Published: Apr, 2018
Leading companies operating in the global mica market are Mica Manufacturing Co. Pvt. Ltd., The Premier Mica Company, and Ashville-Schoonmaker Mica Company. These companies hold a sway over the market on account of their large integrated operations, which enables them to have steady access to raw materials. In a market where mining is the main source of the crucial raw materials, ensuring a continued supply of those through backward integration has helped the companies reap a windfall. For this very reason, aspiring companies find it difficult to gain a foothold in the worldwide market for mica.
A research study by Transparency Market Research uncovers that the market for mica will likely progress at a tepid pace in the next couple years. As per our in-house analysts’ estimates, the market will rise at a CAGR of 3.8% between 2016 and 2024, vis-à-vis revenue. At this rate, the report projects it to pull in a revenue of US$669.3 mn by 2024 from US$478.1 mn in 2015.
With respect to grade, ground mica has widespread usage, especially as a filler in gypsum wallboard joint compound, where it prevents cracking and also provides a smoother texture. In 2015, ground mica accounted for almost half the share in the market. In the next couple of years too, it is expected to see surging sales due to its growing applications in end use industries of paints and coatings, construction, cosmetics, plastic, and rubber. Geographically, Asia Pacific holds the foremost position in the market for mica. This is because of flourishing construction, paints and coatings, and electronics industries in the region. In 2015, the region held around 40.0% share in the overall market.
Surging Electronics Sale Bolster Demand for Mica
The growth in the worldwide mica market is being underpinned by the exploding electronics sales on account of the rising disposable incomes of people and a range of products available in the market. Mica an excellent heat and electric insulator and remains stable even in extreme heat, moisture, and light.
Paints and coatings is another major segment that is driving demand in the market for mica. Micronised muscovite mica, also known as ground mica, finds usage as pigment extender in different paints and coatings. This is because it is tough, anti-friction, flexible, ant-fouling, anti-tarnish, and anti-corrosive. Such properties also make it useful in the aerospace industry. Apart from these, the booming cosmetics and construction industries too are providing a major boost to the market. In cosmetics, it is used for mineral products and others. In construction industry, it acts as a filler in cement and asphalt.
Health Hazards Caused by Mica Leading to Strict Rules Pertaining to Mining Dampens Market
Despite its so many uses, there are many factors that are stopping the market from achieving its full potential. One of them is the strict rules pertaining to mining of mica since it poses danger to human health. “Mining being is the main source of raw mica, such mandates can have far reaching fallout on the mica market. Already, they have resulted in fluctuating raw material prices which is impacting companies operating in the market,” elaborates our lead analyst of the report. Apart from that, powdered mica can also cause long and short term health problems.
This review is based on the findings of a TMR 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 report segments the Global Mica Market into the following:
Global Mica Market, by Form
- Natural Mica
- Synthetic Mica
Global Mica Market, by Grade
- Ground Mica
- Sheet Mica
- Built-up Mica
Global Mica Market, by End-user
- Paints & Coatings
- Others (Rubber, Plastics, etc.)
Global Mica Market, by Region
- 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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