ALBANY, N.Y.—The global market of specialty silica will expand rapidly, according to a new Transparency Market Research study.
The market's value will grow at a compound annual growth rate of 5.9 percent and reach $7.32 billion by the end of 2024, according to analysts in "Specialty Silica Market—Global Industry Analysis and 2016-2024 Forecast."
Rising demand for specialty silica in the tire industry is likely to drive market growth in the near future. Other applications pushing industry growth include paints and coatings and electrical and electronic. Demand for specialty silica is projected to increase significantly in the next few years alongside the global rubber and microelectronics markets.
The Asia-Pacific region dominates the market, with countries such as China, India, Japan and South Korea expected to be the key consumers of specialty silica. North America is the second-largest consuming region.
Availability of inexpensive substitutes for products such as colloidal silica and silica gel is expected to hamper the market through 2024. Sluggish growth of end-user industries such as paper, cat litter and paints in regions such as Europe is anticipated to hinder growth in the near term.
The study segments the market in terms of product type, including precipitated silica, fumed silica, fused silica, silica gel and colloidal silica, as well as by application, such as rubber, crop protection, paints, electronic components, food, animal feed, plastics, personal care and cosmetics.
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