Silicon Dioxide Market is Projected to Rise at a CAGR of 6.6% to Hit US$ 22.5 Billion By 2033

As per this latest study by Fact.MR, a provider of market research and competitive intelligence, the global silicon dioxide market is expected to garner US$ 22.5 billion by 2033, expanding at a noteworthy CAGR of 6.6% from 2023 to 2033.

The most prevalent form of silicon oxide, or SiO2, which occurs widely throughout nature and has the organic component with the formula SiO2, is quartz. Plants, animals, and rocks are all natural sources of silicon dioxide; silica makes up around 59% of the earth's crust. Silicon dioxide added to food acts as an anticaking agent and prevents clumping. Silicon dioxide is used as an insulating material and additive in both the pharmaceutical and operational industries.

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It is a common practice among companies that build structures. Electrical motor wiring manufacturers for electronic devices frequently makes use of high-quality silicon dioxide. As a result, the motors conduct energy more efficiently.

Also, it makes electronic devices perform more swiftly and efficiently. Throughout the projection period, it is projected that the use of silicon dioxide in optical communication will present potential business possibilities for silicon dioxide suppliers.

• In November 2021, Heraeus added the Korean firm HS Advanced Materials Co. Ltd. to its inventory of semi-finished quartz products. This acquisition assists the business in broadening its product offering within the semiconductor sector.

Key Takeaways from Market Study

• The global silicon dioxide market amounted to US$ 11.8 billion in 2023.
• Worldwide demand for silicon dioxide is projected to increase at a CAGR of 6.6% during the forecast period (2023 to 2033).
• The global market is estimated to touch US$ 22.5 billion by the end of 2033.
• Asia Pacific holds a market share of 49% in 2023.
• The market in Europe is anticipated to expand at a CAGR of 5%.

"The electrical industry's rising demand for silicon wafers and the construction industry's rising demand for silicon dioxide have both led to the expansion of the global market," says a Fact.MR analyst.

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Competitive Landscape

A few of the main strategies employed by the predicted viewers for this industry include authorities, organizations, industrial agencies, suppliers and traders, consultation with chemical specialists, key players in the silicon dioxide market, Investors, and trade professionals.

To preserve their market dominance and broaden their global presence, the companies in the silicon dioxide market are adopting a variety of methods, including invention, building capacity, supply/distribution partnerships, and acquisitions and mergers.

To keep up with the rising demand, market participants are also continually boosting their R&D activities and manufacturing capacity to upsurge the sales of silicon dioxide. Players in the industry consider reduced operational expenses while retaining high-quality silicon dioxide as a critical aspect.

• Oct. 2021: The source of Metallica Mineral's Cape Flattery silica sand scheme in Far North Queensland, Australia, has upgraded to 53.5 million tonnes with an in-situ silicon dioxide grade of 99.19 percent. Industrial mineral experts at Ausrocks projected a 40% increase in the reserve based on assay findings from the drilling campaign in August.
• In the Gernsheim location of the German multinational science and technology company Merck, a new production line for effect pigments based on silica went into operation in September 2021. With about 750 people working there, it is the prime pigment manufacturing facility in the entire globe.

Market Competition

Organic growth strategies such as new product releases, product approvals, and others such as copyrights and events have become important to many firms. Prominent examples of inorganic growth strategies that were seen in the market were acquisitions, partnerships, and collaborations.
Market participants have been able to grow their clientele and revenue as a result of these efforts. Manufacturers of silicon dioxide market are anticipated to see appealing growth potential in the future because of the increasing need for silicon dioxide across industry sectors.

Key Segments of Silicon Dioxide Industry Research
• By Type:
o Amorphous
o Quartz
o Crystalline
o Tridymite
o Cristobalite
• By Application:
o Adhesives & Sealants
o Food Adhesives
o Composites
o Coatings
o Greases
o Printing & Packaging
• By End-use Industry:
o Electrical
o Food & Beverages
o Chemicals
o Pharmaceuticals
• By Region:
o North America
o Latin America
o Europe
o Asia Pacific & China
o Middle East & Africa

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This release was published on openPR.