Industrial Silica Market: Recent Strides by Steel Foundry Sector to Create Lucrative Avenues, Notes TMR
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
Albany,NY, November 23, 2017 (Newswire.com) - A large number of players of all sizes account for the fragmented nature of the global industrial silica market. Some of the prominent players operating in the market are Al-Rushaid Group, AGSCO Corporation, Saudi Emirates Pulverization Industries Company, Short Mountain Silica, Al Marbaie, FINETON Industrial Minerals Limited., Delmon Group of Companies, Adwan Chemical Industries Co. Ltd., Opta Minerals Inc., Sil Industrial Minerals Inc., Premier Silica LLC, International Silica Industries Company plc, U.S. Silica Holdings Inc., finds Transparency Market Research (TMR).
Several companies are focused on developing high-performance products, including reinforcing materials and advanced silica composites, to gain a better foothold in the market. They are also launching extensive range of functional industrial silica composites for a variety of application in end-use industries to gain a competitive edge over others. Prominent players are introducing customized products to consolidate their shares in various regions.
The opportunities in the global market for industrial silica was pegged at US$18.75 billion in 2016. The global market is projected to register a CAGR of 6.6% from 2017 to 2025, reaching a valuation of US$32.98 billion by the end of 2025.
The various applications of industrial silica comprise sodium silicate, cultured marble, fiberglass, additive, foundry work, oil well cements, reinforcing filler, ceramic frits and glaze, and glass and clay production, of which the fiberglass segment leads. The growth of the segment is fueled by the substantially rising demand for fiberglass in major end-use industries, attributable to a number of amazing mechanical properties it has. The application segment accounted for a share of over 25% of the global market in 2016 and is predicted to expand at an impressive pace during the assessment period.
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Abundance of Applications in Making of Construction Materials Accentuate Market
The wide number of use of industrial silica products in everyday items and construction infrastructures is a key factor driving the market. The vastly rising demand for industrial silica in manufacturing highly-functional fiber glass and the substantial applications of crystalline silica in various regions are primary factors accentuating the market over the forecast period. The soaring popularity of fiberglass in a variety of end-use applications is attributed to a host of mechanical properties it has, such as significant strength, remarkable corrosion resistance, and low weight.
A host of attractive properties of industrial silica such as its chemical inertness, remarkable purity, and closely-controlled size of the sand particles is stoking its suitability in various applications. Furthermore, the marked compatibility with several prominent chemical binders is a key factor bolstering the demand for industrial silica in various end-use industries.
Emerging Applications in Oil Well Cementing and Wind Turbines to Provide Vast Impetus
A burgeoning construction sector in various emerging economies and the substantial pace with which the wind energy sector is rising in numerous developed nations, has resulted in stoking demand for fiberglass in making construction materials and wind turbines respectively. This is in turn is anticipated to provide a robust fillip to the market.
However, various health hazards caused by the occupational exposure to amorphous silica through inhalation, such as pulmonary diseases, is a mounting concern expected to affect the production of industrial silica world over. Nevertheless, the vastly rising application of industrial silica in oil well cementing operations is a significant trend expected to boost the market over the assessment period. In addition, the use of industrial silica used along with high purity micro-silica enhances the functional profile of the end-products, thereby bolstering its popularity in oil well cementing operations in various regions. The rapid strides made by the foundry sector in emerging and developed economies is a key factor expected to present lucrative avenues for market players.
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Source: Transparency Market Research