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DUBLIN--(BUSINESS WIRE)--Sep 9, 2022--
The "Colloidal Silica Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
The colloidal silica market is projected to reach US$ 1,121.22 million by 2028 from US$ 757.80 million in 2021; it is expected to grow at a CAGR of 5.8% during 2021-2028.
Major market players are consistently working on developing specialized forms of colloidal silica to suit various applications. For instance, Evonik Silica offers a specifically granulated hydrophilic fumed silica called AEROPERL. The material has applications in thermal isolation.
The chemical's high purity and inert nature make it ideal for other applications, such as agriculture and catalysts. The material is also a good filler and carrier for personal care products. Key market players develop colloidal silica as per the requirement for tailored functionalities.
The most prominent trend in the colloidal silica market is the increasing efficiency in high demanding applications, including high value-added applications. Novel engineered systems and materials fulfill the high-performance requirements. The increasing number of product innovations in the market of global colloidal silica by key players is propelling the market growth.
Colloidal silica is highly used in beverages such as winemaking or beer production. Colloidal silica enables more dense sediments in low volume than bentonite and gives a faster flocculation reaction. The colloidal silica used in wine and must-wine making applications must meet the International Oenological Codex standards. While in wine and must-wine making, colloidal silica is used in addition to gelatin or other vegan alternatives.
Moreover colloidal silica is used to improve flocculation in beer production. Colloidal silica also helps wines and juices taste better and last longer on the shelf. Colloidal silica helps improve clarity due to maximum removal of undesirable haze constituents and removal of tannin and protein components. Colloidal silica is also used to improve wine's color stability and shelf life. Thus, colloidal silica is used in numerous applications for improved functionality, which is driving the segment growth.
In 2020, North America held the largest share of the market; however, Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. The Asia-Pacific (APAC) is sub-segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.
The demand for semiconductors is consistently growing, which was evident in 2020 when the demand reached very high, leading to a shortage of semiconductors. Therefore, to meet the demand for semiconductors, many manufacturers in Asia Pacific are scaling up production levels which are expected to benefit the colloidal silica market.
Moreover, China published Made in China 2025 Plan, which describes achieving 70% self-sufficiency in semiconductors by 2025. As a result, National Integrated Circuits Industry Development Investment Fund was established with state-backed financing. Such initiatives are aiding the semiconductor industry's growth, leading to a higher demand for colloidal silica.
Key Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Future Trends
Companies Mentioned
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/09/2022 05:21 AM/DISC: 09/09/2022 05:21 AM
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