Precipitated
Silica Market: Introduction
The
global precipitated silica market was valued at US$ 3.5 Bn in 2018 and is
anticipated to expand at a CAGR of ~4% during
the forecast period. Among applications, the rubber segment held a major share
of the global precipitated silica market in 2018. Increase
in the demand for energy-efficient tires in the global automobile sector is
anticipated to propel the segment during the forecast period. Energy-efficient
tires filled with precipitated silica enable less fuel consumption with swift
vehicle movement. The precipitated silica market in Europe is likely to expand
at a rapid pace during the forecast period, owing to increase in expenditure on
the construction of precipitated manufacturing facilities in the region.
Key
Drivers of Precipitated Silica Market
Over
the last decade, energy-efficient tires have witnessed rise in the demand, as
they offer low rolling resistance, reduce CO2 emissions, and decrease fuel
consumption; thereby controlling the pollution. Increase in the demand for
passenger car vehicles largely in developing nations is a major factor
propelling the demand for energy-efficient tires. The global automotive
production has increased by 15% since 2010. Focus on
reduction of vehicle weight has been a key trend in the automotive industry so
as to reduce CO2 emissions. Precipitated silica
is being increasingly adopted by tire manufacturers as a reinforcement filler,
owing to legislations on tire labelling and stringent regulations regarding
environment protection. Precipitated silica offers high reinforcing ability and
enhances fuel efficiency. On the other hand, carbon black has higher rolling
resistance, which results in higher consumption of fuel. Thus, precipitated
silica is used as a substitute for carbon black in the global tire industry to
a certain extent. Thus, rise in the demand for energy-efficient tires is
expected to boost the global precipitated silica market in the near future.
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Asia
Pacific Leads Precipitated Silica Market
Asia
Pacific dominated the global precipitated silica market in 2018. Dominance of
Asia Pacific can be ascribed to increase in the demand for passenger car
vehicles in the region. By the end of the forecast period, Asia Pacific is
projected to account for 34.17% share
of the global market, in terms of revenue. China has become a major consumer
and manufacturer of precipitated silica in this region, due to large production
of tires in the country. The precipitated silica market in Europe is expected
to witness rapid growth during the forecast period, owing to introduction of
regulations on tire labelling. Furthermore, increase in the spending on
construction and capacity expansion of precipitated silica facilities with the
introduction of several initiatives by regulators to minimize carbon pollution,
save fuel costs, and reduce the number of tire-related crashes are other few
key factors anticipated to propel the market during the forecast period.
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Major
Developments in Precipitated Silica Market
In October 2018,
Evonik Industries AG opened a precipitated silica plant at a cost of US$ 120 Mn to
serve the tire industry in South Carolina, the U.S. The move is intended to
expand the company’s footprint in the North America market. In April 2018, Tata
Chemicals Limited signed an agreement with Allied Silica Limited to acquire the
latter’s precipitated silica business unit for US$ 16.83 Mn. The
business transfer agreement with includes acquisition of the latter’s existing
manufacturing site in Tamil Nadu (India), which produces highly dispersible
silica (HDS). This acquisition would lead to building of technologically
enabled, differentiated businesses of Tata Chemicals Limited.
In January 2017,
Evonik Industries AG acquired the specialty additives business division of Air
Products, Inc., a U.S.-based company, for US$ 3.8 Bn to expand its business
in Asia and Americas.
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Competition
Landscape of Precipitated Silica Market
The
global precipitated silica market is dominated by large players operating
across the world. Prominent players operating in the global precipitated silica
market are Oryzasil
Silicas Naturais, Madhu Silica Pvt. Ltd, Agile Nobel, Inc., Tata Chemicals
Ltd., Oriental Silicas Corporation, Brisil, Solvay S.A., PPG Industries, W. R.
Grace & Co., and Evonik Industries AG.
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