Environmental silica is extensively used as a filler material in various industries such as rubber, coatings, plastics, construction materials, and foundry as it improves mechanical strength and durability of the final product. It is chemically inert, stable at high temperatures, non-toxic, and available in abundance. The global Environmental Silica Market is estimated to be valued at US$ 2.45 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Low-cost manufacturing is one of the key trends driving the growth of the environmental silica market. Emerging economies such as China, India, Brazil and Mexico offer advantages of low labour and capital costs for silica processing. Major players are focusing on shifting their production base to these emerging economies owing to ease of regulatory compliance and reduced costs. For instance, U.S. Silica Holdings Inc. constructed a new production facility in Canada in 2021 to meet the growing demand from customers in North America and Europe at competitive costs. This plant utilizes state-of-the-art processing technology and is expected to reduce manufacturing costs substantially. The trend of shifting to low-cost locations is expected to continue during the forecast period, thereby accelerating the demand for environmental silica.
Segment Analysis
The global environmental silica market is dominated by fumed silica sub segment which holds more than 35% of the total market share. Fumed silica is witnessing high demand from various end use industries such as paints & coatings, personal care products, food & beverage and others owing to its unique characteristics such as chemical inertness, thermal stability and resistance to ultraviolet radiation. It is widely used as a reinforcing filler in rubber industries and also acts as a thickening agent or thixotropic additive in various materials and formulations.
Key Takeaways
The Global Environmental Silica Market Size is expected to witness high growth. Regional analysis shows that Asia Pacific region is fastest growing market for environmental silica. The growth in region can be attributed to surge in construction activities along with thriving automotive, rubber and personal care industries in emerging economies such as China and India.
Key players operating in the environmental silica market are U.S. Silica Holdings Inc., Sibelco Group, Fairmount Santrol Holdings Inc., Emerge Energy Services LP, Badger Mining Corporation, Covia Holdings Corporation, Preferred Sands LLC, Hi-Crush Partners LP, SCR-Sibelco N.V., Pattison Sand Company. U.S. Silica Holdings Inc. and Sibelco Group captured significant market share owing to their diversified product portfolio and wide distribution network across regions. Fairmount Santrol Holdings Inc. also holds substantial share in North America market.
For More Insights, Read: https://www.newsstatix.com/environmental-silica-market-size-share-and-growth-forecast-2023-2030/
Comments
0 comment