Albany, NY -- (SBWIRE) -- 11/24/2017 -- Transparency Market Research has published a new market report titled "Sodium Silicate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." The global sodium silicate market was valued at US$ 5,561.4 Mn in 2014 and is expected to reach US$ 6,933.6 Mn in 2023, expanding at a CAGR of 2.5% between 2015 and 2023.
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Sodium silicate is a colourless compound made from oxides of sodium and silica. It is soluble in water and is prepared by reacting silica with sodium carbonate (soda ash) at high temperatures. Aqueous form of sodium silicate is called water glass. Sodium silicate is extensively used in the manufacture of detergents, soaps, and silica gel. It is also utilized in the construction industry as a binding agent for building materials as well as in bleaching of paper, de-inking of waste paper, detergency, drilling fluids, adhesives, water treatment, foundry, and soil solidification. Additionally, it is used in foundries, refractories, and welding industries, and as a deflocculant in the ceramic industry. Furthermore, it has various applications in pharmaceutical and agrochemical industries.
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Rising demand for detergents and cleaning agents is expected to augment demand for sodium silicate in the near future. Additionally, increasing demand for sodium silicate in the construction & building materials industry coupled with rising number of water treatment projects is likely to drive demand for sodium silicate during the forecast period. However, competition from substitute products such as soda ash could restrain growth of the sodium silicate market. Growing need for enhanced oil recovery (EOR) due to energy conservation policies, high fuel prices, and technological development could open new avenues for growth of the sodium silicate market in the near future.
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Major end-user industries of sodium silicate include agrochemicals, oil drilling, and construction and coatings. Detergents, which accounted for over 35% of the sodium silicate market in 2014, are nearly recession-proof because of their steady consumption during all economic conditions. Elastomers is estimated to be the fastest-growing segment during the forecast period due to growth in the automotive industry.
In terms of volume, Asia Pacific dominated the global sodium silicate market in 2014 with a share of over 45%. Economies such as China, India, Thailand, South Korea, and Indonesia are estimated to drive the market in Asia Pacific. Increasing demand for detergents and cleaning agents is expected to fuel demand for sodium silicate in the near future.
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Key players in the sodium silicate market include PQ Corporation, PPG Industries, Evonik Industries AG, BASF SE, Tokuyama Europe GmbH, and W.R. Grace & Company.