Precipitated Silica Market Thrives on Demand for Eco-Friendly Products
The global precipitated silica market size was estimated at USD 2,151.7 million in 2022 and is projected to reach USD 3,716.0 million by 2030, expanding at a CAGR of 7.1% from 2023 to 2030. A major driver for this market growth is the increasing demand from key industries such as rubber, agrochemicals, and oral care. The demand for precipitated silica in the production of fuel-efficient tires is expected to grow in line with the global push to reduce automotive fuel consumption and promote vehicle electrification. Governments worldwide are introducing policies to encourage the adoption of fuel-saving tires. For example, in May 2022, the Indian government announced a new star rating rule for tires, which will evaluate tires based on fuel-saving capacity, skid resistance, and safety performance. The surge in electric vehicle (EV) production presents a promising growth opportunity for the precipitated silica market. In the first quarter of 2022, global EV sales reached 2 mill...