There has been a significant increase in the use of silica sol in the automotive sector for the production of tires, which in turn has driven the growth of the global silica sol market.
PORTLAND, Ore., Nov. 29, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Silica Sol Market by Application (Binder, Surface Modification, Flocculant, Catalyst, Others), by End Use Industry (Chemicals, Foundry, Pulp and Paper, Plastics, Electrical and Electronics, Textile, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global silica sol industry was estimated at $0.8 billion in 2021, and is anticipated to hit $1.3 billion by 2031, registering a CAGR of 5.0% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
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Determinants of growth-
There has been a significant increase in the use of silica sol in the automotive sector for the production of tires, which in turn has driven the growth of the global silica sol market. On the other hand, high production costs impede the growth to some extent. However, growing preference toward green coatings has created multiple opportunities for the key players in the industry.
Covid-19 scenario-
- Semiconductors are a basic component of modern electronics, representing an integral part of the most commonly used electronic devices such as smartphones, tablets, and personal computers. And The new drift of working-from-home led to an increase in demand for semiconductors in the electrical and electronic industries, which boosted demand for silica sol.
- This trend has continued even after the pandemic is almost over.
The catalyst segment to cite the highest share-
By application, the catalyst segment contributed to the major share in 2021, accounting for more than one-fourth of the global silica sol market revenue. This is owing to the fact that the role of catalysts is important for the efficient production of energy and regulation of industrial pollutants and are utilized in a wide range of technologies. The others segment, however, would portray the fastest CAGR of 5.8% throughout the forecast period. Other applications of silica sol include investment casting. And, investment casting is used in a number of end-use industries, including high-added-value, automotive, and many more.
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The chemicals segment to dominate by 2031-
By end use industry, the chemicals segment accounted for the highest share in 2021, generating more than one-fifth of the global silica sol market revenue, due to the fact that silica sol is extensively being utilized in grouting applications across the chemical industry. The others segment, on the other hand, would manifest the fastest CAGR of 7.2% during the forecast period. This is attributed to the fact that silica sol is used in cement, flooring, mortars, asphalt mixes, skid-resistant surfaces, and other industrial materials to improve durability and structural integrity.
Asia-Pacific grabbed the lion's share-
By region, the market across Asia-Pacific region garnered the lion's share in 2021, generating nearly half of the global silica sol market revenue. The same region is also projected to display the fastest CAGR of 5.9% from 2022 to 2031. This is because in order to cater to the demand for semiconductors, numerous manufacturers in Asia-Pacific are increasing their production levels, which is contributing to the expansion of the market for silica sol.
Key players in the industry-
- AMS Applied Material Solutions
- Cabot Corporation
- ADEKA CORPORATION
- W. R. Grace & Co.-Conn
- Ecolab Inc.
- Evonik Industries AG
- Gelest, Inc.
- Merck KGaA
- Nissan Chemical Corporation
- Sterling chemicals
The report analyzes these key players in the global silica sol market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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