The Fumed Silica Market size is projected to grow from USD 1.3 billion in 2021 to reach USD 1.6 billion by 2026, at a CAGR of 5.1% during the forecast period. The fumed silica market is expected to witness significant growth in the coming years due to its increased demand across the building & construction, electrical & electronics, automotive & transportation, personal care & beauty, food & beverage, and pharmaceutical industries.
Building & construction dominated the fumed silica market in 2020, in terms of value and volume.
The building & construction end-use industry accounted for the largest share for fumed silica in 2020, in terms of value and volume. Increasing construction activities, coupled with rapid urbanization and industrialization in emerging economies, are leading to the rise in demand for fumed silica in the building & construction industry.
The APAC region is projected to account for the largest share in the fumed silica market during the forecast period.
The APAC region is projected to lead the fumed silica market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. According to the IMF, China and India are among the fastest-growing economies globally. India is expected to overtake China with the highest growth rate, thus driving the global economy. The rising disposable income of people, shifting of manufacturing facilities from developed regions, such as North America and Europe, and rapidly growing industrial sectors are expected to drive the market in APAC.
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Evonik Industries (Germany), Cabot Corporation (US), Wacker Chemie AG (Germany), Tokuyama Corporation (Japan), and Applied Material Solutions Inc. (US), amongst others, are the key players operating in the fumed silica market.
Recent Developments:
In November 2020, Cabot Corporation announced the launch of PLASBLAK XP6801D black masterbatch, a unique Styrene Acrylonitrile (SAN)-based formulation that meets the needs of the styrenics market without the usual trade-off between color and mechanical properties. PLASBLAK XP6801D black masterbatch enables excellent color performance, mechanical properties, and UV resistance at a lower masterbatch concentration.
In October 2019, Wacker Chemie AG expanded the production facility of fumed silica with the inauguration of new facility in Charleston. The facility has an annual capacity of 13,000 metric tons for its HDK brand.
In June 2019, Evonik expanded its fumed silica production with its new plant complex in Antwerp. With this capacity expansion, the company is now able to cater to the rising fumed silica demand under its brand—AEROSIL.
In February 2019, Wacker launched its new pyrogenic silica grade HDK H21 to be used as an additive for polar adhesive systems.
In August 2018, Evonik industries entered a joint venture with Wynca Group based in China. This joint venture is focused on catering to the increasing fumed silica demand globally. With this joint venture, Evonik expanded its AEROSIL production capacity while Wynca Group expanded its silicone product offerings.
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