New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Fumed Silica Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fumed Silica Market Information by Type, Application, and Region - Forecast till 2027”, the market is predicted to reach USD 1662.0 Million by 2027 at 6.8% CAGR
Market Scope:
Numerous industries have adopted fumed silica products in their diverse applications. The paint & coating industry has created processes aimed at leveraging the maximum potential out of it. The use of fumed silica ensures that the coatings retain the painted items' look and keep them free from rust and corrosion. The growth facets of the global fumed silica market have been augmented by the construction and automotive industries who have adopted these products for developing the production efficiency for the end-users.
Market Drivers:
The consumers of fumed silica are steadily growing their manufacturing potential to counter the rising call for end-products. Consequently, the fumed silica market potential is more advanced than before. In addition, the fumed silica products, though cost-effective, have a higher adaption rate that is raising its demand.
The fumed silica market is being motivated by the pharmaceutical business in the current years as they are expended to create the tablets. Thus, the pharmaceutical industry and allied companies are high growth factors for the global fumed silica market.
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Market Competitive Landscape:
The notable companies in the fumed silica market are:
- Dalian Fuchang Chemical Co. Ltd.
- Tokuyama Corporation
- PPG Industries, Inc.
- 3M
- Evonik Industries
- Wacker Chemie AG
- Cabot Corporation
- Power Chemical Corporation Ltd.
- Kemitura
- Dongyue Group Ltd.
COVID 19 Analysis
The fumed silica market usage and demands noted a significant downturn in the last quarter of 2019 and for most of 2020. Because of the automobile, construction, and other such pertinent industries who were the main consumers of the fumed silica products were encountering a sales crisis due to which their manufacturing pace was hampered. As a result, the fumed silica market took a downfall with decreased sales.
But with the COVID impact acquiring a slower turn now, the needs of the construction, automobile, and other such industries are now thriving. As a result, the demand sales had doubled compared to before since the 2020 impact on the global fumed silica market, with the manufacturing facilities working with advanced efficiencies. The important players have also enhanced their production infrastructure to guarantee that the supply is higher to meet the increasing demands of the fumed silica market.
Browse In-depth Market Research Report (139 Pages) on Fumed Silica: https://www.marketresearchfuture.com/reports/fumed-silica-market-4542
Market Segmentation
By type, the hydrophobic fumed silica is estimated to capture a greater share in the coming period.
Based on the application, the construction and the automobile sector are estimated at the forefront of market development in the forecast period.
Regional Insights
In the Asia Pacific region, China is one of the very profitable markets and has a major role in motivating the Asia Pacific region's fumed silica demand. The amplified usage of fumed silica in numerous end-use applications complements the development of the fumed silica market. Owing to the important industrial progress in China, the national market generated the prime revenue figures valued at USD 159 million while intensifying at 8.98% as of 2016. The North American regional market is the next principal fumed silica market, with one-fourth of the total market share. Huge purchase activities in the market are driving the evolution of the transportation sector among the important automotive giants who produce amplified demand. The European region's fumed silica market is another potential growth pocket. Russia was a prominent market in this region while increasing at the highest CAGR of 7.75% as of 2016.
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