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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