Report : Middle East & Africa 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 3.9% CAGR, the MEA Colloidal Silica Market is speculated to be worth US$ 50,986.13 thousand by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA colloidal silica market was valued at US$ 39,065.13 thousand in 2021 and is expected to reach US$ 50,986.13 thousand by 2028, registering an annual growth rate of 3.9% from 2021 to 2028. Widening scope of aqueous colloidal silica and product innovation are the critical factors attributed to the market expansion.
Major market players are consistently working on developing specialized forms of colloidal silica to suit various applications. For instance, Evonik Silica offers a specifically granulated hydrophilic fumed silica called AEROPERL. The material has applications in thermal isolation. The chemical's high purity and inert nature make it ideal for other applications such as agriculture and catalysts. The material is also a good filler and carrier for personal care products. Key market players develop colloidal silica as per the requirement for tailored functionalities. The most prominent trend in the colloidal silica market is the increasing efficiency in high demanding applications, including high value-added applications. Novel engineered systems and materials fulfill the high-performance requirements. So, increasing product innovation is expected to fuel the market growth across the region.
On the contrary, decline in textile industry hinders hurdles the growth of MEA colloidal silica market.
Based on product type, the MEA colloidal silica market is segmented into alkaline, acidic, modified, and ordinary. The alkaline segment held 40.2% market share in 2021, amassing US$ 15,688.29 thousand. It is projected to garner US$ 21,164.60 thousand by 2028 to expand at 4.4% CAGR during 2021–2028.
Based on application, the MEA colloidal silica market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceuticals, investment casting, and others. The investment casting segment held 26.2% market share in 2021, amassing US$ 10,216.15 thousand. It is projected to garner US$ 13,891.76 thousand by 2028 to expand at 4.5% CAGR during 2021–2028.
Based on country, the MEA colloidal silica market has been segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that rest of MEA captured 39.7% market share in 2021. It was assessed at US$ 15,509.21 thousand in 2021 and is likely to hit US$ 19,544.50 thousand by 2028, exhibiting a CAGR of 3.4% during the forecast period.
Key players dominating the MEA 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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