The report “Fumed Silica Market by Type (Hydrophilic and Hydrophobic), Application (Silicone Elastomers, Paints, Coatings & Inks, Adhesives & Sealants, UPR & Composites), End-Use Industry, and Region – Global Forecast to 2026″, The global fumed silica market size is projected to grow from USD 1.3 billion in 2021 to USD 1.6 billion by 2026, at a CAGR of 5.1% from 2021 to 2026. The market is projected to grow in accordance with the increase in the demand for fumed silica for numerous applications, particularly for building & construction applications across the globe. Furthermore, the fumed silica market has witnessed a significant increase in demand, owing to its anti-settling, sag resistance, adhesion improvement, free-flow improvement, heat stability, and various other performance functionalities.
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• 170 Market data Tables
• 41 Figures
• 195 Pages and in-depth TOC on “Fumed Silica Market – Global Forecast to 2026″
Some of the prominent key players are:
- Evonik Industries (Germany)
- Cabot Corporation (US)
- Wacker Chemie AG (Germany)
- Tokuyama Corporation (Japan)
- Applied Material Solutions Inc. (US)
- OTHERS
Opportunity: Increased demand in paints, coatings and sealants industries
The increased demand in the paints, coating & sealants industry is expected to drive the demand for fumed silica across the globe during the forecast period. The World Painting and Coating Association outlined that the global painting and coating industry generated revenue of USD 150 billion in 2020, and the industry is increasing its demand for fumed silica, as it improves the property of paints and coatings to meet consumer demand. Fumed silica in sealants shows thixotropic behavior and gives sag-specific properties for successful practical application. It also provides reinforcement and mechanic properties to sealants. These properties cannot be achieved by any other source, and hence fumed silica has an advantage in the sealants market and enjoys supremacy. A growing construction industry across the globe is accelerating the demand for paints and coating, in turn offering significant growth opportunities for the fumed silica market. In the US, new construction activity worth USD 1,365 billion took place in 2019 and reached USD 1,430 billion in 2020. This simulated the consumption of sealants, and paints & coatings, adding to demand for fumed silica.
In terms of value & volume, UPR & composites segment is estimated to be the fastest-growing segment in the fumed silica market.
The UPR & composites segment is expected to grow at the highest CAGR from 2021 to 2026. It is witnessing high growth owing to increasing resin applications in various industry verticals, technological advancement, and their growing demand in developing regions. Building & construction, pipes & tanks, and automotive applications use UPR extensively for making fiber reinforced plastics (FRP). They are also widely used in thermosetting resins with better product performance in comparison to epoxy, vinyl ester, acrylics, amides, and alkyd resins. Various properties associated with UPR include relative ease of manufacturing, cost-effectiveness, ease of processing, and their ability to be readily modified for specific use.
The APAC region is projected to account for the largest share in the fumed silica market during the forecast period.
The APAC region is projected to lead the fumed silica market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. According to the IMF, China and India are among the fastest-growing economies globally. India is expected to overtake China with the highest growth rate, thus driving the global economy. The rising disposable income of people, shifting of manufacturing facilities from developed regions, such as North America and Europe, and rapidly growing industrial sectors are expected to drive the market in APAC.
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