Kenneth Research recently added a report on the Specialty Silica Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global market for Specialty Silica is projected to grow at a CAGR of nearly of more than 5% by the end of 2029. In multiple areas of the United States there has been enhanced numbers of fresh tire plants and expansion projects, with elevated investment in South Carolina, thus increasing market growth. Increasing demand for cars in emerging markets in Asia-Pacific in particular, is driving the demand of specialty silica. Increased demand for cleaner and quicker cars has substantially increased the world’s silica specialty market. Precipitated silica holds the major market revenue share in terms of type of specialty silica.
For example, in 2018, Evonik Industries spent approximately 120 million USD and began a precipitated tire industry silica plant in South Carolina, United States. Demand for fumed silica is growing in the end use such as paints and coating. Silica gel has a high-water affinity and is superior to other materials to adsorb hence, silica gel is used where a high-capacity desiccant or selective adsorbent is needed and are widely used in multiple sectors.
Fast-running lifestyles have resulted in a sharp rise in demand for packaged food, which is estimated to have a positive impact on the food industry’s demand for specialty silica due to its conservation capabilities. Growing architectural industry is consistently demanding high quality and environmentally friendly decorative products such as low VOC paints and coating. European regulations on the reduction of volatile organic compounds (VOC) emissions in the paint and coating sector are anticipated to boost demand for environmentally friendly specialty silica over the projected era.
The global market of specialty silica includes numerous players however, very limited players have huge production capacities are consistently focusing to expand the production across various regions. Key players in the specialty silica market include TOSOH Corporation, Nouryon, Evonik Industries, Imerys S.A., W. R. Grace & Co., Cabot Corporation, Oriental Silicas Corporation, Kemira Oyj., PPG Industries, Inc.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering 10 leading Specialty Silica industry players.
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The report on the Specialty Silica Market 2019-2029 will appreciate anyone who wants to better understand the market for types and application market of silica as well as various market activity of this industry. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the Specialty Silica industry.
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