Mica is extracted from all three types of rocks as a byproduct of feldspar mining. The major product types in the global mica market are ground mica, sheet mica, block mica, and built up mica. These products are used in different applications and are also produced in different parts of the world.
Global Mica Market Driven by Rising Demand from Paints and Coatings Industry
One of the main uses of mica is as an additive in paints and coatings to improve their luster. Paints including mica not only appear brighter and more vivid than other formulations, but also remain so for longer periods. The high resistance mica shows against heat and humidity also means that paints and coatings including mica have a longer shelf life, as mica protects them from harmful environmental actors to some extent.
The global paints and coatings market is experiencing a steady rise at present due to the global construction industry boom. As a result, the demand for mica is growing steadily. Developing economies such as China and India have a flourishing construction industry and are thus crucial to the global mica market’s progress in the coming years. These two countries are also among the largest producers of mica in the world, and India has been shown to contain some of the world’s largest mica reserves. The dynamic economies of these two countries are thus crucial for the global mica market.
Use in Consumer Electronics Propels Global Mica Market
The increasing demand for consumer electronics in emerging economies also spells good news for the global mica industry. Mica is increasingly being used as an insulating agent in consumer electronics due to its light weight and high mechanical strength. This is another key factor expected to affect the growth of the mica market in the coming years.