Fumed Silica Market - Global Opportunity Analysis and Growth Forecast 2030
Market Scope MRFR (Market Research Future) expects the fumed silica market to touch USD 1662.0 million by the year 2027. Meanwhile, the rate at which the global market will soar between 2020 and 2027 is expected to be 6.8%, adds MRFR. Growth Boosters and Key Impediments In light of the COVID-19 outbreak and its rapid spread worldwide, the global market revenue has witnessed a significant drop owing to increasing demand and supply gap. China is responsible for close to more than half of the total fumed silica industry, in terms of consumption and production. Overdependency on China has been unfavorable for the global supply chain with the novel coronavirus having had a debilitating impact on production and logistics operations. Also, following the lockdown to curb the spread of the pandemic, factories had to be closed down and travel as well as trade were restricted. This is yet another growth restricting factor in the global market for fumed silica. On the bright side, the strong...