Consumer Demand Rise for Green Tires
The automotive sector across the world, particularly in the Asia Pacific region, has experienced considerable growth over the past few years. Although the sales of automotive vehicles are likely to oscillate in North America and Europe, owing to the evolving market landscape and stringent environment safety guidelines, the precipitated silica market in the Asia Pacific region is expected to provide fertile grounds for expansion of the automotive sector. The growth of the automotive sector across the world is projected to provide an impetus for growth of the precipitated silica market, as the demand continues to move in the upward trajectory. The adoption of precipitated silica to manufacture rubber tires is a major factor that is likely to drive the precipitated silica market during the forecast period.
The consistent demand for precipitated silica from the rubber industry to manufacture silicone rubber, industrial rubber, footwear, etc., is a leading factor that is likely to propel the precipitated silica market. While market players are expected to tap into opportunities in the different end-use sectors, mergers & acquisitions, along with optimizing the production chain are anticipated to remain the primary focus for market participants. Due to continual pressure by regulatory bodies to enhance environmental safety, the demand for green tires is growing at a noteworthy pace, which in turn is expected to accelerate the market in the upcoming years. At the back of these factors, the global precipitated silica market is expected to attain a market value of ~US$ 5 Bn by the end of 2027.
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Advancements in Rubber Chemistry and Technology to Accelerate Demand for Precipitated Silica Market
Over the past decade, owing to notable advancements in rubber chemistry and technology, a broad range of inorganic fillers is increasingly being manufactured. Precipitated calcium carbonates, clay, and precipitated silica have garnered significant popularity and are primarily being used in rubber and automotive sectors. In recent years, the production of environment-friendly and low-pollution tires that are also known as green tires has increased at a consistent pace due to which, carbon black is gradually being replaced by high-dispersion precipitated silica– a trend that is set to continue during the forecast period, as the demand for precipitated silica is on the rise. Several tire companies are gradually leaning toward the use of precipitated silica to launch of new variations of green tires.
As more number of consumers continue to demand green tires worldwide, owing to the safety, comfort, energy saving, and environmental protection properties, the precipitated silica market is also expected to witness considerable growth. In addition, as automotive companies are largely focused on catering to fulfilling requirements, including rolling resistance and wet traction particularly in the passenger car segment across the European Union, the demand for precipitated silica to manufacture green tires is expected to reach new frontiers during the forecast period.
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Companies Focus on Expanding Production, Enhancing Market Presence via Inorganic Strategies
Within the current precipitated silica market, market players are increasingly focusing on strengthening their foothold in the domestic as well as the international market through inorganic growth strategies. However, a number of tier-one companies is expected to expand their production capacities to cater to the surge in demand from various end-use industries. For instance, in December 2019, collaboration between the Chinese company Wynka and Evonik reached a new milestone when an announcement was made that revealed the construction of a new silica plant, which is scheduled to be completed by 2021. The new plant is expected to produce fumed silica to cater to the growing demand for coatings, paints, silicones, gel batteries, and adhesives in China.
In July 2018, the CIECH Group announced that the company is likely to increase its production capacity of sodium silicate– a key material that is used to produce precipitated silica.
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Sales Likely to Drop amidst COVID-19 Pandemic; Market Players to Address Supply Chain Challenges
The advent of the novel COVID-19 pandemic has strongly impacted the growth of an array of industrial sectors. As governments across the world continue to combat the virus, trade activities, logistics restrictions, and other guidelines are some of the factors that are expected to affect the supply of precipitated silica in 2020. In addition, as the demand for precipitated silica from end-use sectors is projected to decline particularly in 2020. Due to the COVID-19 pandemic, companies operating in the current precipitated silica market landscape are expected to evaluate their potential growth strategies and focus on optimizing their production operations. While addressing the supply side challenges in the short-term is likely to remain the key area of focus, companies are anticipated to identify various pockets of opportunities in other industrial sectors to minimize losses.
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