Silica Based Matting Agents Market - Forecast(2023 - 2028)

Silica Based Matting Agents Market Overview

Silica-based matting agents market size is forecast to reach US$334.1 million by 2027, after growing at a CAGR of 4.7% during 2022-2027. Matting agents are additives that are mixed with coatings and paints in order to impart a matte finish to the substrate. Silica-based matting agents are widely used in coating, and printing ink formulations to reduce the gloss of the coated films. The growing demand for industrial coatings along with increasing demand from automotive, construction, textile, and packaging among others are driving the market growth during the forecast period. Polyolefin wax is used as a matting agent in clear coats, printing ink, and powder coatings. The growing adoption of eco-friendly matting agents among end-use industries is also supporting the market growth during the forecast period. Waster-based silica-based matting agent is one of the most eco-friendly products and generates minimum VOC emissions. According to the U.S. Census Bureau, Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of US$1,568.8 billion, which is above the revised June estimate of US$1,563.4 billion. However, fluctuation in raw material prices is likely to hamper the market growth during the forecast period 2022-2027. However, regulation on the usage of solvent-based matting agents is likely to hamper the market growth during the forecast period.

COVID-19 Impact

The COVID-19 pandemic is impacting different industries; one of the few industries that were primarily hit to some extent was the paints & coatings industry. The demand for silica-based matting agents is low during the covid-19 crises. The delay in manufacturing activities and construction activities in both developed and developing nations impacted the market growth for silica-based matting agents during covid-19. However, the Silica Based Matting Agents industry faced problems related to the supply chain, lack of workforce, and lack of raw materials supply among others. According to World Bank, the world construction value was US$22.04 trillion in 2020, compared to US$23.29 trillion in 2019, showing a decline of around US$1.25 trillion in 2020.

Report Coverage

The report: “Silica Based Matting Agents Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments of the Silica Based Matting Agents industry.

By Type: Precipitated Silica, Fumed Silica, Natural Silica, Silica Gel, Perlite, Flux-calcined Diatomaceous Earth, and Others
By Technology: Solvent-based, Water-based, UV-cured, and Powder
By Application: Architectural Coatings [Interior Coatings, and Exterior Coatings], Automotive Coatings [Passenger Vehicles, and Commercial Vehicles], Packaging Coatings, Industrial Coatings, Printing inks, Leather Coatings, Textile Coatings, Wood Coatings, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (the Middle East and Africa)

Key Takeaways

• The Asia Pacific is expected to register the highest CAGR of 5.8% during the forecast period (2022-2027). Rapid urbanization, emerging economies, and increasing construction activities are the major factors driving the market growth.
• The water-based segment is expected to grow at a high CAGR of 5.3% during the forecast period 2022-2027.
• The increasing market for automotive and the increasing growing importance of silica-based matting agents among end -users are the key factors driving the silica-based matting agents market

 Figure: Asia Pacific Silica Based Matting Agents Market Revenue, 2021-2027 (US$ Billion)

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Silica Based Matting Agents Market Segment Analysis - By Technology

The water-based technology segments accounted for approximately 26% of the market share in 2021 and are estimated to grow at a high CAGR during the forecast period. Water-based silica-based matting agents are known as eco-friendly agents and are extensively utilized in paints and coatings applications. Water-based matting agents generate negligible VOC emissions compared to solvent-based agents. Therefore, they are referred to as eco-friendly and have excellent compatibility with water-based resins. End-use industries such as automotive, construction, and textile are widely preferring water-based coatings.

Silica Based Matting Agents Market Segment Analysis – By Application

The architectural coatings segments accounted for approximately 22% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Architectural coatings are used for residential and commercial buildings. The growing construction industry in both developed and developing nations is driving the market for architectural coatings. Additionally, the growing demand for inorganic matting agents across various applications like paints, lacquers, inks, varnishes is also supporting the market growth during the forecast period. According to BC Construction Association (BCCA), US$ 125 billion construction projects are underway and US$ 220 billion are proposed projects currently in Canada. Growing foreign investments in the construction industry are also supporting market growth. According to the data published by FDI India, Indian real estate attracted approximately US$5 billion in institutional investments in 2020, and they also mentioned that Institutional real estate investments in India increased by 21% in the first quarter (2021) to US$922 million.

Silica Based Matting Agents Market Segment Analysis - By Geography

Asia Pacific region held a significant share in the silica-based matting agents market in 2021, up to 42%, owing to the rapid growth in construction in the region. The presence of developing nations such as India and China is driving the market growth in the region. Abundant raw material sources and the availability of a workforce also support the regional demand. According to the 2021 World Investment Report published by UNCTAD, FDI inflows into China increased by 6% in 2020, to USD 149 billion, up from USD 141 billion in 2019. According to FDI India, approximately US$26.08 billion FDI equity Inflows in Construction Development during April 2000 – March 2021. The European region is expected to hold a significant growth rate during the forecast period. The growth in end-use industries such as textile, automotive, and construction is supporting regional growth. According to UK Fashion & Textile Association, the fashion and textile industry contributes almost US$ 26 billion to the UK economy. The total sales are around US$ 59 billion and online retail sales of textile has been increased by 31% in 2020.

Silica Based Matting Agents Market Drivers:

Growing demand from the automotive industry

The growing preference for matte-finished surfaces has witnessed a steady growth over the recent past reportedly due to the aesthetic appeal associated with matte-finished surfaces. Silica-based matting agents are used in automotive coatings and paint and they enhance the aesthetic appeal of vehicles. Silica-based matting agents improve grind performance and result in a smooth surface finish with outstanding optical and haptic properties. According to the data published by ACEA, approximately 77.9 million motor vehicles were produced around the world in 2020. The European region produces 17 million motor vehicles and occupied 22% of total motor vehicles produced in 2020. Thus the growing demand for motor vehicles globally will drive the demand for silica-based matting agents during the forecast period.

Silica Based Matting Agents Market Challenges:

Availability of alternative matting agents

Generally, matting agents are manufactured from different materials such as silica, waxes, and thermoplastics among others. The manufacturers have different options to choose the different materials for developing matting agents. The easy availability of thermoplastic resins and waxes in both developed and developing nations will also hamper the market growth for silica-based matting agents. Approximately silica-based occupy 40% of the total matting agents market whereas thermoplastic and wax-based occupy 60% of the matting agents market.

Silica Based Matting Agents Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Major players in the silica-based matting agents market include

1. Evonik Industries
2. PG Industries, Inc.
3. W. R. Grace & Co.-Conn.
4. Imerys
5. The Lubrizol Corporation
6. PQ Corporation
7. Quantum Silicones
8. Allnex Group
9. Huntsman International LLC.
10. DOG Deutsche OelfabrikChemischeErzeugnisse GmbH & Co. KG
11. Banner Chemicals Limited

Recent Developments

• In November 2021, Evonik launches three universally applicable matting agents namely ACEMATT OK 390, ACEMATT HK 390, and ACEMATT HK 520. The ACEMATT® product range is based on precipitated silica.
• In August 2021, Grace Company launched its new product “SYLOID® MX 110 silica” for high-performance coil and general industrial coatings.
• In April 2019, Evonik launched a new product namely ACEMATT® 3400 a new matting agent in the ACEMATT® product family. The product is specially developed for high-transparency clear coatings and soft-touch coatings with smooth surfaces

Relevant Reports

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