NEWARK, Del, Jan. 03, 2024 (GLOBE NEWSWIRE) -- It is projected that the value of the world mica market would rise from US$ 546.3 million in 2023 to US$ 874.8 million by 2033. It is anticipated that the demand for mica would rise globally at a compound annual growth rate (CAGR) of 4.8% between 2023 and 2033.
Natural mica demand is increasing as a result of its easy available in the market. It is renowned for its purity and diverse applications in several industries globally.
Natural mica is the most demanding form of mica in the market. Natural mica's increasing demand stems from its versatility and eco-friendly nature. Widely sought after for its unique properties, it caters to several industries, including cosmetics, electronics, and construction, fostering sustained growth.
Ground mica, encompassing scraps, powder, and flakes, is abundant and finds versatile applications across industries. Its demand is attributed to its unique properties, including its ability to enhance texture, provide insulation in electronics, add shimmer in cosmetics, and fortify durability in paints.
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Ground mica is expected to be in high demand across diverse sectors, such as paints & coatings, electronics, cosmetics, and construction. Its increasing use is set to make it indispensable for multiple industrial processes and end-use applications.
In the electronics sector, mica stands as a prominent product, ensuring crucial attributes such as insulation, thermal stability, and reliability. It is used in capacitors, insulators, and semiconductor devices.
Mica supports the seamless functioning of diverse electronic components and devices. Its inherent properties play a pivotal role in maintaining the integrity and efficiency of electronic systems, contributing significantly to the advancement of modern technology.
The cosmetics industry is anticipated to register a greater growth rate compared to other end-use industries. The properties of mica, such as light-reflecting qualities, are expected to drive its demand.
Mica also enhances the visual appeal of makeup. Its versatility enables formulations that balance aesthetics with skin-friendly attributes.
As a key ingredient, mica contributes to the creation of makeup products that not only elevate beauty standards but also prioritize the well-being of the skin. It is projected to help in reflecting the evolving demands of the cosmetics market.
Manufacturers are investing in supply chain transparency, aligning with responsible sourcing practices to meet evolving consumer expectations. Technology adoption in processing and extraction methods remains a priority, emphasizing efficiency, quality, and environmental considerations.
The industry players are aware of the need for ethical business practices. They are proactively working toward fostering a socially responsible and environmentally sustainable mica market.
Key Takeaways from the Report-
- The global market for mica is projected to thrive at a 4.8% CAGR through 2033.
- By form type, the natural mica segment is expected to total a valuation of US$ 744.1 million by 2033.
- By grade, the ground mica segment is expected to total a valuation of US$ 422.7 million by 2033.
- By end-use, the electronics segment is set to hold a market share of 27.0% in 2023.
- East Asia is expected to account for a significant share of about 26.3% in 2033.
- China’s industry value is anticipated to reach US$ 158.9 million by 2033.
- The United States is projected to attain a valuation of US$ 96.4 million by 2033.
- Demand in India is predicted to rise at a 5.9% CAGR through 2033.
“The mica market is poised to witness healthy growth due to the escalating demand for natural mica, expanding industrial sectors, and growing end-use industries. Robust growth in demand from a wide spectrum of applications is the key factor propelling the sales and revenue of the global market. Strategic acquisitions and investments in research & development are also expected to push the market,” remarks Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Mica Market Size:
| Attribute | Details | ||
| Estimated Market Size (2023) | US$ 546.3 million | ||
| Projected Market Size (2033) | US$ 874.8 million | ||
| Anticipated Growth Rate (2023 to 2033) | 4.8% | ||
| Historical Data | 2018 to 2022 | ||
| Forecast Period | 2023 to 2033 | ||
| Quantitative Units | Value (US$ million) and Volume (metric tons) | ||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | ||
| Market Segments Covered |
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| Regions Covered |
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| Key Countries Covered |
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| Key Companies Profiled |
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Competitive Landscape
Key players are focusing on the expansion of domestic production and technology areas of mica to provide cost-efficient solutions to consumers. They are also investing in developing new products. At the same time, they are innovating the existing products to meet end-user demand.
Recent Developments-
- In January 2023, Global New Material International acquired CQV to augment penetration in the global market. The company produces synthetic mica powder.
- In January 2023, in India, Jharkhand’s Chief Minister Hemant Soren took a step to revive the mica mining industry by flagging off vehicles to resume the mica scrap dumping yard at Koderma district.
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Mica Market Outlook by Category:
By Form Type:
- Natural
- Synthetic
By Grade:
- Ground Mica
- Sheet Mica
- Built-up Micaa
By End-use:
- Paints & Coatings
- Electronics
- Construction
- Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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