According to Custom Market Insights (CMI), the global nanosilica market size was estimated at USD 3.46 billion in 2021 and is expected to hit around USD 5.95 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2030. Nanosilica is also identified as silicon dioxide, and nanoparticles and it is a puffy white powder. It is a compound of silicon and the second most abundant element on the planet.
The nanosilica has a wide range of applications in various end-use industry such as adhesive and sealant, paint and coating, biomedical, pharmaceutical, rubber and plastics, and many others. Nanosilica has large surface energy, strong surface adsorption due to its fine particle, high chemical purity, and good dispersion.
The global nanosilica market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby, increasing the production capacity of nanosilica thus, driving the market growth by catering the need to nanosilica to various end-use industries.
Browse the full “Nanosilica Market Size, Trends and Insights By Product Type (P-type, S-type, Type III), By Application (Concrete, Rubber, Electronics, Healthcare, Paint & Coatings, Agriculture, Plastics, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/nanosilica-market/
Regional Snapshots
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the nanosilica market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others have significant contributions to the growth of the nanosilica market in the region. Key factors for the growth of building and construction activity, agriculture practices, the paint and coatings industry, and the growing automotive sector has surged the demand for nanosilica.
Furthermore, the building & construction, sector is one of the booming sectors in the US. For instance, according to a report published by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in the year June 2022, the privately owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,695,000 0.2% above the May 2021 rate. Owing to such factors the demand for nanosilica has increased. The nanosilica are used in the building and construction activity for cementitious admixtures in concrete to deploy improved load carrying capacity. Since nano silica is extremely fine, it helps to strengthen the microstructure of the cementitious matrix as a result of its pozzolanic activity.
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Market Dynamics
Drivers
Increasing demand from the construction sector acts as one of the key factors responsible for the growth of the global nanosilica market. The nanosilica are preferred over conventional coatings material due to their low volatile organic content. Nanosilica is used extensively in the construction industry by addition of nanoparticles will lead to stronger, more durable, self-healing, air purifying, fire resistant, easy to clean, and quick compacting concrete. For instance, according to an article published by Invest India in the year July 2022, the construction industry is expected to reach $1.4 trillion by 2025. These factors are anticipated to increase the demand for nanosilica in the construction sector.
Restraints
However, stringent government norms and regulation regarding the use nanosilica has hampered the growth of market. In addition, the workers and manufacturers get habitual exposure to nanosilica in the industrial sector which may lead to the risk of developing silicosis disease. The National Institute for Occupational Safety and Health (NIOSH) has set some standards and regulations on the use of nanosilica. This is predicted to hamper the growth of nanosilica market.
Opportunities
The utilization of nanosilica is increased in the rubber and plastic industry where it is widely employed in the manufacturing of rubber as it helps in enhancing the mechanical strength of vulcanized rubber by acting as a reinforcing agent. In addition, nanosilica enhances the tensile strength of rubber. These factors are anticipated to increase the overall demand for nanosilica; thus, creating remunerative opportunities for the market in the upcoming years.
Challenges
Over the forecast period, the rise will change the preference of manufacturers. In addition, the lack of awareness about the benefits of nanosilica may hinder market growth. Rising prices of raw materials of nanosilica have hampered the growth of the market thus, the manufacturer is switching their preferences to alternative substitutes. These all factors act as a challenging factors for the growth of market during the forecast period.
Report Highlights
On the basis of product type, the segment includes P-type, S-type, and Type III. This is attributed to the fact that The P-type segment dominated the market in 2021 and is expected to grow over the forecast period-type of nanosilica is an excellent source of admixture which gives better engineering properties due to which it is widely used in the construction industry for formulation of concrete. In addition, the demand for P-type nanosilica has been increased in the rubber, residential, building, and construction sector it acquires a large surface area due to its porosity. These factors are escalating the demand for nanosilica during the forecast period.
Prominent Players
Evonik Industries, Akzonobel N.V., E. I. DU Pont De Nemours and Company, Cabot Corporation, Nanopore Incorporated, Nanostructured & Amorphous Materials, Inc. (NANOAMOR), Fuso Chemical Co. Ltd., Wacker Chemie AG, Dow Corning Corporation, Bee Chems. AG, Normet, Nanosil (Asia Pacific) SdnBhd, US Research Nanomaterials, Inc, and Others
Table of Contents: https://www.custommarketinsights.com/report/nanosilica-market/#table-of-contents
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