The global mica market appears to be promising with coming opportunities in the construction, paint & coating, electrical and electronics, and personal care industries.
It’s being expected that by 2031, the Mica market cap will hit US$ 789 Mn at a CAGR growth of about 2.9%.
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"The Global Mica Market 2021-2031 (USD Million)")
The major growth drivers of this market is growing construction activities, growth in the electrical and electronics industry, and higher demand for personal care products.
The market earned a dominant share in terms of revenue derived from electronics industry applications. Besides that, constant rise in the population using electronic and electric equipment highly, on daily basis has boosted industry growth. The trend is anticipated to lead to the development of sustainable growth opportunities for the global mica market. Moreover, mica offers excellent electric and thermal insulation and exhibit stability after exposure to extreme heat, moisture and light. Therefore, it has extensive application in the electronics industry.
However, potential health issues from mining activities and its harmful effect on environment. Thus, government has reduced the mining activities. But mining is the mere source for obtaining raw mica, which may hamper overall growth of mica market.
Asia Pacific dominated the global mica market 2017, holding share of more than 40%. In the forthcoming few years, factors such as subsequent rise in demand for paints and coatings, electronic and electric equipment, and residential infrastructure projects coupled with rising population is anticipated to be the key factors driving the global mica market. ASEAN and India for the mica market in the next few years. Countries such as China, India and Japan are envisioned to provide significant growth opportunities for the mica market in the forthcoming years. The stabilizing construction is another impacting factor that may act as catalyst for mica market growth.
Based on the global mica market form, the classification extends into synthetic mica and natural mica. While on the grounds of the grade, the categories include sheet mica, built-up mica and ground mica. Based on the end-user applications, the market is classified into paints & coatings, cosmetics, construction, electronics and others. The other segment is further sub-divide as plastics, rubber and so on.
Key companies dominating the global mica market are BASF Catalysts LLC, Daruka Minerals, Asheville-Schoonmaker Mica Company, Santa Fe Gold Corporation, Mica Manufacturing Co. Pvt. Ltd. and Cogebi N.V. Other dominant players operating mica market are Cleveland Mica Company, Gunpatroy Private Limited and Franklin Industrial Minerals Co.
Key segments of ‘Global Mica Market’
Based on form, the market has been segmented into,
- Natural Mica
- Synthetic Mica
Based on grade, the market has been segmented into,
- Ground Mica
- Sheet Mica
- Built-up Mica
Based on end-user, the market has been segmented into,
- Paints & Coatings
- Electronics
- Construction
- Cosmetics
- Others (Rubber, Plastics, etc.)
Based on region, the market has been segmented into,
- North America (U.S.)
- Europe (UK, France, Germany)
- Asia Pacific (China, Japan, India)
- Latin America (Brazil)
- Middle East and Africa
Frequently Asked Questions (FAQ) :
BASF Catalysts LLC, Daruka Minerals, Asheville-Schoonmaker Mica Company, Santa Fe Gold Corporation, Mica Manufacturing Co. Pvt. Ltd. and Cogebi N.V. are a few major players in mica market.
To get latest version of mica market report can be obtained on demand from the website.
The base year for the report is 2022 in mica market.