The global High Purity Silica Market is estimated to be valued at US$ 7.50 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

High purity silica market comprises products like silica powder, silica gel, fumed or pyrogenic silica, and silica quartz which find applications across various end use industries like electronics, paints & coatings, plastics & rubber, food & beverage, and others on account of its advantages such as stability, high melting point, and high glass transition temperature.

Market key trends:

One of the key trends in the high purity silica market is growing demand for high purity silica from the semiconductor and electronics industry. The miniaturization of electronic components requires advanced materials like high purity silica which offers stability at high temperatures. As the electronics industry grows exponentially backed by high sales of consumer electronics, demand for high purity silica from this segment is also expected to rise significantly over the forecast period.

Market key trends:

The high purity silica market has been witnessing rising demand from the semiconductor industry. High purity silica or fumed silica is increasingly finding application in manufacturing various semiconductor devices and electronics components that require high silica purity level for superior performance. Stringent regulations regarding purity level of silica used in food and pharmaceutical applications have also fuelled the sales of high purity silica. In addition, high purity silica offers better optical properties, reinforcing properties and surface area, which makes it suitable for manufacturing silicone rubber and coatings.

SWOT Analysis

Strength: High purity silica offers excellent reinforcing properties, optical properties and surface area which makes it useful for various applications.

Weakness: High production and processing costs associated with manufacturing of high purity silica.

Opportunity: Growing semiconductor and electronics industry and increasing usage of high purity silica in food and pharmaceutical sectors.

Threats: Volatility in raw material prices and threat from substitutes like precipitated silica.

Key Takeaways

The global high purity silica market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand from semiconductor industry for manufacturing various electronic devices.

The Asia Pacific region dominated the global high purity silica market in 2023, accounting for around 35% of the total market share. China and Japan are the major consumers of high purity silica in the region owing to thriving electronics sector.

Key players operating in the high purity silica are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, Oriental Silicas Corporation. Key players like Evonik Industries and Cabot Corporation are focusing on capacity expansion strategies to cater to rising demand from end use industries like semiconductor, food and pharma.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it