The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fumed Silica Market.
It was estimated prior to this unanticipated outbreak that the Fumed Silica Market was expected to grow at a CAGR of 5.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Fumed silica, also called as pyrogenic silica is produced by flame pyrolysis technique, and is commonly found in a wide range of products ranging from daily usable products to major industrial formulations. It is one of the most popular silica types, utilized by various industries owing to its versatile nature.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The major factors such as growing requirements for technical progression and to achieve cost optimization in the pharmaceutical industry, increase in demand for beauty & personal care products, increasing uses of paints & coatings by automotive & construction industries, and favorable trends related to building and construction sector are expected to boost the growth of the market during the forecast period.
Based on the product type, the market is segmented as hydrophilic and hydrophobic. The hydrophilic segment is estimated to account for the major share of the market. The growth of the segment is attributed to its wide range of applications during the forecast period. The main difference between these two products is their capability of combining with water, among these two, hydrophilic fumed silica displays strong affinity with water, whereas hydrophobic silica represents water repellant features.
Based on the application type, the market is segmented as pharmaceutical, beauty & personal care, silicone elastomers, paints, coatings, & inks, UPR, adhesives & sealants, food & beverages, and others. Beauty & Personal Care and Pharmaceuticals are estimated to be the leading applications in the market. Fumed silica is utilized as anti-blocking and thixotropic agent in various cosmetic products such as lipstick, foundations, skin care, and hair care., eventually fueling the growth of the cosmetics sector. On the other hand, fumed silica is the best fit for resolving issues such as compaction, weight variation, active or inactive ingredients segregation, tablet breakage, chipping, etc. faced by many pharmaceutical manufacturers.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period. In 2019, around 2/5th of the global fumed silica production was consumed by Asia-Pacific. The growth is attributed to the presence of a large number of industries in the region. Factors such as Asia-Pacific’s growing real estate sector is estimated to flourish and attract high consumer demand for paints & coatings, and China and India being the major consumers of unsaturated polyester resin in both global and regional sectors, which are expected to fuel the growth of the regional market over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the fumed silica market are-