The global Fumed Silica Market is estimated to be valued at US$ 1.23 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fumed silica, also known as pyrogenic silica, is synthetically manufactured silicon dioxide obtained in the form of light silvery-colored powder. It is an indispensable additive used in food, rubber, coatings, and personal care products owing to its thickening, strengthening, and bulking properties.
Market key trends:
One of the key trends in the fumed silica market is its increasing usage in food additives. Fumed silica acts as an anti-caking agent in powdered foods and improves the texture and palatability. It is used as a food additive in soups, seasonings, meat products, canned foods, cheeses and others. The intensifying demand from the food industry is expected to propel the growth of the fumed silica market over the forecast period. Stringent food safety regulations in various countries will further escalate the consumption of fumed silica as food additive. Additionally, its growing applications as reinforcing and thickening agent in silicone rubber and coatings will continue to augment the market expansion through 2030.
SWOT Analysis
Strength: Fumed silica has properties such as high purity, surface area, and dispersibility which makes it an effective reinforcing and thickening agent. It is widely used in industries such as automotive, adhesives & sealants, construction among others.
Weakness: Production process of fumed silica requires high energy and temperature. This high production cost can limit its usage in certain applications. Fumed silica can cause safety issues if inhaled in large quantities.
Opportunity: Increasing demand from application industries such as personal care, construction, semiconductors provides growth opportunities. Growing usage of fumed silica in healthcare applications such as dental impression materials, bone substitute scaffolds presents new avenues.
Threats: Volatility in raw material prices and energy costs poses threat. Stringent regulations regarding reducing carbon emissions can hamper production growth. Competition from other reinforcing agents and thickeners likeprecipitated silica and clay can constrain market share.
Key Takeaways
The Global Fumed Silica Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from industries such as automotive and construction.
Regional analysis – Asia Pacific dominates the global fumed silica market and is expected to maintain its lead over the forecast period. This can be attributed to growing construction and automotive industries in China, India and other developing countries in the region. North America and Europe are other major markets for fumed silica.
Key players operating in the fumed silica market are Applied Material Solutions Inc., Cabot Corporation, Chifeng Shengsen Silicon Technology Development Co. Ltd, China-Henan Huamei Chemical Co. Ltd, Dalian, Fuchang Chemical Co. Ltd, Dongyue Group Co. Ltd, Evonik Industries, Gelest Inc., Heraeus Holding, Kemitura AS, OCI Company Ltd, Tokuyama Corporation, and Wacker Chemie AG.
Major players are focused on capacity expansions to cater to growing demand from different applications. For instance, Evonik has doubled its fumed silica production capacity in North America with a new plant in South Carolina, USA.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.