World demand to rise 5.6% per annum through 2018
Global demand for specialty silicas — which include precipitated silica, silica gel, silica sol, and fumed silica — is forecast to grow 5.6 percent per year through 2018 to 2.9 million metric tons, valued at just under seven billion dollars. This will represent an acceleration from the pace of the 2008-2013 period, as improved manufacturing levels in a stronger economic environment support faster gains in the developed countries of North America and Western Europe. Growth in specialty silica demand in these regions will further benefit from increased use of silica in tire treads. Continued economic advances in developing countries such as China and India will also bolster gains in demand for specialty silicas.
Rubber to be fastest growing market
Rubber is the largest market for specialty silicas and is also expected to be the fastest growing through 2018. Tire rubber represents the largest portion of the rubber market, and represents the single largest application for specialty silicas worldwide. Usage of specialty silicas in this market has benefited from the rising adoption of green and high performance tire technologies, which use precipitated silica in tire treads to improve properties such as rolling resistance and traction. Several countries, including Japan, South Korea, and the EU, have introduced tire labeling regulations in recent years, inflating demand for silica in tires. Similar regulations could be adopted in the near future in countries such as Brazil and the US. As such regulations are implemented and consumer awareness of green tires grows, consumption of specialty silicas will rise in turn. Solid growth in demand for specialty silicas is also projected in the chemicals and industrial processing markets as manufacturing activity increases in a healthier economic climate.
Complete report is available @ http://www.rnrmarketresearch.com/world-specialty-silicas-to-2018-market-report.html .
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