Demand for colloidal silica for use in consumer goods, construction, and automotive sectors has been largely curtailed. Steady sales growth projected post the crisis.
DUBAI, UAE / ACCESSWIRE / May 12, 2020 / As the demand for colloidal silica in semiconductor and electronics applications goes down due to current pandemic restrictions on non-essential industries, the global colloidal silica market would witness a moderate CAGR through 2030. On the other hand, the growing prospects of using colloidal silica as a chemical excipient in pharma products will contribute to market growth, partially mitigating losses during the crisis period as projected by a new study of Future Market Insights (FMI). Sustained adoption by construction and electronics industries continue to predominantly drive colloidal silica sales, says the report.
“Colloidal silica is gaining importance as a chemical excipient in the pharma sector for paracetamol and animal medicines. Players target pharmaceutical applications for outsized returns, mitigating some of the losses from other sectors during the COVID-19 pandemic,” says the FMI study.
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Colloidal Silica Market- Key Takeaways
- The acidic form of colloidal silica will continue to remain highly sought-after post crisis owing to semiconductor and electronics applications.
- The alkaline segment is expected to pick up pace than other colloidal silica products, driven by product innovations in the construction sector.
- Consumer electronics applications are anticipated to experience a boom during the forecast period, while paint and coating uses will gain ground.
- North America and Europe are the leading regional markets driven by high consumption rates from regional manufacturing sectors. On the other hand, East Asia will gain importance in terms of value creation.
Colloidal Silica Market- Key Driving Factors
- High demand for colloidal silica from a thriving consumer electronics sector is a key factor driving the demand for colloidal silica.
- Strict regulations associated with environment conservation in the paints and coatings sector, is favorable for adoption of colloidal silica.
- New remunerative opportunities for colloidal silica have arisen in the chemical, and pulp & paper industries.
Colloidal Silica Market- Key Restraints
- The issue of temperature sensitivity associated with colloidal silica formulations remain a key obstacle for producers in the industry.
- Colloidal silica is tough to separate with conventional filtration equipment, owing to its un-ionized nature, creating issues of fouling, limiting scope of applications.
COVID-19 Impact on Colloidal Silica Market
The semiconductor and electronics industry continues as the primary source of revenue in the colloidal silica market. On the other hand, the COVID-19 outbreak is having a significant impact on the global supply chain. Restrictions on transport and logistics, and investor uncertainties are expected to become obstacles to market players in the short term. As non-essential industries continue to be shut down in many parts of the world, problems with raw material supplies, and sales of colloidal silica remain uncertain.
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Major players are seeking regional expansion in addition to strategic investments in expansion of production capacities and research and development activities to bolster revenues. Key players that influence the colloidal silica market are, but not limited to, The Dow Chemical Company, Nouryon Holding BV, Merck Global, Evonik Industries AG, Ecolab Inc., Cabot Corporation, and W.R. Grace & Co.
About the Report
This study offers readers a comprehensive market forecast of the colloidal silica market. Global, regional and country-level analysis of the latest industry trends impacting the colloidal silica market is covered in this Future Market Insight (FMI) study. The report offers compelling insights on colloidal silica market on the basis of product type (alkaline colloidal silica, acidic colloidal silica, modified colloidal silica, and ordinary colloidal silica), and application (pulp & paper, metals & metallurgy, electronics & semiconductors, chemicals, paints & coatings, building & construction, and textiles & fabrics), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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SOURCE: Future Market Insights
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