The market for Nanosilica is expected to grow at a CAGR of over 7% during the forecast period. Major factors driving the market studied are increasing demand of nanosilica in rubber industry and rising demand from coatings segment. On the flipside, high cost involved in buying the equipment used for producing nanosilica and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for nano-fertilizers in agriculture sector is expected to offer various lucrative opportunities for the growth of market.
- By application, rubber segment is expected to dominate the market owing to the increase in the usage of nanosilica as an additive in rubber industry.
- Asia-Pacific region dominated the nanosilica market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Rubber Industry
- Nanosilica, also known as silicon dioxide nanoparticles or silica nanoparticles, is the compound of silicon which is the second most abundant element in the earth’s crust.
- The growing usage of nanosilica as an additive in various type of rubbers including natural rubber, styrene butadiene rubber (SBR), nitrile rubber (NBR), ethylene propylene diene monomer (EPDM), ethylene acrylic rubber (AEM), and silicone rubber is increasing the demand of nanosilica and thus, propelling its market.
- Nanosilica is used to increase the mechanical strength of vulcanized rubber by acting as a reinforcing agent. Also, the tensile strength of natural rubber can be increased to 14 MPa from 0.35 MPa by using nanosilica. Owing to these factors, the demand of nanosilica has been increasing which is boosting its market.
- The global synthetic rubber market is anticipated to register a CAGR of over 5% during the forecast period. This is expected to increase the demand of nanosilica and stimulate its market during the forecast period.
- Owing to all the above-mentioned factors for nanosilica, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for nanosilica during the forecast period. In countries like China and India, owing to increasing demand from end-user industries such as rubber, coatings, electronics, healthcare, and agriculture, the demand for nanosilica has been increasing in the region.
- Nanosilica is used in rubber industry to improve the mechanical properties of rubber such as anti-friction, anti-ageing, durability, and toughness. Owing to this the demand for nanosilica in rubber industry is increasing in the region.
- Coatings segment is second largest segment after the rubber application segment. Nanosilica is widely used in the super hydrophobic coatings, owing to which its demand is increasing in the coatings segment.
- Additionally, nanosilica is used in nano-fertilizers to help in improving the use of nutrients efficiently, reducing environmental impact, and boosting plant productivity. The growing awareness among farmers for using nano-fertilizers to increase crop yield, minimize fertilizer wastage, and reduce cultivation costs is expected to boost the demand of nanosilica in agriculture sector during the forecast period.
- The Asia-Pacific coatings market is expected to register a CAGR of over 5% during the forecast period and would reach USD 106 billion by 2025. This would create lucrative opportunities for the nanosilica market to grow during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - FUSO CHEMICAL CO., LTD., and Cabot Corporation.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for nanosilica during the forecast period.
The nanosilica market is consolidated with top players accounting for a major share of the market. Some of the major companies in the market include Evonik Industries AG, Cabot Corporation., nanoComposix, NanoPore Incorporated, and FUSO CHEMICAL CO., LTD.
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