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.
High purity silica finds widespread application in various end-use industries like Electronics, Solar panels, Pharmaceuticals and Cosmetics due to its excellent thermal and electrical insulation properties. It is primarily used as a raw material in manufacturing of polycrystalline silicon which is further used in the production of integrated circuits, LEDs and photovoltaic cells.
Market key trends:
The increasing demand for high-performance, miniaturized electronic devices is one of the major trends fueling growth of high purity silica in the electronics segment. High purity silica provides electric insulation as well as thermal conductivity which helps in enhancing the efficacy and performance of circuits. It is a key component in the manufacture of semiconductor wafers on which microchips are fabricated. Growing adoption of silicon wafers in electronics like smartphones, laptops and tablets is expected to support the demand of high purity silica over the forecast period.
The global high purity silica market is segmented into sub-micro silica, and fumed silica. Fumed silica is the dominating segment owing to its widespread usage across industries such as paints & coatings, food & beverage, personal care, and others. It is largely used as a reinforcing and thickening agent in rubber, batteries, pharmaceuticals, and many other industries.
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 end-use industries such as paints & coatings, food & beverage, personal care, and pharmaceuticals.
Asia Pacific is expected to dominate the global high purity silica market over the forecast period. This is attributed to the presence of developing economies such as China and India with large population and growing industries. High economic growth in the region has resulted in increased demand for high purity silica.
Key players operating in the high purity silica market are Wacker Chemie, Evonik Industries, Cabot Corporation, Solvay SA, PPG Industries, Madhu Silica, Fuji Silysia Chemical, Tosoh Silica Corporation, and Oriental Silicas Corporation. Wacker Chemie and Evonik Industries are the global leaders in the production of fumed silica.