Industrialization drives the market
The silica fume market in India is poised to grow by US$10.83 billion during 2020-2024, progressing at a CAGR of over 5%, according to a Technavio report on 4 Sept 2020.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied, it noted.
While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, it said in the report.
The market is driven by rising industrialization and international trade. However, the high price of silica fume might hamper market growth, according to the report.
The market is concentrated, and the degree of concentration will accelerate during the forecast period.
The rising industrialization and international trade will offer immense growth opportunities.
To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, the report suggested.
BanFam Merchants, Choice Organochem LLP, Dalian Fuchang Chemical Co Ltd, Guru Corp, JAYCEE Resources Pvt Ltd, N K Enterprise, Oriental Trexim Pvt Ltd, Rockfit Corp, Sika AG and WUHAN NEWREACH MICROSILICA Co Ltd are some of the major market participants. #material #minerals #resources #trade #exports #manufacturing /fiinews.com
