Global Mica Market Estimated to Reach US$ 669.3 Mn by 2024 : Transparency Market Research
Transparency Market Research has published a new report titled “Mica Market for Paints & Coatings, Electronics, Construction, Cosmetics, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global mica market was valued at US$ 478.1 Mn in 2015 and is anticipated to reach US$ 669.3 Mn by 2024, expanding at a CAGR of 3.8% between 2016 and 2024.
Mica is widely used as insulator, pigment extender, and filler in various end-use industries. It is available in different forms such as natural and synthetic mica. It is also available in different grades such as ground mica, sheet mica, and built-up mica. Under natural form, mica is available as muscovite, phlogopite, lepidolite, and biotite. Under synthetic form, mica is available as fluorophlogopite. Mica is extensively employed in the electronics industry due to its insulating property. It is used in paints & coatings, construction, and cosmetics as a filler to improve shelf life of products. Mica is used to increase the flexibility and elasticity of products in plastics and rubber industries.
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In terms of form, natural mica is a commonly consumed form of mica, as it offers resistance to heat, light, electricity, moisture, and other extreme conditions. Synthetic mica is consumed in lesser quantity as compared to natural mica; however, it is expected to substitute natural mica in the near future due to its thermal and electrical properties.
In terms of grade, ground mica is the commonly used form of mica owing to its filler application. It is used as a filler in joint compound in the construction industry. It is also used in preventing gypsum plaster board from cracking and protecting walls from moisture. Sheet mica is employed in the electronics industry as an insulating agent, as it is chemically inert, dielectric, flexible, and elastic. Built-up mica is used in the electrical industry for electrical insulation due to the unavailability of mica sheets of sufficient thickness.
In terms of end-user, electronics accounts for major share of the mica market. Paints & coatings industry is expected to expand significantly, increasing the usage of mica in this industry. The usage of mica in construction, cosmetics, rubber, and other industries (includes plastics, rubber, etc.) is also rising rapidly. This is expected to boost the mica market during the forecast period.
Asia Pacific dominated the mica market in 2015. This trend is expected to continue during the forecast period due to the increasing demand for mica in industries such as electronics, paints & coatings, and construction. Rise in population is another factor that is expected to propel the mica market in Asia Pacific. The mica market is also expanding in regions such as Europe and Latin America.
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Major players in the mica market include Santa Fe Gold Corporation, Mica Manufacturing Co. Pvt. Ltd., Gunpatroy Pvt. Ltd., The Premier Mica Company and Asheville-Schoonmaker Mica Company and others are the major mica producer and key players in the mica market.
The mica market has been divided into the following segments.
Mica Market – Form Analysis
Mica Market – Grade Analysis
Mica Market – End-user Analysis
Paints & Coatings
Others (Rubber, Plastics, etc.)
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