Fumed Silica Market: Future Forecast Indicates Impressive Growth Rate through 2028

Posted on 2018-11-22 by Mark Hub in Chemicals // 0 Comments

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In order to study the various trends and patterns prevailing in the concerned market, Fact.MR has included a new report titled “Fumed Silica Market: Future Forecast Indicates Impressive Growth Rate through 2028” to its wide online database including upcoming trends and growth factors. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report studies the “Fumed Silica Market” worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. The intelligent report also anticipates that the market would grow at a constructive CAGR until 2028.

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Evonik Industries AG, a German manufacturer of fumed silica, accounts for nearly one-third market share. Evonik is investing heavily in expanding its fumed silica capacities worldwide to establish a strong presence in the international markets.

Evonik recently announced its plans to expand its fumed silica capacities in Antwerp, Belgium to be in line with its strategy to solidify its position in the European fumed silica market. The company also revealed its plan to expand its hydrophobic fumed silica production in Rheinfelden, Germany by 20% in response to burgeoning demand for specialty silica varieties.

Evonik also announced that it has agreed to form a joint venture with a Chinese chemical company – the Wynca group; the new facility planned in China is projected to manufacture 8,000 metric tons of fumed silica annually.

Other leading manufacturers in the fumed silica market, such as Cabot Corp and Wacker Chemie AG collectively hold over 40% revenue share in the market. Captive consumption of fumed silica is likely to continue complementing the incremental growth of top manufacturers in the fumed silica market.

Fumed Silica Market Remains Highly Consolidated as Tier III Companies Hold Less Than 10% Market Share

Stringent regulatory framework, challenges associated with the availability of raw materials, and cyclic behavior of end-use industries present major barriers to entry for small and medium-scale businesses in the fumed silica market. Tier III manufacturers are facing major challenges at raw material procurement as leading firms are controlling supply chain operations in the fumed silica market.

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Furthermore, ensuring product regulatory compliance results in additional manufacturing costs and delayed market entry, which is making it challenging for new entrants in the fumed silica market to maintain competitive prices. In addition, top players in the fumed silica market account for the largest market share through captive consumption of fumed silica. This is making fumed silica market highly concentrated among top market players and Tier III fumed silica companies account for less than 10% revenue share of the market.

Ongoing US-China Trade War Makes a Significant Impact on China’s Growth in the Fumed Silica Market

The full-blown trade war between the U.S. and China, the world’s two largest markets for fumed silica, is influencing the prospects of the global market for fumed silica as many industrial applications of fumed silica, including adhesives, bore a significant impact.

China’s retaliation to the U.S. plans to take the trade war to a fever pitch has resulted in Chinese government levying heavy tariffs on U.S.-made products, including adhesives, which is one of the most common applications of fumed silica. Additionally, U.S. tariffs on Chinese aluminum and steel products have facilitated a shift from metal to composite/plastic in motor vehicle manufacturing, which is making a huge, albeit indirect, impact on the demand for adhesives.

As the U.S. holds a substantial share in China’s imports of adhesives, the effect of potential tariff escalation on U.S. adhesives and sealants may impinge on the U.S. fumed silica market growth in the upcoming years.

Growing Applications of Fumed Silica in Silicone Rubber Create Potential for Demand Upsurge

The silicone rubber industry is witnessing extensive growth as it finds versatile applications in various industrial sectors, such as sports, automotive, healthcare, and medical appliances. Manufacturers in the fumed silica market are aiming to capitalize on the increasing growth of the silicone rubber industry, by improving characteristics of silicone rubber, such as chemical inertness, purity, and high durability with the use of fumed silica.

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