According to a report by Grand View Research, Inc., global precipitated silica market is estimated to value USD 3.69 billion by 2024 . The demand for precipitated silica is likely to increase during the forecast period (from 2013 to 2024) due to growing requirement for natural raw materials with effective industrial properties. These properties include such as high tear strength, adhesion, abrasion resistance. Growing preference for precipitated silica over carbon black in the manufacturing of automobile tires for product enhancement, in terms of reinforcing strength, stiffness, and heat resistance, can fuel market growth. In addition, increasing use of the compound as diluents and carrier owing to its higher absorption, improved stability, and compatibility can further augment the market development.
Precipitates silica can also be used as a cleaning and whitening agent in toothpastes. Increasing awareness regarding oral hygiene is also expected to contribute toward the market expansion in the coming years. The global precipitated silica market is segregated on the basis of application and region. On the basis of application, the market is categorized into oral care, agrochemicals, rubber, food industry, and others. In 2016, rubber segment dominated the market and accounted for 60 % of the overall market share. Rising product use in the rubber industry for manufacturing thermoplastic rubber, shoe soles, rice rollers, and micro sheets. Its properties such as high tensile strength, flex fatigue, and abrasion resistance are anticipated to fuel the product demand.
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It is also used in the production of rubber, which is used in the manufacturing of wires, surgical and medical instruments, and cables. Thus, rapid expansion of the medical sector across the globe can further stimulate the precipitated silica market growth in the coming years. The food industry segment is expected to have a significant growth with a CAGR of 7.1 % from 2013 to 2024. Effective properties such as superior absorption, anti-caking, and high purity are also likely to foster the product demand. This, in turn, can influence the growth of the global market in the forthcoming years. Furthermore, growing demand for agrochemicals to increase crop yield can also positively affect the market growth in the next few years.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, Asia Pacific dominated the precipitates silica market and accounted for 45 % of the overall market share. Increasing number of food processing, rubber, and personal products manufacturing companies in emerging countries such as India, China, Japan, and Korea would contribute toward industry expansion. India is estimated to be one of the largest manufacturers of agro products. Favorable initiates from Indian government to increase exports activities for agro products coupled with growing population are projected to fuel demand for high crop yields in the country. The aforementioned factors are said to propel the market development in the region during the forecast period.
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In Latin America, the Brazilian market is anticipated to witness substantial growth at a CAGR of 7.6 % over the estimated period. Escalating demand for pesticides due to expanding agricultural sector in the region can propel region’s growth. In addition, rising foreign investments in the industrial sector in this region is also predicted to positive affect the market demand. The Europe regional market is predicted to grow at a CAGR of 6.2 % in the forecast years as a result of rising demand for oral care and rubber manufacturing applications. Presence of major tire manufacturing companies such as Continental Tire, Michelin, and Pirelli in the region will further drive the market in Europe.
In Middle East & Africa, the market would experience a considerable growth at a CAGR of 7 % from 2013 to 2024 owing to food processing sector in Gulf Cooperation Council (GCC) countries. High demand for Ready-To-Eat (RTE) food products due to changing consumer preferences is anticipated to drive the regional market. Some of the leading companies offering precipitated silica are Tosoh Silica Corp.; IQE Group; Evonik Industries; INEOS Silicas; and W.R. Grace & Co.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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