In a recent published report, Kenneth Research has updated the market report for APAC Fumed Silica Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for APAC Fumed Silica Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Asia-Pacific Fumed Silica Market Analysis 2014-2025
The APAC Fumed Silica Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Fumed silica acts as a universal thickening agent and thus, has various applications across chemicals, food & beverage, paints & coatings, pharmaceutical and other industries. In 2019, the Asia-Pacific fumed silica market accounted for a market value of around USD 400 million and is expected to grow at a CAGR of 6.71%, over the forecast period of 2021-2025. There is a huge growth in the demand for fumed silica from the paints, coatings and inks industry on the back of its growing applications. Fumed silica is majorly used for viscosity adjustments and inducing thixotropic behavior. Fumed silica market in India is anticipated to grow up to around USD 70 million by 2025. The growing production capacity of the major paint & coating producers across the country, such as Asia Paints, Berger Paints and others, drives the demand for fumed silica in the country.
The Asia-Pacific fumed silica market is segmented by application into pharmaceutical, beauty & personal care; silicone elastomer; paints, coatings & inks; UPR; adhesives & sealants; food & beverages, and others. Out of these, the paints, coatings & inks segment accounted for the market share of around 35% in 2019 and is estimated to grow up to around USD 200 million by 2025. Fumed silica is an efficient rheology and reinforcement control additive for silicone elastomers. The adhesives & sealants segment’s growth can be attributed to the growing demand for silicone rubber from tire production companies across the region. Fumed silica is used to reduce rolling resistance and wet traction of the rubber tires; this reduction in rolling resistance is estimated to boost the vehicle’s fuel efficiency. Additionally, the growing demand for liquid silicone rubber, based on its unique properties such as chemical inertness and electrical resistance, is estimated to drive the demand for fumed silica across the industry.
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However, threat from substitutes such as precipitated silica and growing popularity of eco-friendly products, are anticipated to hamper the growth of Asia-Pacific fumed silica market over the forecast period. The increasing popularity of eco-friendly paints and stringent government regulations for the paint composition is expected to affect the demand for fumed silica from the paints & coatings industry.
Some of the affluent industry leaders in the Asia-Pacific fumed silica market are Cabot Corporation, OCI Company Ltd., Evonik Industries AG, Tokuyama Corporation, Kemitura Group, Orisil, Hubei Xingfa Chemicals Group Co. Ltd, Henan Xunyu Chemical Co., Ltd, Wacker Chemie AG, and others.
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