(MENAFN- EIN Presswire) EINPresswire/ -- The increasing use of silica sol in the automotive sector, particularly for tire manufacturing, has significantly fueled the growth of the global silica sol market.

According to the report, the global silica sol industry was valued at $0.8 billion in 2021 and is projected to reach $1.3 billion by 2031, growing at a CAGR of 5.0% from 2022 to 2031. The report provides an in-depth analysis of market trends, key segments, investment opportunities, value chain, competitive landscape, and regional outlook.

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Market Drivers and Opportunities:-

The rising adoption of silica sol in tire production has been a key driver of market expansion. However, high production costs remain a restraint for industry growth. On the other hand, the increasing preference for eco-friendly and green coatings presents lucrative opportunities for market players.

Segment Overview:-

By Application:

- The catalyst segment held the largest market share in 2021, accounting for over one-fourth of the global revenue, owing to the widespread use of catalysts in energy production and pollution control technologies. Meanwhile, the others segment (including investment casting applications) is anticipated to record the fastest CAGR of 5.8% during the forecast period, driven by demand from automotive and high-value industrial sectors.

By End Use Industry:

- The chemicals segment dominated the market in 2021, contributing over one-fifth of the total revenue, primarily due to the extensive use of silica sol in grouting and chemical processing applications. The others segment is expected to witness the highest CAGR of 7.2%, driven by applications in cement, flooring, mortars, and asphalt to enhance durability and structural strength.

Regional Insights:

- The Asia-Pacific region held nearly half of the global market share in 2021 and is expected to exhibit the fastest CAGR of 5.9% from 2022 to 2031. This growth is attributed to the rapid expansion of the semiconductor and electronics manufacturing industries across countries such as China, Japan, South Korea, and Taiwan.

Key Market Players:

- AMS Applied Material Solutions
- Cabot Corporation
- ADEKA CORPORATION
- W. R. Grace & Co.-Conn
- Ecolab Inc.
- Evonik Industries AG
- Gelest, Inc.
- Merck KGaA
- Nissan Chemical Corporation
- Sterling Chemicals

These companies are actively engaging in expansion, product innovation, and strategic partnerships to strengthen their market presence and enhance competitiveness.

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