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The colloidal silica market size is projected to reach US$ 885.18 million by 2031 from US$ 641.28 million in 2024; the market is expected to register a CAGR of 4.7% during 2024–2031. The new product innovations are expected to introduce new trends in the market.
Colloidal Silica Market Analysis
Investment casting (alternatively known as lost wax casting or precision casting) is one of the oldest metal-forming processes. It has been in use create complex castings, near-net-shape, and different materials. In this process, a wax pattern is used to shape a disposable ceramic mold. A wax pattern that is made to match the exact shape of the object to be cast is coated with a refractory ceramic material. Colloidal silica is a popular binder used in the precision investment casting industry, as it serves as a safe, economical, easy-to-use slurry component that performs well as primary or backup slurry. This form of silica is highly stable and forms a long-life ceramic slurry with a broad range of refractory materials due to the chemical inertness of the binder. The development of novel investment casting applications due to continuous innovations in the field fuels the colloidal silica market progress.
Colloidal Silica Market Overview
The colloidal silica market is experiencing significant growth, driven by its diverse applications across various industries. Colloidal silica, a fine particle of silicon dioxide suspended in liquid, is widely used in sectors such as automotive, electronics, chemicals, and cosmetics due to its unique properties such as high purity, dispersibility, and stability. In the automotive industry, colloidal silica is essential for manufacturing high-performance paints, coatings, and adhesives, while in electronics, it is used in semiconductor and microelectronics fabrication. The increasing demand for advanced technologies and high-performance materials, coupled with the rising application of colloidal silica in water treatment and catalyst carriers, further drives the market expansion.
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Colloidal Silica Market: Strategic Insights
Market Size Value in US$ 757.80 Million in 2021 Market Size Value by US$ 1,121.22 Million by 2028 Growth rate CAGR of 5.8% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Colloidal Silica Market: Strategic Insights
| Market Size Value in | US$ 757.80 Million in 2021 |
| Market Size Value by | US$ 1,121.22 Million by 2028 |
| Growth rate | CAGR of 5.8% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Colloidal Silica Market Drivers and Opportunities
Versatility of Colloidal Silica Bolsters Market Growth
From enhancing oxygen barrier properties to improving ink absorption, colloidal silica plays different roles in manufacturing processes. It is a highly versatile material that can better the properties of many products used in industries such as building and construction, and food and beverages. Further, colloidal silica is widely used in the electronics industry as a polishing agent to produce a clean surface in semiconductor wafers. It adheres well to many surfaces via hydrogen and ionic bonding, facilitating surface modification applications. Once applied to a surface, silica particles increase the friction coefficient, which is useful for industrial and architectural coatings, polishing slurries, flooring, and paper and cardboard. These bonds are chemically inert and thermally stable, making them especially useful for insulation boards, catalysts, specialty coatings, vacuum-formed refractories, and investment casting slurries.
Colloidal silica grades with larger particle sizes are more effective as surface modifiers, while smaller particles perform better as binders. Other factors, such as ionic character and pH of the end formulation, help determine the required characteristics of colloidal silica. Therefore, the versatility of colloidal silica has ensured a consistent demand for this material in various end-use industries, thereby driving the market growth.
Surging Application in Pharmaceutical Industry to Create Growth Opportunities
Colloidal silica serves as a versatile excipient in pharmaceutical formulations, playing crucial roles in enhancing product stability, improving flowability, and controlling release profiles. The rising prevalence of chronic diseases, coupled with an aging global population, drives the growth of the pharmaceutical industries across the world. Rising disposable income and government policies also fuel the growth of these industries. According to the data from the HSBC Bank, the Healthy China 2030 initiative aims to expand the size of the nation's health service industry to ~US$ 2.4 trillion by 2030. Further, the healthcare market in India is flourishing with the country's rise as a new healthcare hub owing to greater expenditure on private and public healthcare, booming pharmaceutical manufacturing and service capacities, and an evolving healthcare technology ecosystem.
As the pharmaceutical industry strives to innovate and develop new drug delivery systems, the demand for colloidal silica would also continue to increase in the coming years. Prominent advancements in drug delivery technologies, including controlled-release formulations and targeted drug delivery systems, often require excipients tailored to specific properties. The unique characteristics of colloidal silica—particularly high surface area and controlled particle size—make it an ideal candidate for these advanced drug delivery systems. Hence, the growing demand for medical pills coupled with various government initiatives for public health is supporting the colloidal silica market growth.
Colloidal Silica Market Report Segmentation Analysis
Key segments that contributed to the derivation of the colloidal silica market analysis are product type and application.
- Based on product type, the colloidal silica market is segmented into alkaline, acidic, modified, and ordinary.
