VALLEY COTTAGE, N.Y.—Future Market Insights' latest report is optimistic about the state of the global silica market through 2026.
FMI said it maintains a positive long-term outlook on the market, forecasting a 5.8 percent growth from 2016-26 with Asia-Pacific being the dominant region, increasing at a compound annual growth rate of 7 percent during the same period.
The report projects demand for specialty silica will continue to be strong in 2016 thanks to its wide-ranging applications in the plastics industry. The market is estimated to be worth $5.6 billion as of 2016.
The rubber industry will continue to be the largest application of the segment, mainly due to its use in tire manufacturing as companies look to improve fuel-efficiency, the report said.
Precipitated silica, a highly sought-after performance additive in tire manufacturing, will continue to witness the highest demand. According to the report, global precipitated silica revenues are estimated at nearly $4 billion in 2016.
Asia-Pacific, not counting Japan, will remain the largest specialty silicas market with China expected to continue its dominance as a major global supplier for specialty silica, the report said.
FMI identified Evonik A.G., Solvay S.A. and Huber Engineered Materials as the leading players in the specialty silica market.