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Description
The colloidal silica market is valued at USD 825.0 million in 2021 and is poised to grow at a significant CAGR of 4.5% over 2022–2028. According to estimates, several pharmaceutical corporations will pay attention to this element. When making pharmaceutical tablets like those for paracetamol and animal medicines, colloidal silica is frequently used as an active chemical ingredient. It increases the stability of specialized APIs, active pharmaceutical ingredients that are moisture sensitive. Additionally, the substance is frequently used in the tablet-making process as a glidant, disintegrant, anti-caking agent, and absorbent to facilitate the hassle-free flow of powder. According to estimates, players in the worldwide colloidal silica market will seize the untapped opportunity. Furthermore, in water-based coatings and paints, colloidal silica is used as a solvent. The product is perfect for usage in a variety of applications in both wet and dry environments, lessening the impact on the environment. The paints and coatings sector are estimated to adopt a greener strategy. As a result, market participants invest a lot in the paints and coatings industry to obtain a competitive edge. In the decades to come, this aspect is projected to encourage the expansion of the worldwide colloidal silica market. Another perspective end-use for colloidal silica is in the electronics and semiconductor industries. Moreover, manufacturing is where colloidal silica is primarily used. Since the advent of 3D printing technology, there has been a notable rise in the use of colloidal silica in the manufacturing sector due to the investment casting technique used to create complex parts for the military, aerospace, medical, jewelry, airline, automotive, and golf clubs. This has helped to drive the global colloidal silica market.
Recent Market Developments:
In March 2021, Nouryon, a leading manufacturer of specialty chemicals based in the Netherlands, announced its plan to broaden its production capacity at the Levasil colloidal silica manufacturing facility in Wisconsin to meet the high demand from the packaging and construction end-markets. The construction work is expected to begin in the second half of 2022. This expansion would enable the company to strengthen its manufacturing footprint, provide better service to customers, and develop sustainable solutions.
In October 2020, for instance, Nouryon unveiled a new range of Levasil colloidal silica products for the electronics industry. It would provide customers with a novel line of colloidal silica fillers of superior purity to polish, smooth, and shape high-performance substrates, especially silicon wafers that are needed for the production of integrated circuits.
In June 2020, W. R. Grace & Co., a chemical company opened its new 8,200 square-meter innovative colloidal silica plant at its flagship manufacturing and R&D center in Germany. This new development would help the company in doubling the global production capacity of its bestselling colloidal silica product named LUDOX, thereby significantly improving its responsiveness to customers present in Asia Pacific, as well as Europe, the Middle East and Africa, (EMEA).
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