South Korea Silica Market Size & Outlook, 2022-2030
South Korea silica market, 2018-2030 (US$M)
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South Korea silica market highlights
- The South Korea silica market generated a revenue of USD 741.6 million in 2022 and is expected to reach USD 1,255.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 6.8% from 2023 to 2030.
- In terms of segment, crystalline was the largest revenue generating product in 2022.
- Crystalline is the most lucrative product segment registering the fastest growth during the forecast period.
Silica market data book summary
| Market revenue in 2022 | USD 741.6 million |
| Market revenue in 2030 | USD 1,255.9 million |
| Growth rate | 6.8% (CAGR from 2022 to 2030) |
| Largest segment | Crystalline |
| Fastest growing segment | Crystalline |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Amorphous, Crystalline |
| Key market players worldwide | Akzo Nobel NV, Cabot Corp, Evonik Industries AG, Imerys, Kemira Oyj, Nissan Chemical Corp, PPG Industries Inc, Solvay SA, Tosoh Corp, Wacker Chemie AG |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.0% of the global silica market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China silica market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,517.2 million by 2030.
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Silica Market Scope
Silica Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea silica market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to silica market will help companies and investors design strategic landscapes.
Crystalline was the largest segment with a revenue share of 69.69% in 2022. Horizon Databook has segmented the South Korea silica market based on amorphous, crystalline covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is trying to boost its production of semiconductor manufacturing, which is expected to boost the consumption silica in the country over the forecast period. In March 2023, South Korean parliament passed Chips Act to boost investment in manufacturing facilities by offering higher tax credits to companies.
Also, many major companies are investing in semiconductor production. For instance, in March 2023, Samsung announced to spend USD 230 billion on new chip manufacturing plants in South Korea over the next 20 years. As part of the plan, five factories will be constructed, and efforts will be made to encourage other semiconductor-related businesses to gather in a cluster near Samsung's headquarters close to Seoul.
Increasing investments in electric vehicle manufacturing by private players are anticipated to boost the consumption of electric batteries, which, in turn, is expected to propel the demand for silica-based products. In July 2022, Hyundai Motor Company announced to invest USD 49.8 billion to build a dedicated electric vehicle plant in Seoul. The plant is expected to start production by 2025.
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Our clientele includes a mix of silica market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea silica market , including forecasts for subscribers. This country databook contains high-level insights into South Korea silica market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea silica market size, by product, 2018-2030 (US$M)
South Korea Silica Market Outlook Share, 2022 & 2030 (US$M)
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