NanoSilica Market size is forecast to reach $5.8 billion by 2026, after growing at a CAGR of 7.8% during 2021-2026. Nano Silica are generally in the form of a white powder. However, with the rise in consumption of cement or concrete in building and construction sector, the silica nanoparticles industry is witnessing an increase in demand. Whereas on the other hand, the growing public interest towards residential homes and apartments will further enhance the overall market demand for nanosilica industry during the forecast period. In addition, the emergence of mesoporous silica nanoparticles will play a vital role in the nanosilica market, as mesoporous silica nanoparticles are one of the most inorganic nanoparticles for the delivery of drugs and contrast agents.
The rapid widespread of coronavirus has had a major impact on global markets as major economies of the world were in lockdown mode, and due to this many infrastructure projects were either halted or cancelled, thus the demand for adhesive, sealants and ceramics have gone down. According to the American Road & Transportation Builders Association (ARTBA) infrastructure projects totaling more than $9.6 billion have been either delayed or cancelled in the midst of the COVID-19 pandemic. So, the halted construction works has declined the demand for nanosilica.
NanoSilica Market Segment Analysis – By Application
Adhesives & Sealants held a significant share for nanosilica market in the year 2020 and is expected to grow at a CAGR of 6% during the forecast period. The use of nanoparticles over the use of the classic micro-reinforcements have advantages such as they allow thin-layer bonding lines and therefore reduce the risk of embrittlement within the body of the adhesive material, improving the adhesive tensile strength. Whereas in case of nanosilica, when it is added to adhesives, it increases the adhesion properties. So, the increasing demand for adhesives will drive the market growth for nano silica market.
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NanoSilica Market Segment Analysis – By End Use Industry
Building and Construction sector has been the primary market for nanosilica in the year 2020 and is expected to grow at a CAGR of 8.2% during the forecast period. One of the major use of nanosilica include cement or concrete reduce the setting time and increase the overall strength. By adding nano-SiO2 to the concrete will accelerate the early hydration of concrete, which is very beneficial for strengthening the early strength of concrete. In 2019, the federal government in U.S spent $29 billion on infrastructure and transferred an additional $67 billion in infrastructure spending to states. So, investments like these in the various countries are expected to drive the demand for nanosilica in the building construction.
NanoSilica Market Segment Analysis – By Geography
APAC dominated the nanosilica market in the year 2020 and is expected to grow at a CAGR of 8% during the forecast period. Major countries in this region are India and China, owing to the increasing demand for rubber in the automotive industry. The growing manufacturing of automotive will eventually drive the demand for nanosilica. According to the OICA’s (International Organization of Motor Vehicle) production statistics 2019, China is the largest automotive producer in the world. Whereas India is the 5th largest producer of automotive in the world. Nanosilica is used in rubber, to improve the mechanical properties of rubber such as anti-friction, anti-ageing, durability, and toughness. Hence used during the manufacturing of automotive. Thus, with the growing demand in the automotive industry, the nanosilica market is expected to grow.
NanoSilica Market Drivers
Growing Demand for Battery Electric Vehicles
The shift towards electric vehicles in the developed and developing nations would increase the growth of vehicles and will also help the automotive nanosilica market over the forecast timeframe. According to IEA’s global electric vehicle outlook 2020, as compared to 2018, in 2019 there is an increase in 1.52 million reaching 4.79 battery electric vehicles around the world. Whereas implementation of government policies regarding it will drive the demand for nanosilica market.
Governments Initiatives Regarding Construction/ Infrastructure
In order to develop the nations, governments globally are focusing on boosting the infrastructure. For an example, in India, according to the Department for Promotion of Industry and Internal Trade (DPIIT), construction development and infrastructure activities sectors received FDI inflow amounting to US$ 25.69 billion and US$ 16.97 billion, respectively, between April 2000-June 2020. These investments had helped the construction industry to develop in the past and would be helping in the upcoming years. Hence with the rising construction industry, the nanosilica market is expected to grow.
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NanoSilica Market Challenges
Workers or while using any type of silica needs to pay attention as silica fume should not be used in the case of high wind speed, which is easy to cause dust. When using encrypted silica fume, the stirring time is extended by about 15 seconds to 30 seconds. Operators should take protective measures to prevent silica dust from entering the respiratory tract, otherwise major respiratory problems could occur.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nanosilica market. Major players in the Nanosilica Market are Akzonobel N V, Bee Chems, Cabot Corporation, Dow Corning Corporation, E. I. Du Pont De Nemours And Company, Evonik Industry, Fuso Chemical Co Ltd, Nanopore Incorporated, Nanostructured Amorphous Materials, Inc, Wacker Chemie Ag, among others.
In December 2020, AkzoNobel acquires New Nautical Coatings, owner of the Sea Hawk yacht coatings brand. This is set to increase its presence in the North American yacht coatings.
In April 2020, Cabot Corporation has completed its acquisition of Shenzhen Sanshun Nano New Materials Co., Ltd (SUSN) for approximately $115 million. The business will be integrated into Cabot’s Performance Chemicals Segment.
Asia-Pacific dominates the nanosilica market owing to increasing demand from application such as adhesives & sealants, catalysis and others.
The growing popularity nanosilica as strengthening, vitrification and binding agent for both ceramic & enamel and glaze, is likely to aid in the market growth of nanosilica.
Whereas the growing demand for rubber in light of the automotive industry will increase the market demand for nanosilica in the near future, as nanosilica were used in the natural rubber to enhance its properties.
The high cost of equipment and technology of producing nano silica would create hurdles for the new players to get in the business and hence hamper the market growth.
Related Reports :
A. Indian Precipitated Silica Market
B. Nanomaterials Market
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