The global colloidal silica market, valued at USD 726.5 million in 2021, is poised for substantial growth at a CAGR of 3.7 percent during the forecast period. This upward trajectory is driven by various factors, including its widespread adoption in critical industries like electronics, construction, pharmaceuticals, and more.
One of the primary drivers of the colloidal silica market is its increasing utilization in chemical mechanical planarization (CMP) slurries within the electronics and semiconductor sectors. Colloidal silica serves as an essential polishing agent, contributing to smoother and more efficient electronic component manufacturing.
Moreover, its versatile properties, including high pore permeability and large surface area, make it a valuable component in industries such as textiles, ceramics, foundries, papermaking, coatings, and refractory materials. In personal care products, colloidal silica acts as a rheological additive, regulating flowability.
The ongoing focus on research and development by market players to create innovative colloidal silica filler products with adjustable chemical and physical properties is expected to drive market growth. As electronic products continue to gain widespread adoption globally, the demand for colloidal silica is on the rise.
The automotive industry is also contributing to this growth, with the use of colloidal silica in the production of tires, enabling smoother and more fuel-efficient rides. Innovative tires, like Nokian Tyres green Step concept tires, which contain a significant proportion of renewable and recycled materials, are contributing to the markets expansion.
In the pharmaceutical industry, colloidal silica liquid plays a crucial role in the manufacturing of various tablets, ensuring the stability of sensitive active pharmaceutical ingredients (APIs). It serves as an absorbent, anti-caking agent, disintegrant, and glidant, facilitating the seamless flow of powders during the tablet manufacturing process.
However, the market has faced its share of challenges, particularly in the wake of the COVID-19 pandemic. The pandemic disrupted global supply chains and manufacturing schedules, impacting the colloidal silica industry, among others. Despite these challenges, the market is showing resilience and is expected to recover steadily.
Investment casting is a significant application for colloidal silica, and its growth is bolstered by innovations in this field. Additionally, the construction industry is witnessing increased use of colloidal silica in concrete and cement to enhance strength and durability. With the construction sectors growing focus on renewable energy infrastructure and green building practices, the demand for colloidal silica is expected to rise further.
Nevertheless, market players must contend with the volatility of raw material prices, which can impact growth. Fluctuations in raw material prices, coupled with disruptions caused by the pandemic, have posed challenges to market expansion.
Geographically, the Asia Pacific region is set to dominate the colloidal silica market, driven by increased end-use industries, particularly in China and India. These countries are experiencing significant growth in construction, manufacturing, and electronics sectors, contributing to the rising demand for colloidal silica.
Key players in the global colloidal silica market include Akzo Nobel N.V (Nouryon Holding BV), Merck KGaA, ADEKA Corporation, Allied High Tech Products, Inc., Nissan Chemical Corporation, The Dow Chemical Company, Cabot Corporation, Evonik Industries AG, Fuso Chemical Co., Ltd., W. R. Grace & Co.-Conn, NYACOL Nano Technologies Inc., REMET, Ecolab Inc., Chemiewerk Bad Kostritz GmbH, Guangdong Well-Silicasol Co., Ltd., Qingdao Haiyang Chemical Co., Ltd., Jinan Yinfeng Silicon Products Co., Ltd., Sterling Chemicals, and Makall Group.
As the colloidal silica market continues to evolve and adapt to changing circumstances, it remains a critical component in various industries, driving innovation and progress.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/colloidal-silica-market
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COMTEX_442467018/2840/2023-10-26T02:15:47