The North America colloidal silica market is expected to grow from US$ 1,56,154.56 thousand in 2021 to US$ 2,29,428.50 thousand by 2028; it is estimated to grow at a CAGR of 5.7% from 2021 to 2028. Investment casting is one of the earliest metal forming processes for creating complex castings, near-net-shape, and different materials. The investment casting technology has evolved 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 for various applications such as IGT spares, IGT new, defense aerospace, and commercial aerospace. As the demand for power generation increases, the market for investment casting surges. 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. Although the aerospace industry suffered the deep impact of 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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America colloidal silica market. The North America colloidal silica market is expected to grow at a good CAGR during the forecast period.
North America Colloidal Silica Market Segmentation
The North America colloidal silica market is segmented based on product type, application, and country. Based on product type, the market is segmented into alkaline, acidic, modified, and ordinary. The alkaline segment dominated the market in 2020, and the same segment is expected to be the fastest-growing segment during the forecast period. In terms of application, the market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceuticals, investment casting, and others. The others segment dominated the market in 2020, and the pulp and paper segment is expected to be the fastest-growing segment during the forecast period. Based on country, the North America colloidal silica market has been segmented into the US, Canada, and Mexico.
Cabot Corporation; Ecolab; Evonik Industries AG; FUSO CHEMICAL CO., LTD.; Jinan Yinfeng Silicon Products Co., Ltd.; MERCK KGaA; Nissan Chemical Corporation; Nouryon; The Dow Chemical Company; and Zhejiang Yuda Chemical Co., Ltd. are among the leading companies in the North America colloidal silica market