Precipitated Silica Market Size, Share, Growth Analysis, By Type(Standard Grade, Silane Treated Grade, High Purity Grade, and Ultrafine Grade), By Application(Rubber, Oral Care, Food, and Coatings), By End-user(Automotive, Personal Care & Cosmetics, Food & Beverage, Agriculture), By Region - Industry Forecast 2024-2031

Global Precipitated Silica Market size was valued at USD 2.16 billion in 2022 and is poised to grow from USD 2.32 billion in 2023 to USD 4.04 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).

The growth of the global precipitated silica market is primarily attributed to the increasing demand from the rubber, agrochemicals, and oral care industries. The dominant application of precipitated silica is in the manufacturing of tires, thus making the market highly influenced by the dynamics of the global automotive industry. With the rise in disposable income in the Asia Pacific region, there has been a substantial increase in automobile production, making it a significant market for precipitated silica. Moreover, the demand for fuel-efficient tires is on the rise, driven by efforts to reduce automotive fuel consumption and promote vehicle electrification. Governments worldwide are implementing policies to encourage the use of fuel-efficient tires, exemplified by the Indian government's announcement of a new star rating rule for the tire industry. The growing production of electric vehicles (EVs) presents a lucrative opportunity for the precipitated silica market. In the first quarter of 2022, global EV sales reached 2 million units, indicating a positive impact on the demand for precipitated silica. Major automotive companies, such as Honda and Volkswagen, have announced plans to establish EV production plants, further bolstering the market. Tire manufacturers are actively investing in the development of sustainable and fuel-efficient tires. For instance, Goodyear has made a commitment to create a tire composed entirely of sustainable materials and to develop sustainable carbon black, which offers reduced carbon emissions and enhanced performance.

US Precipitated Silica Market is poised to grow at a sustainable CAGR for the next forecast year.