by Fumed silica, also known as pyrogenic silica, is produced through pyrohydrolysis of silicon chloride gas in a flame. It has high absorptive properties, acts as a thickening agent, and improves flow in various applications. Some key properties of fumed silica include chemical inertness, thermal stability, porosity, and surface area. It is used as thickening, reinforcing and absorbent agents in applications ranging from plastics and elastomers, paints and coatings and personal care products.
The global Fumed Silica Market is estimated to be valued at US$ 1.23 Bn 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 key trends:
One of the major trends in the fumed silica market size is its growing use in precious metal catalysts manufacturing. Fumed silica is used as support material for precious metal nanoparticles catalysts used in automotive catalytic converters, petrochemical manufacturing, and pharmaceuticals. It provides high surface area, porosity, and acidity which are crucial properties required for an efficient support material. Owing to stringent emission regulations, the demand for catalytic converters used in automobiles is growing rapidly which is expected to drive the demand for fumed silica over the forecast period. Furthermore, fumed silica also finds increasing usage as thickening, reinforcing and absorbent agent in cosmetic and personal care products owing to its texture enhancement, viscosity control and absorption properties. The rising demand from cosmetics industry on account of changing consumer lifestyles and growing preferences for natural ingredients is projected to augment the market growth of fumed silica over the next few years.
Porter’s Analysis
Threat of new entrants: The fumed silica market requires significant capital investment and R&D spending, posing barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like precipitated silica.
Bargaining power of suppliers: A few players dominate the market, allowing them to influence pricing.
Threat of new substitutes: Substitutes like precipitated silica pose a moderate threat due to their lower costs.
Competitive rivalry: The market is highly competitive due to the presence of large global players.
Key Takeaways
The global fumed silica market is expected to witness high growth. Regional analysis related content comprises The Asia Pacific region currently dominates the global market and is expected to maintain its dominance over the forecast period due to high demand from rubber and adhesion applications in countries like China and India. Demand is also expected to increase in North America and Europe.
Key players related content comprises 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. The presence of established players has led to high competitive rivalry. Major players are investing in expanding their production capacities and geographical reach through acquisitions and greenfield projects to gain higher market shares.
