Nano Silica Market Expected to Reach $8.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nano Silica Market," The nano silica market was valued at $4.6 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

Nano silica is an allotrope of silicon, a poor conductor of electrons and heat. It appears in the amorphous form of a white powder. It is used as an additive for rubber and plastics, as a strengthening filler for concrete and other construction composites, a non-toxic platform for biomedical applications such as drug delivery, biomedical imaging, detecting, therapeutic delivery, monitoring, ablative therapies and diagnostic.

The rising global nano silica production drives the market growth due to an increase in nano-silica usage in various application segments such as concrete, agriculture, gypsum, battery nano-silica others. The ability of raw materials such as silica and silicate to produce nano-silica boosts the market growth. Growing concerns over renewable sources and they envision silica production and for nano-silica. For instance, organic coating, i.e., silica from rice husk, a smart coating material with self-cleaning properties, is applied on surfaces for preventing corrosion and dust. It is a non-toxic, durable coating applied to all household appliances, buildings, automobiles and industrial components.

However, toxicity of silica fumes is expected to hamper the growth of the nano silica market during the forecast period. Furthermore, growing usage of nano silica in RNA/DNA delivery systems in innovation of vaccines is expected to provide growth opportunities for the nano silica market during the forecast period.

By product, the global nano silica market size is studied across P-type, S-type, and Type III. The S-type segment accounted for the largest market share in 2021, owing to its growing consumption as admixture for concrete in building & construction industry. The S-type segment dominated the global nano silica market with more than two-fifths of the total market share in 2021.

By application, the global nano silica market is studied across concrete, rubber, electronics, healthcare, coatings, agriculture, plastics, and others. The rubber segment accounted for the largest market share in 2021, owing to surge in its demand from automotive, and building & construction industry. The rubber segment dominated the global nano silica market with nearly one-third of the total market share in 2021.

Region-wise, the global nano silica market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major nano silica market share in 2021, and dominated the global market with more than two-fifths of the total market share in 2021.

The major players studied and profiled in the global nano silica market are Evonik Industries, Akzonobel N.V., E. I. DU Pont De Nemours and Company, Cabot Corporation, Nanopore Incorporated, Normet, Fuso Chemical Co. Ltd., Wacker Chemie AG, Dow Corning Corporation, and Bee Chems.

Key Findings Of The Study

• In 2021, Asia-Pacific dominated the global nano silica market with around 42.7% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.6% in terms of value.
• The S-type segment dominated the global nano silica market with around 47.5% of the share in terms of revenue.
• The S-type segment is projected to grow at the highest CAGR of 6.7% in terms of revenue.
• The rubber segment dominated the global nano silica market with around 35.1% of the share in terms of revenue.
• The coatings segment is projected to grow at the highest CAGR of 7.3% in terms of revenue.

COVID-19 analysis:

• According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of nano silica.
• The COVID-19 (coronavirus) pandemic has impacted a large number of countries worldwide. Various preventive measures such as lockdowns, suspension of trade activities, and closure of factories are negatively affecting the nano silica market. However, companies in the market landscape are responding positively to the advisory issued by governments to safeguard the health of workers and employees. One of the major drawbacks of the COVID-19 crisis is the temporary shutdown of manufacturing units, which has directly affected revenue generation activities. Coronavirus pandemic has caused a slowdown in global foreign direct investment (FDI). A major shrink in FDI investments indicate adverse effects on the nano silica market, the energy, chemicals, and electronics industries due to closure of factories.
• However, growing investments for infrastructural developments by governments in emerging economies such as Thailand, India, and China are proving to be the key driving factor for the growth of the market in the region.