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Silica Sand Market Growth and Demand Analysis: Global Outlook for 2024
Silica Sand Market Growth
According to The Business Research Company's, The silica sand market size has grown strongly in recent years. It will grow from $18.17 billion in 2023 to $19.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to industrial demand, geopolitical factors, environmental concerns, price fluctuations, substitute materials.
The silica sand market size is expected to see strong growth in the next few years. It will grow to $24.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging applications, alternative materials development, economic recovery, infrastructure development, global demand shifts. Major trends in the forecast period include rising demand in construction, growing glass industry, shift towards sustainable practices, market diversification, regional supply dynamics.
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Market Drivers and Trends:
Growth in the construction industry is expected to propel the growth of the silica sand market going forward. Cement plays a major role in the construction industry as all constructions require cement and silica sand is an important component of cement. Therefore, growth in the construction market is driving the growth of the silica sand market. For instance, in December 2022, according to the Federal Reserve Bank of St. Louis, a US-based central bank, total spending on commercial construction reached $131 million, increasing from $103 million in December 2021. Furthermore, in May 2022, the total spending on residential construction topped $954 million, increasing from $797 million in May 2021. Therefore, the growth in the construction industry is driving the growth of the silica sand market.
The development of green products using silica sand is a key trend gaining popularity in the silica sand market. Companies involved in the silica sand market are focused on discovering new usage of silica sand to sustain their position in the market. For instance, in July 2022, Polar Night Energy, a Finland-based company involved in building heat storage for renewable energy, launched sand batteries that use silica sand as a storage medium for energy generated using green sources such as wind. The company believes that the battery will not only warm the homes in winter but will also save over 100Mt CO2 emissions per year.
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Major Key Players of the Market:
Aggregate Industries; Badger Mining Corporation; Chongqing Changjiang River Moulding Material (Group) Co. Ltd; Covia Holdings Corporation; Superior Silica Sands; Euroquarz GmbH; JFE Mineral & Alloy Company Ltd; Mitsubishi Corporation; Preferred Sands; Quarzwerke GmbH; Sibelco Group; U.S. Silica Holdings Inc.; Pattison Sand; PUM GROUP; Hi-Crush Inc.; Sil Industrial Minerals; Tochu Corporation; Athabasca Minerals Inc.; Capital Sand Company; Signal Peak Silica LLC; Atlas Sand Company LLC; Fairmount Santrol; Vista Sand; Smart Sand; Emerge Energy Services LP; Select Sands America Corp.; Northern Silica Corporation; SSS White Sands; Tarmac; Hanson Lake Sands Corporation
Silica Sand Market 2024 Key Insights:
• The silica sand market will grow to $24.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Silica Sand Market Thrives On The Growth In The Construction Industry
• Innovative Applications Harnessing Silica Sand For Sustainable Green Solutions
• Asia-Pacific was the largest region in the silica sand market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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