New product developments, and expansions are key strategies adopted by leading players in Fumed Silica Market
The Fumed Silica Market is projected to reach USD 2.26 billion by 2022, at a CAGR of 7.1% from 2017 to 2022. The growth of the fumed silica market is primarily driven by the increasing applicability of fumed silica in adhesives & sealants, construction, and automobiles.
Key companies operating in this market include Evonik Industries (Germany), Cabot Corporation (U.S), Wacker Chemie AG (Germany), and Tokuyama Corporation (Japan).
Furthermore, the cost-effectiveness of fumed silica as compared to precipitated silica is another significant factor driving the growth of the fumed silica market.
Based on application, the pharmaceuticals segment is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth is mainly attributed to the increasing usage of fumed silica to coat active ingredient particles.
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Fumed silica stabilizes pigment suspensions in liquid tablet coatings, which, in turn, is anticipated to drive the high demand for fumed silica from the pharmaceuticals industry. Moreover, fumed silica is increasingly utilized in the paints & coatings and sealants applications, as fumed silica imparts properties such as thickening, anti-settling, and free-flow improvement to adhesives & sealants.
Based on type, the hydrophilic fumed silica segment is projected to grow at a higher CAGR as compared to hydrophobic fumed silica segment, in terms of value, during the forecast period. This growth is mainly attributed to the increasing usage of hydrophilic fumed silica in various applications such as UPR, silicone rubbers, and paints & coatings and inks.
The Asia-Pacific region led the fumed silica market in 2016; the market in this region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth is primarily driven by the high demand for fumed silica from the construction industry. Furthermore, various initiatives undertaken by governments of emerging countries in the Asia-Pacific region have contributed to the growth of the fumed silica market.
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Biogenic fumed silica is expected to change the dynamics of the fumed silica market, as the former product is commercialized. The biogenic fumed silica can be manufactured by using rice hulls. It costs lower than fumed silica due to its simpler production process.
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