Mica Paper Market Size, Share, Growth, Global Industry Analysis, By Type (Electric Machinery, Mica Plate/Mica Tape, Electric Power System, and Household Electric Appliances), By Application (Natural Muscovite Mica Paper, Natural Phlogopite Mica Paper, and Synthetic Mica Paper), Covid-19 Impact, Latest Trends, Regional Insights, and Forecast from 2024 To 2032

Updated On: 08 July 2024

MICA PAPER MARKET REPORT OVERVIEW

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The global mica paper market size was US$ 565 million in 2023 and is forecast to a readjusted size of USD 1266.93 million by 2032 with a CAGR of 9.3% during the forecast period of 2024 to 2032. In the market study, our analysts have considered mica paper players such as Pamica, VPI Mica, Zhongtan Mica, Jyoti, Meifang Mica, VonRoll, ISOVOLTA Group, Nippon Rika, Spbsluda, Yangzhong Mica, AXIM MICA, Cogebi, Spruce Pine Mica, Ruby Mica, Asheville Mica, Corona Films, and Amulya Mica.

The sharp increase in the CAGR is attributable to the mica paper market growth and demand, returning to pre-pandemic levels once the pandemic ends. Mica is a naturally available mineral that has several industrial applications. Mica paper offers exemplary dielectric and fire-resistant properties and is widely used in many electrical appliances. It is highly durable and is widely used in thermal insulation sheets for households and other spaces. Besides that, the technical grade mica paper is used in atomic force microscopy and in the manufacturing of electronics and electrical components. Specialized applications of the product include medical electronics, radar systems, laser devices, and aerospace components in ground, sea, and air-launched missile systems. The unique mechanical, electronic, and thermal properties of the product augment its demand across several end-use industries. Hence, the increasing product demand from-end use sectors is expected to fuel the market growth.

COVID-19 IMPACT

"Businesses Resume Operation Under Strict Measure Amidst the Pandemic"

The unforeseen emergence of the coronavirus outbreak has unleashed an unprecedented global economic crisis. The growth of several industries and markets has stagnated due to the pandemic. The global mica paper market has witnessed a negative impact of the global pandemic. The halted construction activities due to the worldwide implementation of stringent lockdown and curfew restrictions have impacted the market growth. The shutdown of manufacturing facilities due to these restrictions has affected the market growth. The shift in consumer’s focus on essential expenditures coupled with the high unemployment rates has resulted in reduced demand for the product. Moreover, the disruptions in global supply chain networks due to halted air transport and global trade ban have aggravated the situation. Nonetheless, the businesses operating in the market have resumed their operations with reduced production and under strict measures. With the accelerated vaccination of the global populace, the market is expected to witness steep growth post-pandemic.

LATEST TRENDS

"Makeup Brands & Skincare Products Use ‘Ethical Mica’ to Create Awareness"

Mica is safe to be used in coloring products in personal care, and cosmetics products. Mica’s refractive and reflective properties make it a vital ingredient in the foundation, eye-shadows, mascara, blushes, lip gloss, and other products. Jharkhand in India is the largest producer of mica in the world. But the high poverty in India causes over-exploitation of the mining workers. Also, mining mica is a hazardous process, and many miners lose their lives to earn their daily wages. This problem has led many businesses in the skincare and cosmetic industries to use ‘ethical mica’ or the mica which has been procured without exploiting the miners. Several NGOs are also helping to alleviate the issue of unethical mica mining. The increasing awareness for the use of ethical mica is expected to boost market growth.

MICA PAPER MARKET SEGMENTATION

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Based on type, the market segments into household electric appliances, electric power systems, mica plate/mica tape, and electric machinery. Based on application, the market fragments into synthetic mica paper, natural phlogopite mica paper, and natural muscovite mica paper. Out of these, the household electric appliance segment and the synthetic mica paper segments are expected to witness the highest growth in the market.

Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

DRIVING FACTORS

"Increasing Construction Activities to Propel Market Growth"

The product is extensively used in households and other spaces in thermal insulation sheets. The excellent insulating properties coupled with high-temperature resistance and tensile strength boost the product demand for construction and renovation applications. In recent years, the global population has been increasing at unprecedented rates, due to which the construction of household and commercial sectors has grown at a rapid pace. The increasing global population, swift industrialization, and urbanization are expected to fuel the global mica paper market growth. Additionally, the decorative use of the product in household and commercial spaces is anticipated to boost the growth of the market.

"Expansion of Electronic and Electrical Industry to Stimulate Market Growth"

The electrical and electronic industries extensively utilize mica for several purposes. For instance, Muscovite is widely used by the electrical industry in capacitors. Specialized mica papers are used in radiation aperture covers in microwave ovens. Phlogopite mica can endure high temperatures and remains stable at temperatures around 900 degrees Celsius. This surges the product demand across electrical and high-heat stability applications.

The increasing demand for consumer electronics and home appliances due to enhancing income levels and living standards is expected to bolster market growth in the forthcoming years.

RESTRAINING FACTORS

"Hazardous Impact on Respiratory Systems to Hamper Market Growth "

The mica dust is considered a hazardous substance. Its exposure to the respiratory system in certain concentrations can cause serious health problems. This is likely to hinder market growth. The Occupational Safety and Health Administration (OSHA) has advised a legal limit of 20 million parts per cubic foot in the workplace over an eight-hour workday.

MICA PAPER MARKET REGIONAL INSIGHTS

"Abundant Mica Production to Fuel Growth in Asia Pacific"

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Asia Pacific is projected to dominate the global mica paper market share. China supplied around 65,000 metric tons of mica in 2020 and became the largest producer of mica in the world that year. The increasing population, urbanization, and industrialization are expected to augment the growth of the market in the coming years. The expansion of electronic and electrical industries is anticipated to foster market growth. Additionally, the rapid digitization in the region is likely to complement the market growth.

Europe is expected to trail Asia Pacific in terms of growth. The consistent expansion of well-established industries such as cosmetics, electronics, paints and coating, rubber, and others is anticipated to boost the market's growth. Additionally, the growing construction and renovation activities across Europe are predicted to surge the market growth.

North America is anticipated to witness significant growth in the forthcoming years. The increasing product demand by the electrical industry for use in capacitors is likely to fuel the market growth. Moreover, the rising consumption of mica by the construction activities in the household and commercial sectors is anticipated to propel market growth.

The Middle East & Africa, and Latin America are expected to gain considerable growth in the global market. The growing urbanization and industrialization in the region are likely to create lucrative growth opportunities for the mica paper market. Additionally, the expanding healthcare sector is expected to surge the product consumption in medical electronics and escalate market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on New Product Launches to Garner Growth in Industry"

The key players in the market are resuming their operations that were hindered by the sudden emergence of the coronavirus pandemic. They are restructuring their operational and logistical networks that were impacted by the pandemic. The high unemployment rates and the pandemic itself have severely impacted the growth of the market. As a result, the key players are likely to adopt ingenious growth strategies such as technological advancements, new product launches, patents, partnerships, mergers, acquisitions, collaborations, and others to increase their revenues and enhance their market presence.

List of Key Market Players Profiled:

• Pamica
• VPI Mica
• Zhongtan Mica
• Jyoti
• Meifang Mica
• VonRoll
• ISOVOLTA Group
• Nippon Rika
• Spbsluda
• Yangzhong Mica
• AXIM MICA
• Cogebi
• Spruce Pine Mica
• Ruby Mica
• Asheville Mica
• Corona Films
• Amulya Mica

KEY INDUSTRY DEVELOPMENTS:

May 2020: Amulya Mica launched its new imperial premium laminate collection. The visually perfect 1mm laminate collection will fulfill consumer’s demand for decorative applications.

REPORT COVERAGE

The global mica paper market report provides a detailed analysis of the market and emphasizes on crucial factors, such as end-users, components, applications, and leading companies. Besides this, the report provides vital insights into the ongoing market trends and showcases the recent industry developments. In addition to the factors mentioned above, the report incorporates significant factors contributing to the market’s growth in recent years.