Mar 18, 2020, 03:21 EST
New York, United States, Mar 18, 2020, 03:21 /Comserve / -- Global specialty silica market is anticipated to mask a noteworthy CAGR of 5.7% during the forecast period i.e. 2016-2023. Moreover, the global specialty silica market accounted revenue of USD 3.8 Billion in 2015.
The global specialty silica market is segmented into product type such as precipitated silica, silicates silica gel/aerogels, micronized silica, nano-silica, fumed silica and colloidal silica. Among these segments, precipitated silica segment accounted for the dominating segment in overall specialty silica market and is projected to garb a highest CAGR in near future. Likely, increasing adoption of specialty silica by various industries such as automotive, rubber and others is propelling the market of specialty silica across the globe. In addition to this, rising adoption of eco-friendly tires and increasing concern towards the harmful effects of rubber tires on environment is also predicted to foster the growth of specialty silica market.
Global specialty silica market is anticipated to mask a noteworthy CAGR of 5.7% during the forecast period i.e. 2016-2023. Moreover, the global specialty silica market accounted revenue of USD 3.8 Billion in 2015. Additionally, swelled growth in construction sector has propelled the market of specialty silica.
The rubber segment by application is projected to seize a robust CAGR over the forecast period. Moreover, the growth of rubber segment is attributed to the growing demand for green tires along with robust expansion of rubber industry. In terms of regional platform, Asia-Pacific region captured the largest market of specialty silica in 2015. Moreover, Asia-Pacific specialty silica market accounted for the largest volume share of 955.6 KT in 2015. Moreover, swift development in automotive industry in this region is pushing the demand for specialty silica. Europe and North America specialty silica market is projected to grasp a remarkable CAGR over the forecast period. Apart from this, technological advancements, introduction of various advanced silica derivatives are some of the factors fostering the growth of specialty silica market in both the regions.
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Expansion of Industries
Robust expansion of numerous industries such as chemical, automotive and others has augmented the demand for specialty silica for various applications which is believed to fuel the growth of specialty silica market. Furthermore, emergence of industrial automation and automobile industries along with huge investment in automotive sector is also projected to foster the growth of specialty silica market.
Rising Infrastructure and Building Construction
Strengthening economic figure of developed and developing nation have fuel the development of infrastructure and building construction which is anticipated to impel the growth of specialty silica market by the end of 2023. Moreover, various properties of specialty silica such as matte finish, proficient in removing impurities, performance additive nature in terms of tires and colorless appearance are believed to flourish the growth of specialty silica market.
On the contrary, high cost associated with silica derivatives is expected to dampen the growth of specialty silica market throughout the globe.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global specialty silica market which includes company profiling of Cabot Corporation, Evonik Industries AG, PPG Industries, Inc., Wacker Chemie AG, Huber Engineered Materials, Tokuyama Corporation, Solvay S.A., Akzo Nobel N.V. and W. R. Grace & Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global specialty silica market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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