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Sodium Silicate Market, Industry Analysis, Regional Outlook, Competitive Market, Forecast 2017 - 2024
Sodium Silicate Market will cross USD 10 billion by 2024, according to a new research report.
Sodium silicate market is inclusive of a widespread application spectrum, as the product finds deployment in paints, wood processing, pottery, foundry, textiles, drilling fluids, elastomers, and healthcare, pertaining to which it will collect a revenue of more than USD 10 billion by the end of 2024. In addition, the product is also used in detergents and cleaning agents owing to its balanced pH level. Increasing awareness regarding sanitation and the usage of hygienic amenities is thus likely to boost sodium silicate industry share over 2017-2024. Being prominently used in concrete for reducing porosity, the escalating investments in building construction and infrastructure development will also have a positive impact on product demand.
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Considering the hazardous impact of sodium silicate on human heath, players in sodium silicate market are working continuously to devise alternative products. This strategic initiative will help participants to overcome the restraint of sodium silicate industry.
Liquid-based products are expected to contribute majorly toward the overall sodium silicate market share by 2024, owing to its surging use in adhesives and the paper & pulp sector. The product’s eco-friendly nature and zero toxicity enables its deployment as fiber drum binders, toilet tissues, paperboard laminates, and paper towel cores.
The application landscape of sodium silicate industry mainly comprises detergents, catalyst, and elastomers. In 2016, elastomers accounted for 10% of the overall sodium silicate market share, owing to its escalating use in automobiles for green tires. In petrochemical industries, sodium silicate is primarily used as a catalyst for biodiesel production. The rise in oil & gas exploration activities mainly across U.S. to accomplish the increasing requirement of fuel is slated to stimulate sodium silicate market size over the years ahead.
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Speaking about the regional landscape, China’s detergent segment accounts for more than 60% of the APAC sodium silicate market share. Asia Pacific sodium silicate industry will register an annual growth rate of more than 2% over 2017-2024, pertaining to rising product consumption across oil drilling, automotive, and construction sectors. Apart from APAC, Europe will also contribute significantly toward the regional growth of sodium silicate industry from healthcare and paper & pulp application segments.
In order to strengthen their respective business positions, major sodium silicate market firms have been continuously focusing on new product developments with heavy investments in research and development activities. Renowned players in sodium silicate industry include PPG Industries, BASF, Evonik Industries, PQ Corporation, Huber, Oriental Silicas Corporation, Nippon Chemical, W.R Grace.
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