Mica Market (Form Type - Natural, Synthetic; Grade - Ground Mica, Sheet Mica, Built-up Mica; End-user - Paints & Coatings, Electronics, Construction, Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
- Energy & Natural Resources
- 172 Pages
The mica group of sheet silicate minerals involves a wide range of closely associated minerals that have almost perfect crystal structure. Mica is basically a name of mineral for a group of minerals which are chemically as well as physically similar. Mica is able to remain stable upon prolonged exposure to extreme temperatures, moisture, light, and electricity. It operates as extender and filler, offers higher levels of smooth consistency, and also provides improved workability of the compound. In addition to this, it also provides strong resistance to cracking. Mica also finds application in the paint and coatings industry as a pigment extender. It helps in facilitating suspension, reduce chalking, and avoid shrinkage. It also helps in improving the resistance of the paint film. With all such mentioned benefits, naturally, the global mica market is currently experiencing a highly promising growth and demand. Another key factor for the overall development of the global mica market in various different applications such as paints & coatings and electronics.
However, there are some factors that are projected to impede the overall development of the global mica market in the coming years of the forecast period. These restraints are expected to refrain market from unlocking its full potential. One of the key restraints for the market development has been the easy and affordable alternatives such as acrylate polymers, polyester, phenolic, nylon, fiberglass, cellulose acetate, and others. These alternatives can easily be used in different application such as insulation, electronics, and electrical applications. As such, the market might face a slowdown with improved adoption of these alternatives.
The companies in the global mica market are expected to adopt highly aggressive marketing strategies such as mergers, acquisitions, strategic partnerships, takeovers, and alliances in order to stay ahead of the competitive curve.
The global market for mica is driven by applications across a diverse set of industries such as electronics, construction, cosmetics, plastic, rubber, and paints and coatings. The market earns a dominant share of its overall revenues from the electronics industry, applications across which are expected to be the key driver of the global mica market in the near future. With a constant rise in the population of people used to seeing and working with a vast variety of electronic and electric equipment on a daily basis for an endless set of applications, the electronics industry is expected to exhibit excellent growth in the next few years. The trend is expected to lead to the development of sustainable growth opportunities for the global mica market in the coming years.
Transparency Market Research estimates that the global mica market will expand at a CAGR of 2.6% over the period between 2016 and 2024. In terms of revenue, the market is expected to exhibit a 3.8% CAGR over the said period, rising from a valuation of US$478.1 mn in 2015 to US$669.3 mn by 2024.
Ground Mica to Remain Market’s Most Preferred Mica Grade
In terms of grade, the global mica market is examined for sheet mica, built-up mica, and ground mica. Of these, ground mica is the most commonly used form of mica owing to its extensive usage across filler applications. Ground mica is used as a filler in joint compound in the construction industry, in preventing gypsum plaster boards from cracking, and protecting walls from moisture. Ground mica accounted for a dominant share of over 50% in the global mica market in 2015. Over the next few years as well, ground mica is expected to remain the most preferred grade of mica owing to increased usage across industries such as construction, paints and coatings, plastic, cosmetics, and rubber.
Sheet mica accounted for a 35% of the global mica market in 2015 and is expected to account for a similar share in the global market by the end of the forecast period. Demand for this grade of mica will be stimulated by the flourishing growth of the electronics industry, especially across emerging economies in Asia Pacific.
Asia Pacific to Continue to Play Key Role in Market’s Development
Asia Pacific dominated the global mica market in 2015, accounting for a share of more than 40%. The rising demand for mica in industries such as electronics, paints and coatings, and construction has been the key to the substantial consumption of mica in the region in the past years. China was the leading producer and exporter of mica in the world in 2015. In the next few years, factors such as rising population and the subsequent rise in demand for electronic and electric equipment, paints and coatings, and residential infrastructure projects will be the key factors driving the market for mica in the region. India and ASEAN for the mica market in the next few years. Countries such as India, Japan, and China are expected to provide substantial growth opportunities for the mica market in the next few years.
Europe trailed Asia Pacific in terms of consumption of mica in 2015, constituting a 19.5% of the global mica market. The mica market in the regions is anticipated to exhibit moderate growth with a 2.2% CAGR over the period between 2016 and 2024. Growth will be primarily driven by opportunities in well-established industries such as paints and coatings, plastic, cosmetics, electronics, and rubber. The stabilizing construction industry in the region will also be catalytic for growth of the mica market.
Some of the key vendors operating in the global mica market are Gunpatroy Pvt. Ltd., Santa Fe Gold Corporation, The Premier Mica Company, Mica Manufacturing Co. Pvt. Ltd., Asheville-Schoonmaker Mica Company and Others.
Excellent Properties Result in an Increase in the Applications, Eventually Propelling the Growth Opportunities across the Mica Market
The mica market is expected to gain a substantial growth share across the assessment period of 2016-2024. The growing influence of mica across many applications in electronics, paints and coatings, construction, cosmetics, and others will bring tremendous growth opportunities for the mica market. Properties like resistance to cracking and shrinkage prevention will invite exponential growth for the mica market.
- Mica is a silicate mineral also known as sheet silicates. It is soft and flexible. They are found in three major rock varieties namely sedimentary, igneous, and metamorphic. The overwhelming benefits of mica make them a favorite among a large number of applications and end-users.
- Research and development activities play an enormous role in the growth of the mica market. The players in the mica market invest exponentially in these activities for formulating novel techniques and mechanisms that expand their end-users and applications reach. The activities eventually help in increasing the revenues, boosting the growth prospects of the mica market.
- Strategic collaborations form an important part of the growth of the mica market. The players indulge in mergers, acquisitions, joint ventures, and partnerships. These activities help in cementing the foothold of the players in the mica market. The strengthening of the influence of the players in the mica market ultimately brings tremendous growth opportunities.
- The COVID-19 pandemic has a negative impact on the growth of the mica market. The government bodies of numerous countries were forced to enforce strict nationwide lockdowns owing to an increase in the transmission levels and fatality rate. The restrictions also included the closure of manufacturing units and production facilities. This factor declined the production and distribution of mica, thereby setting a negative growth trend.
- However, as the lockdown restrictions were relaxed, the factories reopened. The relaxations are a relief for the players in the mica market.
Mica is primarily used as insulator, pigment extender, and filler in electronics, paints & coatings, construction, cosmetics, and other (rubber, plastics, etc.) industries. It is light, relatively soft, and flexible kind of product with dielectric, hydrophilic, insulating, and elastic properties. It occurs in different forms and grades.
The report estimates and forecasts the mica market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the mica market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the mica market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of mica and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the mica market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for mica between 2016 and 2024.
The study provides a comprehensive view of the mica market by dividing it into end-user and geography segments. The mica market has been segmented into paints & coatings, electronics, construction, cosmetics, and others based on end-user. End-user segments have been analyzed based on historic, present, and future trends.
Regional segmentation includes the current and forecast demand for mica in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for end-user segments. Key countries such as the U.S., Germany, France, the U.K., Spain, Italy, India, China, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes demand for individual end-users in all the regions and countries.
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Asheville-Schoonmaker Mica Company, The Premier Mica Company, Santa Fe Gold Corporation and Gunpatroy Pvt. Ltd. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
The global mica market has been segmented as follows:
Mica Market - Form Analysis
Mica Market - Grade Analysis
- Ground Mica
- Sheet Mica
- Built-up Mica
Mica Market - End-user Analysis
- Paints & Coatings
- Others (Rubber, Plastics, etc.)
Mica Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America