By application, rubber segment is estimated to account for 60.5% share of the total specialty silica market in 2015 and is expected to expand at a healthy CAGR of 7.8% during the forecast period.
By product type, precipitated silica segment is predicted to account for 71.1% share of the total market in 2015 and is anticipated to expand at a CAGR of 7.7% during the forecast period.
Among regions, APEJ is expected to dominate the specialty silica market throughout the forecast period, expanding at CAGR of 8.3% in terms of value.
Specialty silica market is mainly driven by rising trend of green tyres in the automotive sector. Use of specialty silica in tyres instead of carbon black provides the tyre with better grip and rolling resistance, leading to increased fuel efficiency of the vehicle.
Greener alternatives to specialty silica products such as fumed silica are anticipated to be potential threats for growth of the specialty silica market.
Currently, major players in the global specialty silica market are focused towards expanding their production capacities of specialty silica products. Key players in the global specialty silica market included in the report are Evonik AG, Wacker Chemie, PPG industries, Akzo Nobel N.V., Cabot Corporation, Nalco Holdings and Qindao Makall Group.
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