Press release
Industrial Silica Market Size will Observe Substantial Growth by 2025
As per a report by Transparency Market Research, the global industrial silica market was evaluated at US$18.75 bn in 2016. Expanding at a CAGR of 6.6% between 2017 and 2025, the market is projected to become worth US$32.98 bn by 2025.
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Fiberglass to remain Significant Application Segment
The major segments of the industrial silica market depending upon application are sodium silicate, fiberglass, culture marble, additive reinforcing filler, foundry, ceramic frits & glaze, oilwell cements, glass and clay production. Of them, fiberglass held more than 25% of the overall market in 2016 volume-wise. Fiberglass, additive reinforcing filler, and glass and clay applications are anticipated to majorly drive the market over the forecast period.
In 2016, Asia Pacific led the market with a share of more than 40% by both revenue and volume. The region was trailed by North America in terms of volume in the same year. The Middle East and Africa and Latin America are expected to collectively hold more than 8% share of the market by 2025.
Surging Demand for Fiberglass across Industries Propels Market
At the forefront of driving the global industrial silica market is the rising demand for industrial silica for production of fiberglass. Fiberglass is used across several end-use industries owing to its excellent mechanical properties such as low weight, high strength, and resistance to corrosion and heat. Due to these properties, several governments such as in China are providing subsidies for fiberglass production. As a result, the fiberglass glass market and the industrial silica market is receiving a fillip. Fiberglass are very thin elements of glass that are generally woven in the form of a mat.
“At present, the expanding construction sector that accounts for a significant demand for fiberglass for insulation needs is having a positive impact on the industrial silica market. Further, wind turbines account for significant demand for fiberglass as installation rate of wind turbines and demand for renewable energy is at an all-time high across the world. Oil well cementing operations in the oil and gas industry holds significance for the growth of industrial silica market. The cementing of oil wells is best carried out with a blend of amorphous, spherical, micro-silica in combination with industrial silica that can sustain higher temperatures,” says the lead author of the report.”
Another prominent growth driver of the industrial silica market is the demand for industrial silica from steel foundries. Industrial silica possesses several beneficial properties such as high purity, chemical inertness, consistent particle size and shape, and compatibility with chemical binders, which is anticipated to boost the demand for industrial silica in the foundry industry. Thus, growth in the foundry industry is serving to boost the industrial silica market.
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On the flip side, health hazards associated with the production of silica flour is negatively impacting the market’s growth.
The review here is based on the findings of a report by Transparency Market Research, titled “Industrial Silica Market (Application - Sodium Silicate, Fiberglass, Cultured Marble, Additive, Reinforcing Filler, Foundry Work, Ceramic Frits & Glaze, Oilwell Cement, and Glass & Clay Production) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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