Paraffin Wax Market In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2029

Global precipitated silica market revenues will reach US$ 5.9 Bn by 2029 supported by a staggering growth rate of over 9% between 2019 and 2029. Market players are focusing on capacity expansion and product innovation to exploit the versatility of precipitated silica (SiO2). Developing regions of the world are expected to lead demand generation by the end of forecast period.

Precipitated silica is witnessing increased traction from various end-use industries such as automobiles, cosmetics, construction, electronics, and agriculture. Investment in infrastructure, coupled with increasing disposable income will further the demand of precipitated silica used in manufacturing paints, coatings, cosmetics, and oral care products.

Capacity Expansion Becomes a Top Priority

Competitive landscape of precipitated silica market is fragmented. Major players in the global precipitated silica market are Evonik Industries AG, PPG Industries Inc., W.R. Grace & Co., Tosoh Silica Corporation, Solvay SA, Huber Engineered Materials, and Oriental Silica Corporation. Manufacturer initiatives emphasize the importance of product innovation, capacity expansion, and strategic partnerships.

In Aug, 2019, Evonik Industries AG released a new precipitated silica variant specifically for whitening toothpastes, which was later patented by the organization. In Sept 2019, PPG Industries Inc. presented its product portfolio of PPG AGILON® performance silica at International Elastomer Conference along with a research paper on “Silica Development for Sidewall Compounds”.

Key Takeaways of Precipitated Silica Market Study

  • Cosmetics lead end-use industries in terms of demand generation with a market share of more than 21%.
  • Electronic end-uses present the most lucrative growth opportunities with a growth-wise market share of more than 19% during the forecast period.
  • Rubber will lead segmentation based on application type, on the back of surging demand for green tires from the automotive industry.
  • Precipitated silica products have found immense utilization in personal care, particularly in oral care products that treat tooth sensitivity. This segment is expected to provide remunerative opportunities.
  • North America is leading with a market share of more than 29% followed by Latin America which garners a market share of 23%.
  • Japan proves to be the future frontier for precipitated silica manufacturers with an astounding growth rate of more than 13% throughout the forecast period.

Rubber Industry to Increase Market Demand

Propelling mass-adoption of precipitated silica, the rubber industry will influence growth trends during the forecast period. This is attributed to beneficial applications of precipitated silica in increasing road grip and reducing rolling friction. Promoting fuel efficiency, precipitated silica induced tires are referred to as green tires. Green tires have garnered increasing traction on the back of eco-friendly production trends in automotive industry. Consumer trends such as increase in disposable income and awareness of skin friendly cosmetics will generate demand from cosmetics end-use industry. Oral care is another lucrative opportunity that market players are capitalizing with the help of research and development in medical aplications.

Who is Winning?

The global precipitated silica market is fragmented. Major players in the market are investing in capacity expansion and innovative production processes. Important market players that shape the precipitated silica market are Evonik Industries AG, PPG Industries Inc., W.R. Grace & Co., Tosoh Silica Corporation, Solvay SA, Huber Engineered Materials, and Oriental Silica Corporation.

What does the future hold?

The future of precipitated silica is personal care. Recent development of patented precipitated silica for sensitive teeth points to this future. Soon, the market will witness a rise in personal and oral care products that employ precipitated silica for its advantageous properties. Research and development verticals in various organizations are studying the chemical properties of precipitated silica with a sharp focus on applications in personal care and cosmetics.

For More Info- https://www.futuremarketinsights.com/reports/paraffin-wax-market

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