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The Fumed Silica Market is projected to reach USD 2.26 Billion by 2022, at a CAGR of 7.1% from 2017 to 2022.
Browse 80 market data tables and 56 figures spread through 197 pages and in-depth TOC on "Fumed Silica Market by Type (Hydrophilic, Hydrophobic), Application (Paints & Coatings and Inks, Adhesives & Sealants, Pharmaceuticals, UPR, Gel Batteries, Lighting), and Region (North America, Asia-Pacific, Europe) - Global Forecast to 2022".
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Increasing awareness regarding the benefits of fumed silica and growing usage of fumed silica in the paints & coatings and inks, adhesives & sealants, pharmaceuticals, and gel batteries applications are driving the growth of the fumed silica market.
Based on application, the pharmaceuticals segment is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth is mainly attributed to the increasing usage of fumed silica to coat active ingredient particles.
Fumed silica stabilizes pigment suspensions in liquid tablet coatings, which, in turn, is anticipated to drive the high demand for fumed silica from the pharmaceuticals industry. Moreover, fumed silica is increasingly utilized in the paints & coatings and sealants applications, as fumed silica imparts properties such as thickening, anti-settling, and free-flow improvement to adhesives & sealants.
Based on type, the hydrophilic fumed silica segment is projected to grow at a higher CAGR as compared to hydrophobic fumed silica segment, in terms of value, during the forecast period. This growth is mainly attributed to the increasing usage of hydrophilic fumed silica in various applications such as UPR, silicone rubbers, and paints & coatings and inks.
The Asia-Pacific region led the fumed silica market in 2016; the market in this region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth is primarily driven by the high demand for fumed silica from the construction industry. Furthermore, various initiatives undertaken by governments of emerging countries in the Asia-Pacific region have contributed to the growth of the fumed silica market.
Biogenic fumed silica is expected to change the dynamics of the fumed silica market, as the former product is commercialized. The biogenic fumed silica can be manufactured by using rice hulls. It costs lower than fumed silica due to its simpler production process.
The fumed silica market is expected to witness high growth between 2017 and 2022, in terms of value and volume.
Key companies operating in this market include Evonik Industries (Germany), Cabot Corporation (U.S), Wacker Chemie AG (Germany), and Tokuyama Corporation (Japan).
Evonik Industries (Germany) adopted new product launches, acquisitions, expansions, and joint ventures as key strategies to enhance its presence in the fumed silica market. For instance, in March 2017, the company developed a new range of fumed silica products to enhance its existing line of product offerings. Furthermore, in January 2016, the company established a new plant for its modified aerosol products. In October 2015, the company partnered with Jiangsu Zhongneng Polysilicon Technology Development Co., which is a wholly owned subsidiary of GCL-Poly Energy Holdings Limited (GCL-Poly), to expand its customer base in the fumed silica market.
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Cabot Corporation (U.S), a leading producer of fumed silica has adopted various strategies such as expansions and joint ventures. For instance, in May 2017, the company planned to invest USD 80 million for the establishment of a new plant to enhance the production capacity of fumed silica. This plant is expected to commence operations by 2020. Furthermore, in December 2016, Cabot Corporation entered into a joint venture with Inner Mongolia Hengyecheng Silicone Co., Ltd. to manufacture fumed silica in China. This development strategy helped the company strengthen its position in the fumed silica market.
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