The cost-effectiveness of fumed silica as compared to precipitated silica is driving the growth of the 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.
Browse 80 market data tables and 56 figures spread through 197 pages and in-depth TOC on “Fumed Silica Market by Type (Hydrophilic, Hydrophobic), Application (Paints & Coatings and Inks, Adhesives & Sealants, Pharmaceuticals, UPR, Gel Batteries, Lighting), and Region (North America, Asia-Pacific, Europe) – Global Forecast to 2022”.
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The growth of the market is primarily driven by the increasing applicability of fumed silica in various industries such as adhesives & sealants, construction, and automobiles.
Furthermore, the cost-effectiveness of fumed silica as compared to precipitated silica is another significant factor driving the growth of the market. The paints & coatings and inks, and adhesives & sealants are considered to be key applications for fumed silica in emerging as well as developed economies.
Based on type, the fumed silica market has been categorized into hydrophilic and hydrophobic. The hydrophilic fumed silica segment is the largest type segment of the market both, in terms of volume and value.
The hydrophobic segment is expected to grow at the highest CAGR during the forecast period, in terms of volume. This growth is mainly attributed to the water-repellent properties of hydrophobic fumed silica, which makes it one of the best materials utilized for anti-corrosive applications.
Based on application, the fumed silica market has been segmented into paints & coatings and inks, adhesives & sealants, pharmaceuticals, UPR, gel batteries, and lighting, among others. The growth of the paints & coatings application segment of the market is primarily driven by the rising demand for water-based paints & coatings from the architectural and industrial applications.
North America, Asia-Pacific, and Europe are key regions in the fumed silica market. The market in the Asia-Pacific region is anticipated to grow at the highest CAGR between 2017 and 2022, in terms of value and volume. This growth is mainly attributed to the increasing usage of fumed silica in paints & coatings, adhesives & sealants, UPR, and gel batteries applications.
Lack of awareness regarding the benefits of fumed silica over precipitated silica is expected to restrain the growth of the fumed silica market. In addition, the introduction of biogenic fumed silica, which becomes an alternative to fumed silica, is further restraining the growth of the market.
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Evonik Industries (Germany), Cabot Corporation (U.S), Wacker Chemie AG (Germany), and Tokuyama Corporation (Japan) are leading companies in the market. These companies are expected to account for a significant market share in the near future.
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