|11-15-2017 06:21 AM CET - Business, Economy, Finances, Banking & Insurance||
Sodium Silicate Market Estimated to Experience a Hike in Growth by 2025
Press release from: TMR - Research Report
PR Agency: TMR - Research Report
Prominent participants in the global sodium silicate market include PQ Corporation, Evonik Industries AG, BASF SE, W.R. Grace & Co., CIECH Group, Silmaco NV, Oriental Silicas Corporation, Aromachimie Company Ltd, Industrial Chemicals Ltd, SIEKEM d.o.o, MAGNIFIN, BEKO Troyan, Glassven C.A, Z.Ch. Rudniki SA, Huber Engineered Materials, PPG Industries, Tokuyama Siltech Co. Ltd, Occidental Chemical Corporation, Nippon Chemical Industrial Co. Ltd, Solvay, and Diatom.
In this competitive market, keen players are mulling over strategic partnerships and mergers and acquisitions apart from pouring money into research and development for novel products. These players have also been involved in capacity expansion, which has resulted in demand-supply gap due to higher production volumes. This in turn, has restricted the entry of new players in the sodium silicate market.
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A fresh business intelligence study by Transparency Market Research (TMR) reveals the global sodium silicate market to be expand at a CAGR of 1.92% for the forecast period between 2016 and 2025. Rising at this pace, the market’s valuation of US$4.9 bn in 2016 will become US$5.81 bn by the end of 2025.
Among the key application segments, in 2016, silica manufacturing led the overall market holding 26.8% share. The detergents segment held 15% of the market in 2016; going forward the segment is likely to display an increased market share. Geography-wise, Asia Pacific held the leading share of 54% in the overall market in 2016. Europe stood as the second-leading market holding 21.8% share in 2016.
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Efficacy to Maintain Optimum pH of Cleaning Products Boosts Demand
The global sodium silicate market is anticipated to display significant growth over the forecast period between 2016 and 2025 mainly due to the rising demand for sodium silicate from a number of end-use industries such as construction and tire. For instance, the growing demand for environmental-friendly binders in the construction sector and increasing switch to green tires are expected to bode well for the sodium silicate industry.
Over the past few years, rising disposable incomes and changing consumer preference in both developed and emerging economies have led to expansion of detergents and cleaning agents market. This is because rising awareness of the importance of staying healthy is augmenting the demand for detergents and cleaning agents. Sodium silicate allows to maintain effective pH level during cleaning operations. As a result, effectiveness of surfactants and soaps and detergency of cleaning products is improved. Due to these properties, sodium silicate has become a popular additive in detergents and cleaning products.
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Further, rapid growth of agriculture and waste water treatment sector in emerging economies such as Brazil, India, and South Africa are likely to have a positive influence on the sodium silicate market. Growing demand for sodium silicate in the manufacture of precipitated silica, pulp & paper, elastomers, and catalyst applications is also acting in favor of the growth of sodium silicate market.
Growth of Paper Recycling Industry for Environmental Reasons Stokes Demand
Additionally, sodium silicate witnesses high demand as an adhesive and binder from the manufacturing industry. Sodium silicate is witnessing increasing demand for binding various products such as corrugated board, fiber drums, angle boards, toilet tissues, and paper napkins. Precipitated silica accounts as the leading application for liquid sodium silicate.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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