The growing consumption from various end-use industries is driving the demand for the NanoSilica market.
NanoSilica Market Size – USD 3.32 Billion in 2019, Growth - CAGR of 7.5%, Trends – High demand from developing nations.
The global NanoSilica Market is forecasted to reach USD 5.95 Billion by 2027, according to a new report by Reports and Data. Increasing demand for the product from various end-use industries is driving the market growth. The rubber industry finds extensive uses for NanoSilica as the product finds many applications in the automotive industry. NanoSilica also finds applications in other industries, such as concrete, electronics, plastics, agriculture, and battery, among others.
The market is growing due to the increasing awareness regarding the environment, which is leading to higher consumption of biodegradable products. Renewable feedstock provides cost reduction opportunities and higher penetration in regulated markets to the manufacturers. The NanoSilica market is witnessing a higher product demand due to the increasing investments in research and development. Heavily regulated regions, such as Asia-Pacific and North America, are continuously investing in innovations of the product.
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Top Companies: Bee Chems, Dow Corning Corporation, Wacker Chemie AG, Fuso Chemical Co. Ltd, Nanostructured and Amorphous Materials, Inc. (NanoAmor), NanoPore Incorporated, Cabot Corporation, AkzoNobel N.V., I. du Pont de Nemours and Company, and Evonik Industries, among others.
Further Key Finding from the Report Suggestion:
- The Offline segment is forecasted to grow at a CAGR of 7.1% in the forecast period. This is primarily due to consumers wanting to physically examine the product before purchasing to make sure it fits their requirements.
- S-type NanoSilica occupied 43.1% of the market share in 2019. This is attributed to the high growth rate from the developing countries. Also, the growing use of the product in the healthcare and medicine industry due to its biocompatibility properties drives the demand of the segment.
- In terms of Application, concrete is forecasted to grow at a CAGR of 6.9%. NanoSilica is mixed with concrete as it results in the increase of tensile, flexural, and compressive strength of concrete. Also, concrete mixed with NanoSilica sets early.
- The Middle East and Africa occupied 9.2% of the market share in 2019. This is due to the growth of various end-use industries, such as electronics, plastics, and automotive in the region. The growth of these industries leads to increased consumption of NanoSilica, thus driving the market demand for the product.
- China is the consumer of NanoSilica owing to the growing industrial activities in the region. Moreover, a large number of end-use industries are present in the region, which is propelling the growth of the market.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global NanoSilica Market is segmented into:
Product Outlook (Revenue, USD Billion; 2017-2027)
- P Type
- S Type
- Type III
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Offline Stores
- Online Stores
Application Outlook (Revenue, USD Billion; 2017-2027)
- Healthcare and Medicine
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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