The global precipitated silica market is anticipated to reach a valuation of US$ 7.6 billion in 2032, with sales growing at a robust CAGR of 8.8% from 2022 to 2032. Valued at US$ 3.2 billion in 2022, the target market is strongly influenced by rising demand for precipitated silica from various industrial verticals including rubber, agrochemicals, and oral care industries during the forecast period. Precipitated silica is a form of synthetic amorphous silicon dioxide that is inert, non-toxic, and chemically balanced which permits the manipulation of its properties to meet the demand for a variety of different sectors. This, in turn, aids the global growth of the market.
An upsurge in automotive production will also aid the growth of the precipitated silica market as the demand for rubber tires will rise with the increase in automotive production. Likewise, the development of the adhesive and sealant sector will bolster the precipitated silica market as it plays an important role as a thickening agent and in improving bond strength. The increasing use of precipitated silica in the cosmetic industry will also augur well for the market. Again, in terms of end-use industries, the cosmetic segment dominates the market with around 21% of the market share. As silica increases the water resistance of creams and lotions. As a result, the growing demand for lotions and creams, and other cosmetic products, propel the demand for precipitated silica.
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Following the high demand for precipitated silica in the cosmetics and automotive sectors, the electronics and agriculture industries also contribute to the growing demand for precipitated silica. Numerous market players are focusing on research efforts regarding the application of precipitated silica in the electronics sector. The low electrical conductivity of precipitated silica makes it a suitable raw material for the electronics industry. Consequently, the electronics sector creates a high demand for the target market and accounts for a share of over 19%. Moreover, the precipitated silica market is significantly influenced by the prevailing green tire trend. The green tire trend is expected to open new revenue streams for the precipitated silica market in the automotive sector. SiO2-based tires offer better road grip, less fuel consumption, and decreases rolling friction. These aspects promote the growth of the precipitated silica market in the upcoming years.
Key Takeaways:
The innovations in applications of carbon black will likely hinder the growth of the precipitated silica market.
North America will dominate the global precipitated silica market with the help of an expanding infrastructure sector.
Japan will emerge as a lucrative pocket for the precipitated silica market owing to the expansion of the male-cosmetic sector.
By application, the rubber segment will demonstrate the highest growth in the precipitated silica market.
Based on the end-use industry, the cosmetic sector will likely dominate the market.
Competitive Landscape
Solvay SA, PPG Industries Inc., W.R. Grace & Co., Tosoh Silica Corporation, and Evonik Industries, among others, are some of the eminent players in the precipitated silica market profiled in the full version of the report.
Significant market players are keen on employing capacity expansion strategies. These businesses also invest in research efforts to produce novel and innovative goods. Many of these participants also engage in partnerships and mergers to enhance their market footprints. For instance, in 2019, Evonik Industries AG launched a new precipitated silica variant, particularly for whitening toothpaste which was later patented by the enterprise.
More Insights into Precipitated Silica Market
FMI offers an unbiased analysis of the global precipitated silica market in its latest report, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. This report delivers a complete breakdown of a ten-year sales forecast, market drivers, challenges, trends, and opportunities. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of application, end-use, and region.
According to FMI prediction, based on segmentation, the rubber application segment will generate high demand for the precipitated silica market. Due to advantages like better road grip and less rolling friction, precipitated silica observes high demand from the rubber industry. The cosmetics industry will also create ample growth opportunities for the precipitated silica market. Based on region, the precipitated silica market in North America will present substantial growth. Recovering infrastructure development will drive the market forward in North America. Asia Pacific will also emerge as an attractive pocket with Japan offering lucrative opportunities to the market due to its expanding male cosmetics sector. Thus, North America and Japan, in terms of countries, will aid the global growth of the precipitated silica market.