- By application, the market is segmented into pulp and paper, building and construction, paints and coatings, electronics and semiconductors, pharmaceuticals, investment casting, cosmetics, household products, and others. The paints and coatings segment is further segmented into metal coatings, ceramic coatings, and others.
Colloidal Silica Market Share Analysis by Geography
The geographic scope of the colloidal silica market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to dominate the market over the forecast period. Asia Pacific is known as a major semiconductor manufacturing hub across the world. The semiconductor industry continues to boom in Asia Pacific with the persistent demand for consumer electronics. Several countries in the region are major enablers of the semiconductor industry in the world; for example, Taiwan is the world's second-largest chip economy by revenue. Moreover, despite some slowdowns in the industry, automotive applications are expected to drive capital expenditure in the semiconductor industry in Asia Pacific. The demand for semiconductors is consistently growing; the spike in demand in 2020, in contrast to a pause in manufacturing amid the COVID-19 crisis, led to a shortage of semiconductors. Therefore, to clear backlogs, many manufacturers in the region planned to scale up production levels, which is expected to benefit the colloidal silica market.
Colloidal silica (Silica sol) is also used in industries such as textile, papermaking, coatings, refractory, ceramics, and foundries. The automotive industry is significantly driving the colloidal silica market in Asia Pacific. As the region continues to witness a surge in automobile production and sales, there is a rise in demand for vehicle components. According to the OICA, Asia-Oceania's vehicle production levels increased from 50 million in 2022 to 55.1 million in 2023. Thus, the rapid adoption of EVs in the region propels the demand for high-performance automotive parts, thereby driving the market toward growth.
Colloidal Silica Market Report Scope
Colloidal Silica Market News and Recent Developments
The colloidal silica market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
- Evonik Industries AG started the production of ultrahigh-purity colloidal silica for semiconductor industries at its new facility in Weston, Michigan. The new facility serves as a strategic addition to Evonik's portfolio and a testament to its commitment to providing innovation and supply security for its customers in the semiconductor market. (Evonik, Company Website, 2024)
- Nouryon Chemicals Holding BV completed the expansion of its Levasil colloidal silica product manufacturing capacity by nearly 50% for at its manufacturing facility located in Green Bay, Wisconsin, US. With this scale-up, the company addresses the rising demand for colloidal silica, particularly in North America, which strategically helps it expand its global colloidal silica manufacturing footprint to serve regional and international customers. (Nouryon Chemicals Holding BV, Company Website, 2024)
- Evonik Industries AG built a new plant to produce ultrahigh-purity colloidal silica at its site in Weston, Michigan, US. With this new plant, the company is expected to become one of the only players in the market that can reliably produce the colloidal silica required for chemical mechanical planarization (CMP), a process step in microchip production in the necessary quality and purity. (Evonik, Company Website, 2023)
- AMS Applied Material Solutions announced a multi-faceted plan to expand its operations in Singapore by 2030. The plan aims to strengthen the company's global manufacturing and R&D capabilities, broaden technology ecosystem partnerships in Singapore, and promote local workforce development. (AMS Applied Material Solutions, Company Website, 2022)
Colloidal Silica Market Report Coverage and Deliverables
The "Colloidal Silica Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Colloidal silica market size and forecast for all the key market segments covered under the scope
- Colloidal silica market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Colloidal silica market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, United Arab Emirates, United Kingdom, United States, Vietnam
Frequently Asked Questions
The market is expected to register a CAGR of 4.7% during 2024–2031.
In 2024, Asia Pacific held the largest share of the market due to growing paints and coatings, construction, and paper and pulp industries.
The growth of the investment casting industry and the versatility of colloidal silica are the key factors driving the market growth.
New product innovations are expected to bring key growth trends in the market in the coming years.
Key players profiled in the colloidal silica market report include Cabot Corp; Evonik Industries AG; Merck KGaA; Ecolab Inc; Nouryon Chemicals Holding BV; W. R. Grace & Co; Nissan Chemical Corporation; STERLING CHEMICALS; FUSO CHEMICAL CO., LTD.; AMS Applied Material Solutions; JLK Industries; Sahajanand Industries Limited; Fengchen Group Co., Ltd; Patalia Chem Industries; and NYACOL Nano Technologies Inc.
The alkaline segment held the largest share of the market based on product type in 2024.
The List of Companies - Colloidal Silica Market
- Cabot Corp
- Evonik Industries AG
- Merck KGaA
- Ecolab Inc
- Nouryon Chemicals Holding BV
- W. R. Grace & Co
- Nissan Chemical Corporation
- STERLING CHEMICALS
- FUSO CHEMICAL CO., LTD.
- AMS Applied Material Solutions
- JLK Industries
- Sahajanand Industries Limited
- Fengchen Group Co., Ltd
- Patalia Chem Industries
- NYACOL Nano Technologies Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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