TAGS: Polymer Reinforcement
The global nanosilica market is expected to reach a value of ~US$ 55 Bn by 2030, expanding at a CAGR of ~7% during the forecast period. Increase in the demand for nanosilica for use in various applications is a key factor driving the global nanosilica market. Additionally, growth in the adoption of nanotechnology across the globe is expected to fuel the global market during the forecast period.
Key Drivers of Nanosilica Market
The global nanosilica market is primarily driven by increasing use of nanosilica in paints and coatings and construction applications. The demand for nanocoatings in aviation, automobile, and medical applications is estimated to increase in the near future. This, in turn, is projected to fuel the demand for nanosilica during the forecast period.
Nanosilica: Market Segmentation
P-Type emerged as the leading product segment of the global nanosilica market in 2019. Increasing demand from the concrete industry led by growth of the construction sector, including residential and commercial buildings, is projected to propel the segment during the forecast period. The growing construction sector, particularly in Asia Pacific and North America, is projected to be a key factor driving the demand for P-type nanosilica during the forecast period.
Due to its property of dispersion, S-type nanosilica can be used as a filler material in several applications including electronics, coatings, and varnishes. Rubber & plastic additives emerged as the leading application segment, in terms of both volume and revenue, in 2019. Nanosilica is used as an additive in various types of rubbers such as natural rubber, ethylene propylene diene monomer (EPDM), styrene–butadiene rubber (SBR), ethylene acrylic rubber, nitrile butadiene rubber (NBR), and silicone rubber. It is extensively utilized as a
reinforcing agent to enhance the mechanical strength of vulcanized rubber.
Asia Pacific Holds a Prominent Share of Nanosilica Market
In terms of volume, Asia Pacific accounted for a leading share of the global nanosilica market in 2019, due to rise in investments by governments of China, India, and Thailand in the construction sector. Europe held a considerable share of the global nanosilica market in 2019. Europe also has a strong industry for rigid packaging.
Several countries in the region are witnessing high per capita consumption of packaged products. In North America, increasing adoption of the next-generation technology, such as nanotechnology, may lead to increased production and use of nanosilica in various end-use industries. Growth of rubber & plastic additives, automotive, and construction industries in the region is boosting the demand for nanosilica in North America.
Source: TMR