New Report Studies Fumed Silica Market
DUBLIN, Ireland — According to a study released by Fact.MR, global sales of fumed silica are likely to have surpassed 335,000 MT in 2018, up from 323,733 MT in 2017. Gains will be driven by sustained demand in end-use industries such as printing inks, paints, coatings and adhesives. The report predicts that the market will reach a 4.9% compound annual growth rate during the period from 2018 to 2028.
Increasing demand for water-based coatings and paints for industrial and architectural applications continues to be a driver for the market. Fumed silica is used on a large scale in paints and coatings to prevent corrosion and rust. Additionally, demand for silicone rubber is increasing in the automotive sector to improve fuel efficiency, accelerating growth in the fumed silica market.
Manufacturers are introducing new manufacturing processes and technologies to reduce production time and cost. For instance, Evonik’s new fumed silica manufacturing process allows coatings manufacturers to eliminate the bead milling process. This results in reduced time, machine usage and costs.
According to the study, demand for hydrophobic fumed silica is likely to grow at a significant rate in the future. Owing to its low cost and excellent properties, hydrophobic fumed silica is increasingly used across various industries, finding applications in coatings, adhesives and sealants, greases, toners, and skin and personal care products. An analyst at Fact.MR stated that hydrophobic fumed silica will likely experience the highest growth in the fumed silica market and that hydrophobic fumed silica most likely exceeded $500 million in 2018.
With the increasing demand of hydrophobic fumed silica in different industries, manufacturers are focusing on offering better products and also expanding their business. Evonik Industries, a leading player in the fumed silica market, is expanding its hydrophobic fumed silica capacities in Rheinfelden, Germany, adding 20% additional capacity. The expansion will become operational by the end of 2020.
According to the report, North America is projected to dominate the fumed silica market. With the presence of major manufacturers and the opening of new production facilities in the region, the fumed silica market is flourishing in North America. Cabot Corp., a major manufacturer of fumed silica, has planned a new fumed silica plant in Carrollton, Kentucky. This new plant will allow the company to meet growing demand for fumed silica in various industries. Meanwhile, the fumed silica market in China is also likely to see robust growth due to the rise in the use of coatings in that region.
For additional information about the study, Fumed Silica Market, visit https://www.factmr.com/report/2301/fumed-silica-market.