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Rockville , May 25, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, says that the global fumed silica market is estimated at US$ 1.3 billion in 2022 and is expected to expand at 5% CAGR between 2022 and 2032.
The paints & coatings segment is one of the primary application areas of fumed silica. The industrial coatings segment covers a gamut of industries, such as construction, automotive, and marine, among others. This factor is anticipated to push the demand growth for fumed silica over the coming years.
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The application of fumed silica in paints & coatings for industrial and decorative use is estimated to witness vigorous growth during the projection period, primarily driven by steadily increasing disposable income and consumer spending, coupled with steady growth in industrial production (growth in automotive production, among others).
Key Takeaways from Market Study
The global fumed silica market is estimated to be valued at US$ 2.11 billion by 2032, expanding at a CAGR of 5% from 2022 to 2032. Under application, the paints & coatings industry accounts for a major share in the market. Hydrophilic fumed silica rules the market and will account for the highest CAGR over the decade. North America dominates the global market with close to 30% market share in 2022.
“Thixotropic and anti-settling agent demand from the paints & coatings industry is estimated to supplement fumed silica sales growth,” says a Fact.MR analyst.
Key Companies Profiled This Report
BASF SE Berry Global Inc. CI Takiron Exxon Mobil Corporation Dow Inc. RPC Group PLC RKW Group Trioplast Industries AB Achilles Corporation Ab Rani Plast Oy.
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Fumed silica manufacturers such as Evonik Industries AG, Cabot Corp., and others are strategically expanding their capacity to meet the increasing demand in the global market. Key capacity expansions have been announced in the Asia Pacific region. North America and Europe are also expected to witness decent growth in their respective regional capacities.
Increasing demand for fumed silica, majorly for applications in rubber (tires, footwear, industrial, and others), oral care, and electronics, is compelling leading market players to increase their worldwide production capacity. Further, product launch is also a key growth strategy that is gaining traction.
In October 2021, Evonik established its new fumed silica plant in China in a joint venture with Wynca. The produced fumed silica is operated under the brand name AEROSIL. In June 2021, Evonik Industries AG has signed a purchase agreement to acquire privately-owned technology-driven company Infinitec Activos. In May 2021, Cabot Oil & Gas Corp. merged with Cimarex Energy in an all-stock deal that values the combined company at US$ 17 billion.
Segmentation of Fumed Silica Industry Research Report
By Product Type :
Hydrophilic Fumed Silica Hydrophobic Fumed Silica By Application :
Silicone Rubber Paints & Coatings Unsaturated Polyester Resins Adhesives & Sealants Healthcare & Personal Care Others By Region :
North America Latin America Europe East Asia South Asia & Oceania MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fumed silica market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (hydrophilic fumed silica, hydrophobic fumed silica) and application (fumed silica for silicone rubber, fumed silica for paints & coatings, fumed silica for unsaturated polyester resins, fumed silica for adhesives & sealants, fumed silica for healthcare & personal care, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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