Albany, NY -- (SBWire) -- 12/04/2017 --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.
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.
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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.
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"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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The presence of numerous large, medium, and small size players makes the global industrial silica market fragmented in nature. Some prominent participants in the market include Premier Silica LLC, International Silica Industries Company plc, Sil Industrial Minerals Inc., U.S. Silica Holdings Inc., Delmon Group of Companies, Adwan Chemical Industries Co. Ltd., Opta Minerals Inc., Al Marbaie Est., Saudi Emirates Pulverization Industries Company, AGSCO Corporation, Short Mountain Silica, Al-Rushaid Group, and FINETON Industrial Minerals Limited.
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Industrial Silica Market Size to Surpass US $32.98 Bn in 2025
Industrial Silica Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025