According to the report, the global nano silica industry was estimated at $3.6 billion in 2020, and is anticipated to hit $6.4 billion by 2030, registering a CAGR of 6.0% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in use of nano silica as an additive in concrete mixture and growing usage of the property in the electrical industry drive the global nano silica market. On the other hand, toxicity of silica fumes impedes the growth to some extent. However, surge in application nano silica in RNA/DNA delivery systems in the development of vaccines is expected to create lucrative opportunities in the industry.
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- The outbreak of the pandemic gave way to distorted supply chain, closure of factories, and suspension of trade activities across the world, which in turn impacted the global nano silica market negatively, especially during the initial phase.
- However, as the global scenario is getting better, the market is anticipated to revive soon.
The P-type segment to retain the lion’s share-
On the basis of product, the P-type segment held the major share in 2020, garnering nearly half of the global nano silica market. This is attributed to the fact that P-type nano silica is an excellent admixture for concrete as it leads to better engineering properties. The S-type segment, on the other hand, is expected to register the fastest CAGR of 6.3% throughout the forecast period, due to its increasing usage in various applications.
The rubber segment to dominate by 2030-
On the basis of application, the rubber segment contributed to the lion’s share in 2020, holding nearly one-third of the global nano silica market, due to the fact that nano silica is used to increase the mechanical strength of vulcanized rubber by acting as a reinforcing agent. However, the coatings segment is projected to manifest the fastest CAGR of 7.2% from 2021 to 2030, due to rising construction & infrastructure activities and growing public-private partnership (PPP) projects in the domestic construction sector across the world.
Asia-Pacific, followed by North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering nearly half of the global nano silica market. Simultaneously, the same region is also expected to cite the fastest CAGR of 6.5% throughout the forecast period. This is because rapid urbanization has led to surge in building and construction activities across the developing countries such as China and India.
Key players in the industry-
- Akzonobel N.V.
- I. DU Pont De Nemours and Company
- Fuso Chemical Co. Ltd.
- Cabot Corporation
- Nanopore Incorporated
- Dow Corning Corporation
- Nanostructured & Amorphous Materials, Inc. (NANOAMOR)
- Evonik Industries
- Wacker Chemie AG
- Bee Chems
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