Precipitated Silica Market
Precipitated Silica Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Press Release :
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.
Precipitated silica is obtained from the precipitation of silicon dioxide, commonly referred as silica (SiO2). Raw materials used in the production of precipitated silica include sodium silicate, silica sand, sulfuric acid, and hydrochloric acid. It is used as an additive in the manufacture of various products such as tires, footwear, and toothpastes. Precipitated silica is employed in various applications such as rubber, personal care, agrochemicals, and others (coatings, etc.).
This report comprises in-depth analysis and forecast of the precipitated silica market on a global as well as regional level. The report includes forecast for the period from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn). Quantitative data has been derived through extensive secondary research of the global precipitated silica market. Secondary sources typically include company websites, relevant magazines, government documents, and press releases. A top-down approach has been adopted to derive the regional numbers from global revenue and volume figures. Furthermore, a bottom-up approach has been employed to derive data for various application segments based on demand for precipitated silica in each geographic region. A combination of top-down and bottom-up approaches helps in validation of the quantitative data of the market. The data was further validated with the help of primary research with industry experts to ensure accuracy of derived numbers.
Detailed analysis of various factors driving the global precipitated silica market has been included for astute decision making. Impact of these drivers during the forecast period has been included with data to substantiate research findings. Furthermore, factors restraining market growth have been included for better understanding of the market. Impact of these restraints has been analyzed over the forecast period. The report also comprises various opportunities available for market growth over the next eight years. Opportunities entail untapped or recently explored factors that are anticipated to drive the precipitated silica market during the forecast period.
This report includes value chain analysis to help understand the industry thoroughly. Value chain analysis comprises detailed evaluation of the roles of various entities involved in the precipitated silica market, from raw material suppliers to end-users. Various processes employed in the manufacture of precipitated silica have been included in the value chain analysis. Porter’s Five Forces model has been used to determine the degree of competition in the market during the forecast period. Company market share analysis has been included for better understanding of the competitive landscape. It includes the market share of dominant players in 2014, based on their production capacities. Furthermore, market attractiveness analysis has been carried out to analyze applications that are expected to be lucrative during the forecast period. This is based on various factors such as market size, growth rate, profitability, raw material procurement, and competition in each product segment.
Based on application, the precipitated silica market has been segmented into rubber, personal care, agrochemicals, and others. The report comprises detailed analysis of all the segments in the regional and global markets and forecast based on current and future trends in the industry in terms of volume (kilo tons) and revenue (US$ Mn). In terms of region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand for precipitated silica in each of the application segments has been analyzed and forecast for a period of eight years.
The report also covers profiles of leading companies in the precipitated silica market. These include Evonik Industries AG, Solvay S.A., PPG Industries, Inc., and Oriental Silicas Corporation. Various attributes of these companies such as company overview, business strategies, and recent developments form the core of the company profiles section.
The global precipitated silica market has been segmented as follows:
- Precipitated Silica Market - Application Analysis
- Personal Care
- Others (coatings, etc.)
- Precipitated Silica Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- North America