The fumed silica market is projected to reach USD 2.26 billion by 2022, at a CAGR of 7.1% from 2017 to 2022. Increasing awareness regarding the benefits of fumed silica and growing usage of fumed silica in the paints & coatings and inks, adhesives & sealants, pharmaceuticals, and gel batteries applications are driving the growth of the fumed silica market.
The fumed silica market is expected to witness high growth between 2017 and 2022, in terms of value and volume. Key companies operating in this market include Evonik Industries (Germany), Cabot Corporation (U.S), Wacker Chemie AG (Germany), and Tokuyama Corporation (Japan).
New product developments, mergers & acquisitions, and expansions are key strategies adopted by leading players in this market to strengthen their geographic reach, especially in regions such as Asia-Pacific and North America. These market players are focused on increasing their production capacities of fumed silica, thereby addressing the growing demand for fumed silica from various applications such as paints & coatings and inks, adhesives & sealants, pharmaceuticals, and UPR, among others.
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Evonik Industries (Germany) adopted new product launches, acquisitions, expansions, and joint ventures as key strategies to enhance its presence in the fumed silica market. For instance, in March 2017, the company developed a new range of fumed silica products to enhance its existing line of product offerings. Furthermore, in January 2016, the company established a new plant for its modified aerosol products. In October 2015, the company partnered with Jiangsu Zhongneng Polysilicon Technology Development Co., which is a wholly owned subsidiary of GCL-Poly Energy Holdings Limited (GCL-Poly), to expand its customer base in the fumed silica market.
Cabot Corporation (U.S), a leading producer of fumed silica has adopted various strategies such as expansions and joint ventures. For instance, in May 2017, the company planned to invest USD 80 million for the establishment of a new plant to enhance the production capacity of fumed silica. This plant is expected to commence operations by 2020. Furthermore, in December 2016, Cabot Corporation entered into a joint venture with Inner Mongolia Hengyecheng Silicone Co., Ltd. to manufacture fumed silica in China. This development strategy helped the company strengthen its position in the fumed silica market.
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