PrecipitatedSilica Market: Introduction
Theglobal precipitated silica market was valued at US$ 3.5 Bn in 2018 and isanticipated to expand at a CAGR of ~4% duringthe forecast period. Among applications, the rubber segment held a major shareof the global precipitated silica market in 2018. Increasein the demand for energy-efficient tires in the global automobile sector isanticipated to propel the segment during the forecast period. Energy-efficienttires filled with precipitated silica enable less fuel consumption with swiftvehicle movement. The precipitated silica market in Europe is likely to expandat a rapid pace during the forecast period, owing to increase in expenditure onthe construction of precipitated manufacturing facilities in the region.
KeyDrivers of Precipitated Silica Market
Overthe last decade, energy-efficient tires have witnessed rise in the demand, asthey offer low rolling resistance, reduce CO2 emissions, and decrease fuelconsumption; thereby controlling the pollution. Increase in the demand forpassenger car vehicles largely in developing nations is a major factorpropelling the demand for energy-efficient tires. The global automotiveproduction has increased by 15% since 2010. Focus onreduction of vehicle weight has been a key trend in the automotive industry soas to reduce CO2 emissions. Precipitatedsilica is being increasingly adopted by tire manufacturers as a reinforcementfiller, owing to legislations on tire labelling and stringent regulationsregarding environment protection. Precipitated silica offers high reinforcingability and enhances fuel efficiency. On the other hand, carbon black hashigher rolling resistance, which results in higher consumption of fuel. Thus,precipitated silica is used as a substitute for carbon black in the global tireindustry to a certain extent. Thus, rise in the demand for energy-efficienttires is expected to boost the global precipitated silica market in the nearfuture.
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AsiaPacific Leads Precipitated Silica Market
AsiaPacific dominated the global precipitated silica market in 2018. Dominance ofAsia Pacific can be ascribed to increase in the demand for passenger carvehicles in the region. By the end of the forecast period, Asia Pacific isprojected to account for 34.17% shareof the global market, in terms of revenue. China has become a major consumerand manufacturer of precipitated silica in this region, due to large productionof tires in the country. The precipitated silica market in Europe is expectedto witness rapid growth during the forecast period, owing to introduction ofregulations on tire labelling. Furthermore, increase in the spending onconstruction and capacity expansion of precipitated silica facilities with theintroduction of several initiatives by regulators to minimize carbon pollution,save fuel costs, and reduce the number of tire-related crashes are other fewkey factors anticipated to propel the market during the forecast period.
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MajorDevelopments in Precipitated Silica Market
In October 2018,Evonik Industries AG opened a precipitated silica plant at a cost of US$ 120 Mn toserve the tire industry in South Carolina, the U.S. The move is intended toexpand the company’s footprint in the North America market. In April 2018, TataChemicals Limited signed an agreement with Allied Silica Limited to acquire thelatter’s precipitated silica business unit for US$ 16.83 Mn. Thebusiness transfer agreement with includes acquisition of the latter’s existingmanufacturing site in Tamil Nadu (India), which produces highly dispersiblesilica (HDS). This acquisition would lead to building of technologicallyenabled, differentiated businesses of Tata Chemicals Limited.
In January 2017,Evonik Industries AG acquired the specialty additives business division of AirProducts, Inc., a U.S.-based company, for US$ 3.8 Bn to expand its businessin Asia and Americas.
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CompetitionLandscape of Precipitated Silica Market
Theglobal precipitated silica market is dominated by large players operatingacross the world. Prominent players operating in the global precipitated silicamarket are OryzasilSilicas Naturais, Madhu Silica Pvt. Ltd, Agile Nobel, Inc., Tata ChemicalsLtd., Oriental Silicas Corporation, Brisil, Solvay S.A., PPG Industries, W. R.Grace & Co., and Evonik Industries AG.
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