Ultrafine Micro Silica Market Report Overview
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global ultrafine micro silica market size was USD 428.64 million in 2022 and market is projected to touch USD 700.55 Million By 2031, exhibiting a CAGR of 5.61% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the ultrafine micro silica market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
When silicon metal or ferrosilicon alloys are produced, ultrafine micro silica, also referred to as ultrafine silica fume, is a byproduct. With an average particle size of under 1 micron, it is an extremely finely split powder made of amorphous silica. The main binder in concrete, calcium silicate hydrate (CSH) gel, is created chemically when ultrafine silica, calcium hydroxide, and water are combined. Compressive strength, durability, and ability to withstand abrasion, rust, and chemical attack are just a few of the mechanical characteristics of concrete that can be considerably enhanced when an additive is employed.
The market for ultrafine micro silica is expanding as a result of rising infrastructure project demands for concrete with high strength and durability, rising green building material demand, rising construction in developing economies, and technological improvements. As a byproduct of industrial processes, micro silica is a sustainable substance that lessens the requirement for virgin materials and the carbon footprint of the construction sector. Ultrafine is being used more frequently in a variety of applications as it gives concrete and other materials better mechanical characteristics and durability, enabling them to be used in harsh situations.
COVID-19 Impact: Decrease in Construction Activities Led to a Drop in Need for the Silica
As lockdowns and mobility restrictions were put in place due to the pandemic, construction operations significantly decreased in several regions of the world. Due to this, there was a decrease in the demand for ultrafine silica, a substance used in construction projects to increase the strength and longevity of concrete. The pandemic also brought a recession in the world economy, which in turn decreased demand for ultrafine micro in various fields.
Latest Trends
"Partnership Created to Meet the Increasing Demand for Silica Products in the Asia Pacific Region"
The partnership between Evonik and Xinjiang Markor Chemical Industry Co. Ltd. was one of the most recent stories in the ultrafine silica sector. A joint venture to produce ultrafine micro silica in China was to be established, according to a memorandum of understanding signed between the companies in July 2021. The joint venture seeks to satisfy the rising demand for silica products in the Asia Pacific region, particularly in the construction and automotive industries. In order to develop cutting-edge and environmentally friendly ultrafine products that satisfy the changing needs of the market, the joint venture will take advantage of Xinjiang Markor Chemical Industry's strong position in China and Evonik's expertise in ultrafine silica production.
Ultrafine Micro Silica Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into densified silica fume, semi densified micro silica and undensified micro silica.
- By Application Analysis
Based on application, the market can be divided into concrete, refractory and others.
Driving Factors
"Rising Demand from the Construction Sector is Expanding the Market for Micro Silica"
The market for ultrafine micro silica is expanding due to the growing need for high-performance concrete in the construction industry, which is also the main consumer of the material. A crucial component of high-strength and high-durability concrete, which is increasingly used in infrastructure projects including bridges, highways, and buildings, is micro silica. Concrete's mechanical qualities, including compressive strength, flexural strength, and abrasion resistance, can be greatly enhanced by the application of ultrafine silica.
"Growing Demand for Environmentally Friendly Products is Increasing the Application of Ultrafine in Various Applications "
Demand for environmentally friendly goods such as eco-friendly concrete and renewable energy technology is rising as sustainability and environmental responsibility come under more and more scrutiny. Due to its low environmental effect and sustainable supply, ultrafine micro silica is being employed in these applications more and more. The manufacture of solar panels and other renewable energy technologies also makes use of ultrafine silica, which is becoming more and more significant as nations look to lessen their reliance on fossil fuels.
Restraining Factors
"High Cost of Manufacture and Processing are Major Factors Restricting the Market Expansion"
The high cost of manufacture and processing is one of the main factors limiting the ultrafine micro silica market growth. Due to its high degree of refinement and processing, micro silica requires sophisticated manufacturing techniques and specialized machinery. Due to these elements, the finished product may be more expensive than alternatives that are more conventionally produced and processed. The scarceness of the raw ingredients needed to produce silica is another barrier. The raw ingredients needed to make ultrafine silica are a naturally occurring mineral called silica, and they might not be easily accessible in all areas. This can make the product less accessible and more expensive in some markets.
Ultrafine Micro Silica Market Regional Insights
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"Presence of Significant Producers and Consumers of Silica are Piloting the Asia Pacific Market"
Due to a number of factors, Asia Pacific currently controls the ultrafine micro silica market share. First off, the region is home to some of the fastest-growing economies in the world, notably China and India, which are significant producers and consumers of ultrafine silica. Micro silica is in high demand in these nations due to the development of several industries, including building, electronics, and automotive. Second, the Asia Pacific region has an abundance of the raw materials that are frequently utilized in the manufacturing of ultrafine micro, such as silica fumes and rice husk ash. Due to this, an established supply chain for ultrafine has emerged in the area.
Key Industry Players
"Key Players Are Focusing on Developing New Manufacturing Facilities to Boost their Market Share"
Players in the micro silica industry are using a variety of tactics to control the market. To meet the shifting needs of consumers, they are investing in research and development operations to create new products and enhance old ones. To boost their market share, they are also developing new manufacturing facilities and increasing their production capacity. Additionally, to guarantee a consistent supply of raw materials, industry participants are concentrating on bolstering their distribution networks and collaborations with suppliers. To increase their reach and clientele, they are also collaborating and forming strategic alliances with other players. Finally, they are making acquisitions and mergers to strengthen their competitiveness and market position.
List of Market Players Profiled
- Guru Corporation (India)
- Erdos Metallurgy (China)
- Finnfjord (Norway)
- HENAN SUPERIOR ABRASIVES (China)
- Ferroglobe (U.K.)
Report Coverage
This report covers the ultrafine micro silica market. The CAGR expected to be in during the forecast period, and also the USD value in 2023 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 428.64 Million in 2022 |
Market Size Value By |
US$ 700.55 Million by 2031 |
Growth Rate |
CAGR of 5.61% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global ultrafine micro silica market expected to touch by 2031?
The global ultrafine micro silica market is expected to touch USD 700.55 Million By 2031
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What CAGR is the ultrafine micro silica market expected to exhibit during 2024-2031?
The ultrafine micro silica market is expected to exhibit a CAGR of 5.61% over 2024-2031.
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Which are the driving factors of the ultrafine micro silica market?
Rising demand from the construction sector is expanding the market for micro silica and growing demand for environmentally friendly products is increasing the application of ultrafine.
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Which are the top companies operating in the ultrafine micro silica market?
Guru Corporation, Erdos Metallurgy, Finnfjord, HENAN SUPERIOR ABRASIVES, Ferroglobe are the top companies operating in the ultrafine micro silica market.
