SPECIALTY SILICA MARKET ANALYSIS

Specialty Silica MarketSize and Trends

Global specialty silica market was valued at US$ 7.8 Bn in 2022, exhibiting a CAGR of 7.0% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 13.4 Bn by 2030. Specialty silica is widely used in the production of tires in the automotive industry as it helps to reduce carbon emissions. Specialty silica can be classified into precipitated silica, fumes silica, fused silica, colloidal silica, and silica gel and they all find application across paints & coatings, electronic components, personal care, and cosmetic products. Moreover, silica precipitate also finds application across the construction industry owing to its high tensile strength and resistance to abrasion. Furthermore, specialty silica is also used in the electronics industry as a circuit board and capacitor.

Figure 1. Global Speciality Silica Market, By Product Type, 2022

Global Specialty Silica Market - Market Trends

• Rising application of silica for coatings application and for that manufacturers are offering new silica, especially for the coating industry is gaining traction in the market and is expected to propel the market growth in the year to come. For instance, in March 2019, DKSH’s Business Unit Performance Materials, ingredients, and specialty chemicals distributor, announced the expansion of Evonik’s performance range of silica for use in coatings and ink applications to Indonesia, Thailand, the Philippines, Singapore, Myanmar, and Cambodia.
• Growing usage of specialty silica in animal feed as an additive is expected to propel the market growth of specialty silica over the forecast period. Also, the rising demand for silica from the personal care and cosmetic industry is again expected to propel the market growth of specialty silica. Moreover, the rising application of silica in the food & beverage industry is further anticipated to foster the market growth of specialty silica over the forecast timeframe.