Price volatility due to dependence of production on mining activities, extensive growth opportunities across some of the rapidly expanding end-use industries, and increasing applications across high-potential growth sectors such as robotics depicts where the global mica market is headed, as observed by a recent market study from Transparency Market Research (TMR).
The Premier Mica Company, Ashville-Schoonmaker Mica Company, and Mica Manufacturing Co. Pvt. Ltd dominate the market due to integrated operations from procurement of raw materials to development of finished product and also display a competitive advantage over others due to easy availability of raw materials. These players also operate on goodwill and long-term contracts that secures their position in the marketplace.
The global mica market is expected to expand at a CAGR of 3.8% between 2016 and 2024 in terms of revenue. This will result in the market’s valuation to increase from US$478.1 mn in 2015 to US$669.3 mn by 2024. By volume, the global mica market is projected to rise at a CAGR of 2.6% from 2016 to 2024.
Asia Pacific to Continue Dominate in Future
Asia Pacific stood as the leading mica market in 2015 with a share of more than 40%. Over the past few years, the increasing application of mica in electronics, construction, and paints and coatings has led to the substantial growth of the mica market in the region. China stood as the world’s leading producer and exporter of mica in 2015. Factors such as growing population and increasing economic prosperity has led to the increased demand for mica for electronics and electric equipment, residential infrastructure, and paints and coatings in Asia Pacific. India, China, and Japan are expected to offer substantial opportunities for the growth of the Asia Pacific mica market.
The region was trailed by Europe representing 19.5% of the global market in 2015. The growth of the regional market is primarily driven by demand from end-users such as paints and coatings, cosmetics, plastic, electronics, and rubber.
Demand for mica from the developed countries of North America is expected to be low due to the preference for substitute products. Thus, North America mica market will display moderate to sluggish growth over the forecast period.
Ground mica is currently the leading mica grade segment; the segment held a share of more than 50% in the global market in 2015. This was followed by sheet mica that held a share of 35% in the global market in the same year. Sheet mica is expected to account for a considerable share in the global market in the coming years due to the burgeoning electronics industry, especially in emerging economies of Asia Pacific.
Flourishing Electronics Industry holds Promise for Mica Market
The large-scale demand for mica from the electronics industry is the foremost factor driving the global mica market. Mica provides excellent thermal and electric insulation and displays stability after exposure to light, extreme heat, and moisture. Therefore, it finds extensive application in the electronics industry. This also accounts electronics to be the leading end user of mica; the electronics industry held the dominant share in the global mica market in 2015. The promising growth of the electronics sector is expected to benefit the mica market over the report’s forecast period.
Due to potential health hazards of mining for individuals engaged in mining activities and its effect on the environmental in general, it has come under the scrutiny of several governments around the world for safe. As mining is the only source to obtain raw mica, governmental impositions for mining can negatively impact the growth of the mica market.
The review presented is based on the findings of a recent report by Transparency Market Research report, titled “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.”
The global mica market is segmented as follows:
Mica Market – Form Analysis
- Natural Mica
- Synthetic Mica
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
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