Report : Europe Colloidal Silica Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Alkaline, Acidic, Modified, and Ordinary) and Application (Pulp and Paper, Building and Construction, Paints and Coatings, Electronics and Semiconductors, Pharmaceuticals, Investment Casting, and Others)
At 5.2% CAGR, the Europe Colloidal Silica Market is speculated to be worth US$ 2,76,294.32 thousand by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe colloidal silica market was valued at US$ 1,93,863.86 thousand in 2021 and is expected to reach US$ 2,76,294.32 thousand by 2028, registering an annual growth rate of 5.2% from 2021 to 2028. Growth of investment casting industry and versatility of colloidal silica are the critical factors attributed to the market expansion.
Investment casting is one of the earliest metals forming processes to create complex castings, near-net-shape, and different materials. The investment casting technology has undergone a long evolution process over time due to the necessity of precision components with complex geometries, driven by different industries. Over the past decades, the investment casting industry has expanded with its advantages in the casting process and the scope of products manufactured with it. The main goals of investment casting are establishing a robust process window, saving costs by avoiding high yields of scrap and rework, and producing sound castings according to the specification. Investment casting is used across many end-use industries segmented as high added value, automotive, and other applications. High added value end-use consists of power generation and aerospace industries, including various applications such as IGT spares, IGT new, defense aerospace, and commercial aerospace. Furthermore, automotive includes applications such as non-engine parts, combustion engines, and APV engines. Other applications are categorized under general engineering, biomedical, oil & gas, defense, and commercial sectors. The market for investment casting is growing due to the growth of end-use industries across the region. Moreover, the development of novel investment casting applications due to consistent innovation in the field is expected to aid the market. As the demand for power generation increases, the market for investment casting surges. Similar growth trends have been observed across the region in the investment casting industry. Although the aerospace industry suffered the deep impact of the COVID-19, the industry is expected to recover steadily over the forecast period, aiding the investment casting market. As investment casting is one of the major applications of colloidal silica, the growth of the investment casting market is expected to aid the colloidal silica market.
On the contrary, decline in textile industry hinders hurdles the growth of Europe colloidal silica market.
Based on product type, the Europe colloidal silica market is segmented into alkaline, acidic, modified, and ordinary. The alkaline segment held 37.8% market share in 2021, amassing US$ 73,252.95 thousand. It is projected to garner US$ 1,08,179.29 thousand by 2028 to expand at 5.7% CAGR during 2021–2028.
Based on application, the Europe colloidal silica market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceuticals, investment casting, and others. The others segment held 26.2% market share in 2021, amassing US$ 44,626.98 thousand. It is projected to garner US$ 70,338.32 thousand by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on country, the Europe colloidal silica market has been segmented into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that Germany captured 28.4% market share in 2021. It was assessed at US$ 48,408.90 thousand in 2021 and is likely to hit US$ 69,253.81 thousand by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the Europe colloidal silica market are Cabot Corporation; Ecolab; Evonik Industries AG; Jinan Yinfeng Silicon Products Co., Ltd.; MERCK KGaA; Nissan Chemical Corporation; Nouryon; The Dow Chemical Company; and Zhejiang Yuda Chemical Co.,Ltd. among others.
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