Fumed Silica Market Owing To Rapid Growth Of Coatings, Adhesives, Sealants And Elastomers Industries
The fumed silica market is estimated to be valued at US$ 1.23 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fumed silica, also known as pyrogenic silica, is a tentially amorphous silica product obtained by the combustion of chlorosilanes in a hydrogen oxygen flame. It has high purity, very small and uniform particles, which provide it ideal properties for use as a reinforcing filler in elastomers and resins as well as thickeners or absorbents. Due to its large surface area, it increases the viscosity of products. Key applications of fumed silica include coatings, Adhesives, Sealants, Elastomers (CASE), foods, personal care products and pharmaceuticals.
Market Dynamics:
The growing demand for rubber additives and silicone elastomers from end use industries such as automotive, construction and healthcare is a major factor driving the fumed silica market growth. Fumed silica is an important raw material for the manufacturing of tires, hoses and sealants. The growing automotive industry worldwide along with rebounding construction sector is expected to boost the demand for fumed silica. According to International Organization of Motor Vehicle Manufacturers, over 95 million vehicles were produced in the year 2019 globally. Moreover, the rising consumption of fumed silica in applications such as thickeners in food & beverages, pharmaceuticals, cosmetic & personal care products owing to its viscosity and melting point regulating properties is also propelling the market forward. However, availability of alternatives such as precipitated silica and activated silica is a major challenge for market players.
SWOT Analysis
Strengths:
- Fumed silica offers highly absorptive and thickening properties which makes it suitable for various industrial applications.
- It has superior reinforcing abilities and thixotropic properties which helps in providing strength and texture.
- Growth of end use industries such as automotive, construction and others propels the demand for fumed silica.
Weaknesses:
- Initial setup and production costs of fumed silica plants are significantly high which is a major challenge for new players.
- Stringent regulatory framework regarding mining and production adds to the overall costs.
Opportunities:
- Rising development of silicone rubber industry due to use in sealants, adhesives and coatings creates growth opportunities.
- Increasing R&D activities to develop innovative application-specific product variants will support the market expansion over the forecast period.
Threats:
- Volatility in the prices of raw materials required for production can adversely impact the profit margins.
- Availability of alternatives such as precipitated silica and silica gel restricts the market growth to some extent.
Key Takeaways
The Global Fumed Silica Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing application in rubber industry. Asia Pacific dominates the market and is expected to grow the fastest due to presence of major rubber producers in China, India, Thailand, and Indonesia.
Key players operating in the fumed silica market are Applied Material Solutions Inc., Cabot Corporation, Chifeng Shengsen Silicon Technology Development Co. Ltd, China-Henan Huamei Chemical Co. Ltd, Dalian, Fuchang Chemical Co. Ltd, Dongyue Group Co. Ltd, Evonik Industries, Gelest Inc., Heraeus Holding, Kemitura AS, OCI Company Ltd, Tokuyama Corporation, and Wacker Chemie AG.
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