February 23, 2022 05:47 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Fumed Silica Market finds that rising demand from end-use industries is expediting market growth. The market growth is attributed to increasing demand for Fumed Silica from, pharmaceutical industry, automotive, as well as building & construction industries. Total Global Fumed Silica Market is estimated to reach USD 1.8 Billion by 2028.
The market stood at a revenue of USD 1.2 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 5.1%.
Furthermore, development of the electrical & electronics industry, as well as personal care & beauty, food & beverage industries is projected to augment the growth of the Global Fumed Silica Market, states Vantage Market Research, in a report, titled “Fumed Silica Market by Type (Hydrophilic, Hydrophobic), by Application (Silicone Rubber, Plastics and Composites (Unsaturated Polyester Resin), Food and Beverages, Paints and Coatings (Including Inks)), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Demand in Pharmaceutical and Automotive Industry
On account of increasing transportation and logistics activities, increasing awareness about shared connectivity and mobility, and rising demand for fully autonomous cars, automatic parking, inclination toward comfort and safety features, surging sales of ultra-luxurious vehicles, and technological advancements are driving demand for the new construction and automotive vehicles. Thus, is increasing the demand for Fumed Silica, consequently, driving the market growth.
The production of the tablets and capsules are challenging. However, Fumed Silica have made it easier by improving the property. Fumed Silica has application as adsorbent, disintegrates, anticaking agents, and glidants to allow powder to flow freely when tablets are processed. Thus, owing to its superior attributes the demand for Fumed Silica is increasing in pharmaceutical industry. Hence, further propelling the market growth.
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During last few decades, the demand for the environment friendly alternatives has increased. The government follows different initiative to support the construction activity. The government has also started spreading awareness about benefits of solar energy. For instance, in June 2017, the Indian state government offers 50% of subsidy for installation of solar rooftops in household, whereas 10% subsidy to industry. The government provides the subsidy to encourage the installation of solar roof tops for consumers, household, and for the industries. Due to the Feed-In Tariff schemes in U.K, the solar panels become more accessible to the users. In Feed-In Tariff scheme, those who generates electricity through solar panels or wind turbines receives a certain amount for each unit (kilowatt per hour) they produce. Based on the size of system and type of technology the amount varies. The government is playing a major role in promoting the adoption of renewable energy resources by providing the incentives to the industries. Continuously increasing government support have increased the construction activity which has boosted the demand for the Fumed Silica Market. Thus, propelling the market growth.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Fumed Silica Market highlights:
Asia Pacific Dominates the Global Fumed Silica Market
Asia Pacific dominates the Global Fumed Silica Market owing to the huge production base, presence of major manufacturing companies and availability of huge raw material. COVID has vastly disrupted the automotive and its associated sector, taking the market growth to a negative level. Japanese car makers Toyota, Nissan and Honda suspended production at several plants in Europe to tackle coronavirus, thereby resulting in a huge loss both in terms of economy and skilled work force. In 2020, disturbance in the supply and demand have affected the growth of the market. However, in near future, the market will gain its original traction.
List of Prominent Players in Fumed Silica Market:
Browse market data Tables and Figures spread through 188 Pages and in-depth TOC on "Fumed Silica Market by Type (Hydrophilic, Hydrophobic), by Application (Silicone Rubber, Plastics and Composites (Unsaturated Polyester Resin), Food and Beverages, Paints and Coatings (Including Inks)), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/fumed-silica-market-226332
Key questions answered in the report:
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This market titled “Fumed Silica Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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