Global Precipitated Silica Market: Snapshot
The rising demand for energy efficient products in the automotive industry has resulted in the rapid growth of the global precipitated silica market. Due to deteriorating air quality, automobile manufacturers are focusing on alternatives that will help in reducing emission from vehicles. Tires filled with precipitated silica enable swift vehicle movement with less fuel consumption. The growing toothpaste industry is also a major driver of the global precipitated silica market as precipitated silica is used as a thickening agent it the formulation of toothpaste. However, the high energy costs incurred during the manufacturing process of precipitated silica are likely to have an adverse impact on the productivity of the global precipitated silica market.
As a result of these factors, the global precipitated silica market is expected to expand at a 5.5% CAGR between 2015 and 2023. The global precipitated silica market stood at US$2.22 bn in 2015 and is projected to reach a valuation of US$3.49 bn in 2023.
Asia-Pacific to Emerge as Key Region in terms of Consumption
Asia Pacific is expected to maintain a lead in the consumption of precipitated silica until 2023 owing to the growth in the tire and automotive industries in the region. China is the leading manufacturer and consumer of precipitated silica in the region owing to the high demand of rubber in the tire industry..As a result, Asia Pacific is expected to account for 52.5% of the global revenue by 2023.
North America is projected to emerge as the second largest region in terms of consumption of precipitated silica as a result of the growing personal care and automotive industries in the region.. North America is likely to be followed by Europe owing to the rising demand for precipitated silica from rubber and personal care industry. Due to these factors, these regions are expected to witness a steady growth in the consumption of precipitated silica.
Rubber Industry to be Leading Consumer among Application Segments
The rubber industry has emerged as the largest application segment in the global precipitated silica market in terms of volume. It is projected to account for 2,050.1 kilo tons in 2023. The need for quality rubber in the tire industry is likely to drive the demand for precipitated silica at the global level. The growth in the global automotive industry is also a major factor driving the demand for precipitated silica from the as a result of increasing the need for high quality tires from the industry.
The personal care application segment held the second place in terms of consumption in the global precipitated silica market. Precipitated silica serves as a thickening, cleaning, and polishing agent for toothpastes in the personal care industry. As a result of the growing personal care industry, the demand for precipitated silica is likely to remain high in the segment.
The personal care segment is also the fastest growing segment in the global precipitated silica market. The agrochemical application segment emerged as the third largest segment in terms of consumption of precipitated silica. Precipitated silica is used as a wetting, diluent, and dispersing agent in the formulation of pesticides in the agrochemical industry. Thus, the demand for precipitated silica is likely to stay high in these application segments in the coming years.
The key manufacturers of precipitated silica are Evonik Industries AG, Huber Engineered Materials, Solvay, PPG Industries Inc., and Oriental Silicas Corporation.