- Increasing use of mica in medical and electronics industries is likely to fuel the growth of the global mica market over the forecast period
ALBANY, N.Y., March 14, 2022 (GLOBE NEWSWIRE) -- The global mica market stood at US$ 576.1 Mn in 2020. The global market is estimated to rise at a CAGR of 2.90% during the forecast period, from 2021 to 2031. The global mica market is anticipated to attain valuation of US$ 789 Mn by 2031. In order to establish new revenue streams, market participants are broadening their manufacturing capabilities in applications, such as plastics, construction, and cosmetics. Mica is becoming increasingly used as a pigment extender in paints and coatings. It aids in the suspension of paints and coatings, as well as in reducing of chalking and avoidance of shrinkage. Mica also functions as a filler and extender, resulting in smooth consistency and better workability of the compound. Furthermore, it has a high resistance to breaking.
Mica is used in a wide range of sectors, including rubber, electronics, plastics, construction, cosmetics, paints, and coatings. The electronics industry is responsible for a large share of the overall market revenue, and applications are likely to be the main driver of growth for the global mica market.
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Key Findings of Market Report
- Mica aids in the improvement of paint film resistance. The global mica market is now undergoing a phase of rapid expansion and demand. Another important factor driving the global market is the increasing the use of mica in a wide range of applications such as paints, coatings, and electronics.
- People who are accustomed to watching and working with a wide range of electronics as well as electric equipment on a regular basis for an unlimited set of applications are on the rise. This means that the electronics business is anticipated to develop rapidly over the next few years. This trend is expected to contribute to the establishment of sustainable growth possibilities for the global mica market.
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- In 2020, Asia Pacific led the global mica market, contributing to about 40% of total global sales. Expanding need for mica in various businesses such as construction, paints, coatings, and electronics has been the driving force behind the region's significant use of mica in the recent years. In the year 2020, China was one of the world's largest exporters as well as producers of mica. In the next few years, countries such as China, Japan, and India are likely to create significant growth prospects for the mica market in Asia Pacific.
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Global Mica Market: Growth Drivers
- Increased urbanization, penchant for a variety of culinary lifestyles, and rising consumer disposable income have led to the expansion of numerous end markets, leading in increased mica demand
- In the global mica market in 2020, Europe trailed Asia Pacific in terms of mica consumption. Over the period from 2021 to 2031, the regional mica market is expected to develop at a modest rate.
Global Mica Market: Key Players
Some of the key market players are
- Santa Fe Gold Corporation
- Asheville-Schoonmaker Mica Company
- Gunpatroy Pvt. Ltd.
- The Premier Mica Company
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Global Mica Market: Segmentation
Form Type
- Natural
- Synthetic
Grade
- Ground Mica
- Sheet Mica
- Built-up Mica
End Use
- Paints & Coatings
- Electronics
- Construction
- Cosmetics
- Others
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