The expanding use of mica in varied applications across different end-use industries will serve as a prominent growth-multiplying factor for the global mica market. Overall, after a thorough analysis on the mica market, the forecast period of 2016-2024 will observe a positive growth trajectory.
Industrialization and urbanization have accelerated in the upward direction over a long duration. The utilization of mica mineral in various end-users related to industries and construction activities has led to an increase in the growth rate. The rural-to-urban migration and the expanding commercialization have proved to be a game-changer for the mica market.
Mica is a group of aluminosilicates that have a layered structure. It has different uses across varied applications. Optically flat, translucent, and elastic are some characteristics that describe mica in a better manner. The overwhelming utilization of mica across cosmetics, paint and coating, and others will bring immense growth prospects.
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The extraction of lithium from mica mineral type, known as lepidolite will serve as a good growth factor and is inviting extensive prospects. It presents an array of opportunities for growth. Lithium ion batteries are gaining considerable popularity as electric vehicles are becoming common. This aspect will decide the growth structure of the mica market.
Transparency Market Research’s (TMR’s) report on mica market has every component that will assist the stakeholder in understanding the current market scenario. The overall market survey on mica by TMR suggests a good growth period. According to the TMR experts, the market for mica is estimated to expand at a CAGR of 3.80 percent during the assessment period of 2016-2024. In the context of valuation, the mica market will reach US$ 669.3 mn by 2024, the end year of the forecast period. The global market for mica was valued at US$ 478 mn in 2015.
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Rising Popularity of Ground Mica across Prominent Applications to Boost the Growth Opportunities
Wet ground mica powder is prepared from superior-grade raw material. It is washed, soaked, crushed, and decontaminated at a low temperature. This process helps ground mica to retain industrial characteristics such as high gloss, escalated refractive index, superior thickness ration, and others. Thus, these factors bode well for the growth of the mica market.
TMR’s market analysis on ground mica states that the expanding use of ground mica in plastics and paint will add strokes of growth. Furthermore, the rubber industry also makes use of ground mica on a large scale. The factors add life to the growth structure of the mica market.
Outstanding Properties of Sheet Mica will prove to be a Boon for Increasing Application Areas
Sheet mica is prominently used in electronics and electrical industries. The rising disposable income of the individuals around the globe coupled with higher purchasing power parity has resulted in extensive sales of consumer electronics on a large scale. The research report on sheet mica by TMR points out the growing awareness about the properties of sheet mica among a considerable chunk of the global populace as a significant growth-attractor. Sheet mica possesses excellent thermal and electrical properties. This factor will serve as a boon for the growth of the mica market.
Swelling Demand for Cosmetics Invites Exponential Demand for Natural Mica
The market insight on natural mica by Transparency Market Research points out the heightening demand for cosmetics and personal care products as the tipping point of growth. Mica is a prominent component in preparing cosmetics. They are used as color additives in cosmetics. They also have reflective properties, bringing a shimmery effect to the makeup foundations. Thus, this factor will have a massive impact on the growth of the mica market.
The Global Mica Market is segmented into:
- Ground Mica
- Sheet Mica
- Built-up Mica
- Paints and Coatings
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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