Newly released data from Fact.MR shows that global demand of fumed silica enjoyed YoY growth exceeding 5% in 2021. According to the report, the market is anticipated to add 1.5X value by 2031 as compared to 2021.
Historically, sales of fumed silica surged at a CAGR exceeding 4%, closing in at over US$ 1 Bn in 2020. Prospects dipped amidst the COVID-19 pandemic, as mandatory factory shutdowns occurred to curb the spread of the novel coronavirus. Fortunately, prospects widened since Q4 2020, as lockdowns were lifted and restrictions eased, permitting resumption of manufacturing operations.
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Key Takeaways from Market Study
- By product, hydrophilic fused silica yielded over 60% demand through 2021
- Hydrophobic fumed silica to surge at around 6% to record market value of 1.3 Bn
- Cosmetics and personal care segment to create around US$ 380 Bn opportunities over the long-term forecast period
- Paints and Coatings sector are the fastest-growing segment, expanding at above 5% CAGR
- U.S to contribute almost US$ 3 Bn in revenue by 2031, amid extensive uptake across silicone rubber manufacturing
- China to contribute over 50% demand for fumed silica throughout East Asia
- India to generate highly lucrative expansion opportunities in the future, especially across the construction sector
Key Segments Covered:
- Hydrophilic Fumed Silica
- Hydrophobic Fumed Silica
- Fumed Silica for Silicone Rubber
- Fumed Silica for Paints & Coatings
- Fumed Silica for Unsaturated Polyester Resins
- Fumed Silica for Adhesives & Sealants
- Fumed Silica for Healthcare & Personal Care
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In June 2021, key player Evonik Industries AG has signed a purchase agreement to acquire the privately-owned technology-driven company Infinitec Activos, with closing expected by July end.
- In May 2021, Cabot Oil & Gas Corp. plans to merge with Cimarex Energy in an all-stock deal that values the combined company at $17 Bn. The transaction is set to close in the fourth quarter. The combined company will operate under a new name and will be headquartered in Houston.