The precipitated silica market has been witnessing significant growth in recent years due to its wide application in tire and rubber industry. Precipitated silica offers advantages like reinforcing properties, abrasion resistance, and insolubility over other reinforcing fillers. It is used as a reinforcing filler and thickening agent in rubbers. The growing automotive industry worldwide along with rising demand for high-performance tires have been driving the consumption of precipitated silica.
Key Takeaways
Key players operating in the precipitated silica market are Evonik Industries AG, Oriental Silicas Corporation, Huber Engineered Materials, PPG Industries, Inc, MLA Group, Solvay S.A, Anmol Chemicals Group, Supersil Chemicals (I) Pvt. Ltd, Anten Chemical Co. Ltd., PQ Corporation, W.R. Grace & Co., Madhu Silica Pvt. Ltd., QUECHEN, AMS Applied Material Solutions, Covia Holdings LLC., Denka Company Limited. These players are focusing on capacity expansion and new product development strategies to gain competitive advantage.
The growing Precipitated Silica Market Demand for low rolling resistance and fuel-efficient tires presents significant growth opportunities for precipitated silica manufacturers. Moreover, the rising focus on lightweight vehicles to reduce CO2 emissions will further propel the product demand.
The key players are exploring opportunities in emerging economies to leverage growth opportunities. Strategic partnerships and joint ventures with local players help penetrate untapped markets and strengthen global presence.
Market Drivers:
Increasing production of passenger cars, commercial vehicles and two-wheelers around the globe is the major growth driver for precipitated silica market. Tire manufacturers are utilizing precipitated silica to manufacture tires that offer better grip, lower rolling resistance and longer lifespan.
Market Restrains:
Volatility in raw material prices acts as a key restraint for the global precipitated silica market. Factors such as supply constraints, trade policies and currency fluctuations affect prices of key raw materials like sodium silicate and sulfuric acid used for manufacturing precipitated silica.
Segment Analysis
The precipitated silica market consists of various segments such as rubber, oral care, nutrition and health, agrochemicals, etc. The rubber segment dominates the precipitated silica market owing to properties like reinforcing effect, abrasion resistance, low heat build-up, and low cost that make precipitated silica ideal for rubber applications such as tires, belts, hoses, sealant tapes, gaskets, etc. Within the rubber segment, the tires sub-segment holds a significant share due to growing automotive industry and demand for high-performance tires.
Regional Analysis
The Asia Pacific region holds the largest market share in the precipitated silica market and is expected to grow the fastest during the forecast period. This is attributed to high vehicle production in countries like China and India and demand for high-quality tires. Countries like China, India, Japan, and South Korea are the major consumers in this region. The precipitated silica market is also witnessing high growth in the North American region due to growing polymer and rubber industry, especially in the US and Canada. The European region is also a significant market due to extensive automobile production in Germany, Italy, France, and other countries.
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