March 23, 2022 09:23 ET | Source: Kenneth Research Kenneth Research
New York, New York, UNITED STATES
New York, March 23, 2022 (GLOBE NEWSWIRE) -- In recent years, several developed and developing countries worldwide have witnessed substantial growth in the household disposable income of individuals. According to the statistics by the Organisation for Economic Co-operation and Development (OECD), household disposable income in the United States, Switzerland, and Germany increased from USD 40621/capita, USD 35158/capita, and USD 30696/capita in the year 2010 respectively to USD 54854/capita, USD 43035/capita, and USD 42433/capita respectively in the year 2020. With the increasing disposable income of individuals globally, the demand for different types of electrical consumer goods has also soared massively. According to the statistics by the Consumer Technology Association (CTA), in the year 2019, smart home devices growth was estimated to be 17%, while that of smart speakers was expected to be more than 36 Million units. Additionally, 2.1 Million 5G-enabled smartphones were expected to be shipped in the same year. The statistics also stated that in the same year growth of 21% had been observed in the adoption of electronic devices in households.
Kenneth Research has recently released a report on “Global Colloidal Silica Market” which is studied for the forecast period, i.e., 2022-2031. The market research report includes a detailed analysis of the market dynamics, i.e., the growth drivers, recent market trends, latest opportunities, and the challenges associated with the market growth in the coming years. Additionally, a brief analysis of the product portfolio of the major players operating in the market is also studied in the report.
Consumer electronic product manufacturers around the globe are increasingly focusing on developing new products, backed by the increasing consumer spending on technology. By the end of 2024, it is anticipated that around USD 2 Trillion would be spent by consumers on electronics. Moreover, by the end of 2022, a total of around 2 Billion units in terms of device shipments of consumer electronics products are expected to get recorded. Different types of electronic products require different raw materials in their manufacturing processes. One such important component used in the manufacturing of these products is colloidal silica fillers. Colloidal silica solutions are used in chemical mechanical polishing (CMP) slurries as polishing agents in the electronics and semiconductor industry. On the other hand, hydrophobic colloidal silica is used increasingly in the automotive industry for the manufacturing of tires. The surge in the production and sales of vehicles worldwide, which in turn, raises the need for tires, is also expected to drive the demand for colloidal silica in the coming years. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total number of vehicles produced increased from 58374162 units in the year 2000 to 77621582 units in the year 2020. Moreover, according to the statistics by the International Trade Center (ITC), the value of imports of retreaded or used pneumatic tires made of rubber increased from USD 2446674 Thousands in the year 2016 to USD 2745589 Thousands in the year 2018.
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The global colloidal silica market generated a revenue of USD 1001.1 Million in the year 2021 and is further expected to touch USD 1558.8 Million by the end of 2031, by growing with a CAGR of 4.5% during the forecast period. The growth of the market can also be attributed to the increasing use of colloidal silica solutions in water-based paints and coatings in the form of solvents, backed by the growing demand for advanced paints and coatings worldwide. In the other statistics by the ITC, the value of exports of paints and varnishes globally increased from USD 3099578 Thousands in the year 2015 to USD 3774125 Thousands in the year 2020. Besides this, the market growth can also be attributed to the growing use of the chemical compound as an active pharmaceutical ingredient for the manufacturing of pharmaceutical products in the pharmaceutical industry, and for its wide application in manufacturing cosmetic products.
The global colloidal silica market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the market in these regions, the market in the Asia Pacific registered the largest revenue of USD 411.0 Million in the year 2021 and is further expected to touch USD 674.2 Million by the end of 2031. The market in the region is also anticipated to grow with the highest CAGR of 5.1% during the forecast period. One of the major factors anticipated to drive the growth of the market is the rapid expansion of the electronics and semiconductor industry in nations such as China and India. In addition to this, the increasing demand for consumer electronics products in the region is also anticipated to contribute to market growth. For instance, according to the Retailers Association of India (RAI), during the third quarter of FY21, the sales of consumer electronics and appliances in India increased by 23.5% as compared with the same period in the last fiscal year. On the other hand, China generated the largest revenue from consumer electronics from all the other countries worldwide and is expected to witness a revenue of close to USD 260 Million by the end of 2025, up from around USD 210 Million in the year 2015. The market in the region is further segmented by country into China, Japan, India, South Korea, Australia, Singapore, and the Rest of Asia Pacific. Among the market in these countries, the market in China generated the largest revenue of USD 212.1 Million in the year 2021 and is further expected to grow with a CAGR of 4.8% during the forecast period. The market in the nation is further anticipated to touch the largest revenue of USD 339.1 Million by the end of 2031. Moreover, the market in India is projected to grow with the highest CAGR of 6.0% during the forecast period.
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On the other hand, the colloidal silica market in Europe generated the second-largest revenue of USD 265.8 Million in the year 2021 and is further expected to reach USD 404.4 Million by the end of 2031. The market in the region is further segmented by country into Germany, France, United Kingdom, Italy, Spain, Russia, Netherlands, and the Rest of Europe. Among the market in these countries, the market in Germany is anticipated to generate the largest revenue of USD 108.0 Million by the end of 2031, up from a revenue of USD 72.8 Million in the year 2021. Further, the market in the Netherlands is anticipated to grow with the highest CAGR of 5.5% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global colloidal silica market is segmented on the basis of type into alkaline, acidic, modified, and ordinary colloidal silica. Among these segments, the alkaline colloidal silica segment registered the largest revenue of USD 430.4 Million in the year 2021 and is further expected to touch USD 658.8 Million by the end of 2031. In the Asia Pacific, the segment is anticipated to touch the largest revenue of USD 283.8 Million by the end of 2031, up from a revenue of USD 176.1 Million in the year 2021, while that in Europe, the segment is predicted to grow with a CAGR of 4.1% during the forecast period.
The global colloidal silica market is also segmented on the basis of end-use application into electronics & semiconductors, paints & coating, investment casting, building & construction, pulp & paper, metals & metallurgy, textile & fabrics, and others. Among these segments, the investment casting segment is anticipated to garner the second-largest revenue of USD 311.2 Million by the end of 2031, up from a revenue of USD 198.5 Million in the year 2021. In the Asia Pacific, the segment registered the second-largest revenue of USD 81.2 Million in the year 2021, and is further projected to touch USD 134.2 Million by the end of 2031. On the other hand, in North America, the textile & fabrics segment is anticipated to grow with the highest CAGR of 5.0% during the forecast period.
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Some of the prominent industry leaders in the global colloidal silica market that are included in our report are Evonik Industries AG, FUSO CHEMICAL CO., LTD., Nissan Chemical Corporation, Nouryon Chemicals Holding B.V., PPG Industries, Inc., Cabot Corporation, Ecolab Inc., W.R. Grace & Co., Merck KGaA, The Dow Chemical Company, ADEKA CORPORATION, Sterling Chemicals, Zhejiang Yuda Chemical Co., Ltd., and others.
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