Growth of Investment Casting Industry to Escalate Asia Pacific Colloidal Silica Market Growth
According to our latest market study on “Asia Pacific 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, Pharmaceutical, Investment Casting, and Others),” the market was valued at US$ 338.4 million in 2021 and is projected to reach US$ 525.0 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Colloidal silica is a suspension of fine amorphous, nonporous, and spherical silica particles in a liquid phase. The particle size of colloidal silica varies from 30 nm to 100 nm in diameter. The material is highly used in various applications, including catalysis, pharmaceutical, and coatings. Colloidal silica forms strong ionic and hydrogen bonds with granular and fibrous materials, due to which it is highly used for binder application. The market is mainly driven by the surging demand for colloidal silica in the investment casting industry. In 2020, China held the largest market share in terms of revenue in the Asia Pacific colloidal silica market.
The prominence of colloidal silica is largely observed as a binding agent across the investment casting industry. Investment casting is a metal forming process to create complex-shaped components that require tighter tolerances, thinner walls, and a better surface finish. The investment casting technology has been highly utilized for a long time due to the necessity of precision components with complex geometries driven by different industries. Over the past few years, the investment casting industry has expanded with its advantages in the casting process and the scope of products that can be manufactured with it. In Asia Pacific, the demand for colloidal silica from the investment casting industry is growing due to several factors, such as the growth of automotive and aerospace industries. Investment casting is used for high added value end use, consisting of power generation and aerospace industries, including various applications such as IGT spares, IGT new, defense aerospace, and commercial aerospace. This has led to an increase in demand for the investment casting industry, which, in turn, is driving the colloidal silica market in the region.
Nouryon; Nissan Chemical Corporation; Jinan Yinfeng Silicon Products Co., Ltd.; FUSO CHEMICAL CO., LTD.; YOUNG IL CHMICAL CO., LTD.; Zhejiang Yuda Chemical Co., Ltd.; Dr. Khan Industrial Consultants Pvt. Ltd. ( DKIC); GuangDong Well-Silicasol Co., Ltd; Qingdao Hai Wan Chemical (Group) Co., Ltd.; and BeeChems are among the major players operating in the Asia Pacific colloidal silica market. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customers’ requirements.
Impact of COVID-19 Pandemic on Asia Pacific Colloidal Silica Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in key raw materials and hampered the growth of the colloidal silica market. The adverse effect of the pandemic on pulp & paper, paints & coatings, and chemical industries negatively impacted the demand for colloidal silica from these industries in Asia Pacific.
However, various economies in Asia Pacific started reviving their operations from mid-2021. With this, the demand for colloidal silica from different applications has started increasing. The increasing use of colloidal silica in various applications is expected to offer more growth opportunities for the Asia Pacific colloidal silica market during the forecast period.
The report includes the segmentation of the Asia Pacific colloidal silica market as follows:
The Asia Pacific colloidal silica market, by type, is segmented into alkaline, acidic, modified, and ordinary. Based on application, the Asia Pacific colloidal silica market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceutical, investment casting, and others. The Asia Pacific colloidal silica market, by country, is further segmented into Australia, China, India, Japan, South Korea, Indonesia, Taiwan, Thailand, Vietnam, and the Rest of Asia Pacific.
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