There has been a noticeable expansion in the use of silica for s-sbr due to significant reduction in emission and improvement in fuel-efficiency.
DUBAI, UAE / ACCESSWIRE / September 23, 2020 / Future Market Insights: Silica for s sbr market is expected to expand its current value through the forecast period. According to FMI report, the market is likely to register a CAGR of 7.2% through 2028. This market is gaining popularity due to the wide use as fillers in industrial sectors and also due to the introduction of safety regulations and environment protection acts of conserving natural resources.
"Surging demand in tire reinforcement applications is acting as a key catalyst in the market by covering almost 75% of the revenue share globally. Rising demand in construction and automotive industry is also driving the market in a better pace by following safety norms and abiding by climate change petitions," states the FMI Analyst.
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Silica for S-SBR Market - Important Takeaways
- North America and Europe holds the largest revenue share and stands as a global leader in the market.
- Leading players are working on minimum production cost and higher fuel-efficiency.
- Application wise, tire reinforcement application dominates the market with 75% of the total share.
- Automotive and construction industry is likely to register highest CAGR when taking end-use into consideration.
Silica for S-SBR Market - Driving Factors
- Innumerable use as reinforcement fillers and efficient replacement of carbon black drives the use of silica for s-sbr.
- Tire labelling, use in automotive fillers and wide use in construction industry has helped the market witness a steady growth.
- Silica is also widely used in industrial goods and especially in athletic shoes.
- Use in modern passenger car tires as reinforcing filler drives the market to a great extent.
Silica for S-SBR Market - Key Restraints
- Higher production cost acts as a key restraint.
- Every single product does not provide wet grip and rolling resistance, thereby, reducing reliance.
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Expected Impact on Market by Coronavirus Outbreak
This market might have faced considerable loss due to reduced production on account of strict lockdown rules but developed countries require much of these as it is a necessity in major sectors. Supply and demand for silica is high in industrial and construction industry and need is already rising therefore, bringing it on a reviving path as it falls under the necessity banner.
Major players in the market Trinseo, Lanxess Aktiengesellschaft, LG Chem, Dynasol Group,Taiwan Synthetic Rubbers Corporation, JSR Corporation, Sibur International GmbH, Sumitomo Chemicals Co. Ltd. amongst others.
All of the leading players are working on building collaborations with major manufacturers to magnify their production capacity and also improving product portfolios by producing higher fuel efficiency products with lesser carbon emission in the industrial sector.
Major participants rely on investing into growth strategies and products with rolling resistance, wet grip and wear resistance.
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More on the report
FMI's analysis presents segmentation on the basis of type (treated, untreated), application (footwear sole, tire reinforcing material, polymer modification etc.), end-use (automotive, industrial, construction) and region (North America, Europe, Asia, and Japan)
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