Market Challenges And Opportunities
Global High Purity Silica Market- Drivers
- Increasing demand from tires industry: The tires industry is the major consumer of precipitated and fumed silica for reinforcement purpose. Silica improves grip, fuel efficiency and durability of tires.
- Growing consumption in coatings and paints: High purity silica is used as a functional additive in coatings and paints to improve scratches resistance, anti-corrosion and weathering properties
- Rapid growth of electronics industry: High purity fused silica is used in semiconductor manufacturing and optical fiber production due to its ultra-high purity, dielectric property
- Increase in consumption from personal care industry: Precipitated silica is used as a viscosity modifier and anti-caking agent in cosmetics, oral care and skin care products
Global High Purity Silica Market- Opportunities
- Increasing demand for green tires: Growing awareness about fuel efficiency and eco-friendly tires is expected to boost demand for silica as it helps in lowering rolling resistance in tires
- Growth in production of electric vehicles: High purity fused silica demand is increasing due to its application in the manufacturing of various EV components
- Rising consumption in pharmaceutical industry: Precipitated silica can be used as glidant, viscosity modifier and tablet disintegrants in pharmaceutical preparations
- Surge in consumption for wastewater treatment: Rising need for wastewater treatment around the globe is expected to boost demand for precipitated silica
Global High Purity Silica Market- Restraint
- Health hazards associated with silica: Chronic exposure to crystalline silica dust can cause silicosis that hinders the market growth. For instance, according to Occupational Safety and Health Administration, isa regulatory agency of the U.S., silicosis typically occurs after 15-20 years of occupational exposure to respirable crystalline silica, and high concentrations of respirable crystalline silica can develop typical silicosis symptoms as well as fever and weight loss within weeks instead of years.
- Volatility in raw material prices: Fluctuating prices of raw material like sand, sodium silicate, and others act as challenge for manufacturers
- Requirement of large capital investments: Manufacturing of high purity silica requires huge capital investments in facilities and equipment
- Stringent regulations over mining activities: Strict regulations on mining activities, land acquisition, workforce safety, and others restricts raw material supply
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