Silica Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 120 Pages
The silica market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Currently, the shutdown of manufacturing facilities due to the COVID-19 pandemic and the volatile demand for and supply of electronics, consumer materials, and rubber products are highly affecting the growth of the silica market globally. The production of construction materials and rubber products has been highly reduced, which has increased the fluctuation in the product price. The lower production has declined the demand for silica worldwide, which results in a negative impact on the market growth.
The development of mesoporous silica particles (MSP) for use in nanotechnology and a new porous hybrid material derived from silica fume and alginate for sustainable pollutant reduction is expected to offer various opportunities for the growth of the market.
In the mid-term, building and construction and glass manufacturing are likely to be the dominant segments, in terms of demand, over the forecast period.
Asia-Pacific dominates the market across the world, with the largest consumption from countries such as China and India.
The building and construction industry is anticipated to register a CAGR of more than 6% during the forecast period. Sand, concrete, and cement derived from silica are intensively used in the building and construction industry.
Silica-derived chemicals are used in the manufacture of construction chemicals. The construction chemicals market is expected to register a CAGR of about 6% during the forecast period due to the increasing urbanization, growing construction activities worldwide, and increasing investments in the infrastructure sector.
More than two-thirds of the overall flat glass production is used in construction. The global demand for fabricated flat glass is increasing at a fast pace, with the growth rate estimated to be at approximately 7% during the forecast period.
All the above-mentioned factors ensure regular demand for silica from the building and construction industry segment worldwide.
Currently, due to the COVID-19 pandemic, the construction market has been negatively impacted as most construction projects have shut down. Due to this, the production of construction chemicals = highly reduced, which declined the demand for silica. Due to this reason, the market growth of silica is getting constrained, and the impact could be seen in the short term.
The Asia-Pacific region is expected to be the dominant market in silica consumption, as China and India dominate the market for the end-user industries, such as building and construction, electronics, and glass manufacturing.
China is the largest construction market in the world. As the government plans to focus on improving the infrastructure in small- and medium-sized cities, the country's construction industry is estimated to maintain a continuous growth of around 5% annually.
The consumer electronics market in Asia-Pacific is expected to register a CAGR of 5% during the forecast period, ensuring regular demand for silica since it is used in semiconductor and optical fibers.
The industrial and technical glass manufacturing industry in China developed rapidly, with the revenue rising by 10% annually, to about USD 49 billion, in 2019. Silica is the main component required for manufacturing glass.
Thus, the rising demand from the aforementioned end-user industries is expected to drive the growth of the silica market in Asia-Pacific.
Due to the COVID-19 pandemic, the construction sector has experienced a negative impact, which has fluctuated the economy of countries like India and China, in terms of growth. Due to the social distancing policy, most construction projects were shut down, due to which the demand for construction chemicals reduced. This factor has constrained the demand for silica, thereby restraining the growth of the market.
The silica market is fragmented with the presence of both international and domestic players. The major companies in the market studied include Cabot Corporation, Evonik Industries AG, Mitsubishi Chemical Corporation, Nouryon, and Wacker Chemie AG.