Transparency Market Research has published a new research “Sodium Silicate Market - Global Industry Analysis and Forecast 2015 – 2023” to their report store.
Albany, NY -- (SBWIRE) -- 02/21/2017 -- Due to the highly fragmented nature of the global sodium silicate market, companies are entering into strategic alliances and mergers and acquisitions with local players to increase their market shares and garner higher profit margins, observes a new study by Transparency Market Research (TMR). Some of the major companies making a mark in the global sodium silicate market are PQ Corporation, Evonik Industries AG, Tokuyama Europe GmbH, PPG Industries, BASF SE, and W.R. Grace & Company. China is a major hub of sodium silicate producing companies with these companies accounting for almost 85.6% of the global sodium silicate market in 2014.
The global sodium silicate market is expected to be valued at US$6,933.6 mn by 2023 increasing from US$5,561.4 mn in 2014 at a CAGR of 2.5% between 2015 and 2023. In terms of volume, the global sodium silicate market stood at 9,368.5 kilo tons in 2014 and is projected to reach 11,195.8 kilo tons by 2023 expanding at a CAGR of 2.0% from 2015 to 2023.
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Changing Lifestyle Swells Demand for Laundry Detergent in Asia Pacific
In terms of application, detergents held a dominant share of 36.6% in the global sodium silicate market in 2014. The segment is expected to contribute significantly to the revenue of the global market due to the increasing demand for laundry detergents in the emerging economies of Asia Pacific and the Middle East and Africa.
Elastomers are expected to be the fastest-growing segment due to the booming automotive industry. Food and healthcare, catalysts, and other applications are expected to display above-average growth until the end of the forecast period in 2023.
The report divides the global sodium silicate market into the regional segments of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Volume-wise, Asia Pacific led the global sodium silicate market with 48.8% of the market in 2014. The rising demand for laundry detergents will lead this region to garner 51.0% volume share of the global market by 2023.
Europe is expected to display decelerated growth with its market share declining from 21.8% in 2014 to 20.8% by 2023. This is mainly due to the weak demand for sodium silicate among the various end-use industries and the ongoing Eurozone crisis. North America stood as the third-largest market with 16.9% of the global market in 2014. The region is expected to display sluggish growth with its market share expected to decline to 15.6% of the global market by 2023.
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Latin America and the Middle East and Africa are expected to display moderate growth in the global sodium silicate market during the forecast period.
Physical and Chemical Attributes of Sodium Silicate Suitable for Building Material Applications
The rising disposable incomes and changing lifestyle in emerging economies are displaying a significant demand for detergents and cleaning agents in these countries. Due to the increasing health consciousness and access to information through a multitude of sources, consumers in these countries are spending on high quality cleaning and laundry products that are good for the skin. Sodium silicate is the key ingredient used in sodium silicate agglomeration. This is because sodium silicate offers properties such as varying ratio, viscosity, and concentration that provide a workable liquid for the manufacture of detergents and cleaning agents.
The increasing demand for sodium silicate in the building material and construction industry is also contributing significantly to the growth of the global sodium silicate market. In this industry, sodium silicate is largely used as a sealant to provide physical and chemical durability to concrete structures such as bridges, roadways, buildings, storage tanks, and warehouse floors and countertops.
The use of sodium silicate for water treatment applications is also driving the growth of this market. Sodium silicate is one of the major solutions that is used to lower lead, copper, and other heavy metals from drinking water.
The global sodium silicate market has been segmented as follows:
Global Sodium Silicate Market, by Application
- Pulp & Paper
- Food & Healthcare
- Others (Including Coating, Agriculture, etc.)
The review presented is based on the findings of a Transparency Market Research report, titled "Sodium Silicate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."