The High Purity Silica market is estimated to be valued at US$ 7.50 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High purity silica or fumed silica is produced through a flame hydrolysis process and finds applications as thickeners, reinforcing fillers, anti-blocking agents, and carriers or absorption medium. It is majorly used in paints & coatings, semiconductor, personal care & cosmetics, food & beverage, and life sciences industries. In the semiconductor industry, high purity silica is used in chemical-mechanical planarization and for insulating and passivating layers in integrated circuits.
Market Dynamics:
The high purity silica market is driven by growing demand from the semiconductor industry. Semiconductor foundries are increasingly relying upon integrated circuits with advanced nanometer technology nodes, thereby pushing demand for high purity silica. Additionally, rising consumption of high purity silica in personal care products such as facial masks, anti-wrinkle creams, and sunscreens owing to its thickening and absorption properties is also contributing to the market growth. However, availability of alternatives such as precipitated silica and easy substitutability pose challenges to market players.
SWOT Analysis
Strength: High Purity Silica has wide applications in various end use industries such as chemicals, semiconductor, solar, pharmaceuticals and others. The increasing demand from these industries is expected to drive the market growth. It has strong demand for use in production of integrated circuits. The versatility and resistance to heat makes it suitable for high-temperature industrial applications.
Weakness: Presence of substitutes like fused silica and crystalline silica poses threat to the market. Fluctuations in raw material prices adversely impact the production cost.
Opportunity: Rising demand from pharmaceutical industry for usage in tablet coatings, creams, and ointments will offer new opportunities. Growing semiconductor industry especially in Asia Pacific will boost the consumption of high purity silica.
Threats: Stringent environmental regulations regarding mines could restrict the supply of raw materials. Volatility in prices of raw materials poses major threat.
Key Takeaways
The global high purity silica market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand from semiconductor industry. Rapid digitalization and surge in demand for smart electronics and electric vehicles will augment the market expansion.
Regional analysis: Asia Pacific dominates the global high purity silica market and is expected to continue its dominance during the forecast period. This is attributed to growing electronics and semiconductor industries in the region. China, Japan, South Korea and Taiwan are the major consumer countries in the region. North America and Europe are other prominent markets owing to presence of key players and developed end use industries.
Key players operating in the high purity silica market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation etc. The players are focusing on capacity expansion and new plant set up to cater to rising demand. Partnerships and collaborations are also estimated to be the key strategies adopted to gain competitive advantage in the coming years.
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https://www.rapidwebwire.com/high-purity-silica-market-size-share-growth-outlook-2023/
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