High Purity Silica Market Forecast and CAGR
According to latest research study by Fact.MR, high purity silica market is set to witness a single digit CAGR during assessment period. The consumption of high purity silica is been observed in various industries since past few years owing to its alloy properties and business shall be driven by North American accounting more than 20% global share. For satisfying the consumer’s demand manufacturers have been delivering high purity silica in different forms such as foil, plate, sheet, rods, ingots, pellet, billets, wires and disks.
What is Driving Demand for High Purity Silica?
Utilization of high purity silica has deepened in recent years and can be observed in every displays, LED screens, computers, tablets, memory chip & memory drives of smartphones, and other electrical devices due to its electrical conductance property.
Rising consumption of high purity silica in electronics and semiconductor appliances is anticipated to surge the sale during the forecast period.
The expansion of automobile sector has given numerous opportunities to manufacturers. This is attributed to the fact that the rubber & tire industry accounts for the noteworthy consumption of high purity silica.
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The rising demand for green tires that are different from conventional tires due to its of higher grip and low rolling resistance properties, is more likely to give a positive impact on the demand since high purity silica is extensively used for the manufacturing of green tires.
In addition to this high purity silica is also been consumed in the semiconductor and electronics industry for polishing and mechanical planarization purposes. This will lead to fuel the demand in the semiconductor and electronics industry during the forecast period.
Automotive Recovery Likely to Augment High Purity Silica Sales
Automotive sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on high purity silica market since it is highly been utilized in rubber tire manufacturing. As most of the countries are attributed toward the utilization of green tires, which is likely to give a promising stance for the manufacturers in upcoming years.
High purity silica is also used extensively in semiconductor and electronics industry for LED screens, computers, tablets, memory chips & memory drives, and other electrical devices. The rising demand for electronic gadgets among consumers are likely to fuel the market during forecast period.
US Market Outlook for High Purity Silica
US is one of the largest markets for high purity silica globally. The US high purity silica sale is set follow the same historic pattern during the assessment period. Demand is likely to remain muted in the next couple of years, as automobile sector is highly been impacted by COVID-19 pandemic.
U.S is a prominent manufacturer and consumer of synthetic rubber. The demand for tires from the automotive sector is anticipated to fuel the demand in this region. North America region is poised to lead the global purity silica market during the assessment period. Since rapid industrialization has witnessed considerable demand from the consumers’ end.
Asia Pacific Demand Outlook for High Purity Silica
Asia pacific region hold a noteworthy market share. The consumption of high purity silica in the automotive sector has witnessed considerable demand for green tire manufacturing in this region. In 2019, the automobile production (passenger cars) in China was about2,107 Mn units by volume. Similarly, in India, the number of passenger cars in 2019 recorded production of about 2,63,773by volume from an initial volume of 2,66,000 in 2018.
This historical trend shows that the production of automotive vehicles in these countries is increasing at a significant rate and is expected to follow the same trend in the upcoming years. The demand for automotive vehicles is projected to give numerous opportunities for green tire production, which in turn is expected to fuel the demand for high purity silica in this region.
Who are the Key Manufacturers and Suppliers of High Purity Silica?
Some of the leading manufacturers and suppliers of high purity silica include
- Fuso Chemical
- Canadian Metals Inc.
- Evonik Industries AG
- Huber Engineered Materials
- Akzo Nobel
- Suzhou Nanodispersions
- Others prominent companies
The high purity silica market is consolidated in nature since a large number of dominant key players are present across the world. To attain a dominant position, the companies may follow inorganic growth strategy such as merger, expansion, acquisition, partnership and collaboration of the companies along with new product development strategy.
By Particle Size
- Mechanical Planarization
- North America
- US & Canada
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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