Transparency Market Research has published a new research report titled “Sodium Silicate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023” to their report store.
Albany, NY -- (SBWIRE) -- 04/17/2017 -- The leading players in the global sodium silicate market are PQ Corporation, Occidental Chemical Corporation, and Kiran Global Chems Ltd. Collectively these players held a share of 12.8% in the global market in 2014, states Transparency Market Research (TMR). Companies are expected to invest in backward integration, which refers to production of both sodium silicate and the raw materials required for its production in the coming years. To stay ahead of the competition these companies are expected to offer services to the end-user industries in the near future.
According to the research report, the global sodium silicate market is estimated to rise at a CAGR of 2.5% between 2015 and 2023. The market stood at US$5.8 bn by the end of 2016 and is expected to reach a valuation of US$6.9 bn by the end of 2023. The widening application of this colorless compound are expected to drive the global market on the path of success over the forecast period.
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Asia Pacific to Dominate Global Market are Production of Automotive Tires Gains Momentum
In terms of application, the global sodium silicate market is segmented into catalysts, detergents, pulp and paper, food and healthcare, elastomers, and other such as agriculture, and coating. Out of all these areas of application, analysts predict that the use of sodium silicate in detergents will soar above others. By the end of 2023, detergents segment is estimated to hold a share of 38.0% in the global sodium silicate market. The increasing expenditure on hygiene and booming hospitality industry are expected to spike the consumption of detergents in the coming years, subsequently benefitting the global market.
Geographically, Asia Pacific is poised to lead the global market as the region is set to acquire a share of 51.0% by the end of 2023. Improving disposable incomes and growth of industries in Asia Pacific are expected to be instrumental to this region's progress in the global market. Analysts note that sodium silicate will find extensive application as a filler for elastomers in automotive tires. Thus, the emergence of the automotive industry in emerging economies of China and India have also been assessed to be important to the regional market.
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The global sodium silicate market stands to benefit from the mushrooming food and healthcare industry. The unprecedented demand for cleaning agents and detergents in these industries matches the demand of no other. The growing consumption of detergents at household levels with improving disposable incomes and awareness about hygiene have also spurred a significant demand for sodium silicate.
Additionally, the usage of sodium silicate is expected to improve in the construction industry as it is predominantly used as sealant to enhance the quality of structures. Thus, the upcoming infrastructural projects, especially in the emerging economies of world, such as roadways, bridges, storage tanks, warehouses, and other buildings are expected to offer the global market a new avenue for growth. The report also sheds light on the fact that the demand for sodium silicate to treat water is likely to be a crucial application segment that will determine a large portion of the revenue in the global market.
Enhanced Oil Recovery to Provide Lucrative Opportunities to Global Market
On the flip side, the global market is likely to hamper by the ubiquitous availability of cheaper substitutes. The wide range of alkalis available in the global market is expected to hamper the growth of the overall market. Some of the popularly used substitutes are sodium hydroxide and trisodium phosphate (TSP) among others. However, uptake of sodium silicate in enhanced oil recovery is expected to open up several lucrative opportunities for the global market.
The report segments the global sodium silicate market as follows:
Sodium Silicate Market - Application Analysis
-Pulp & Paper
-Food & Healthcare
-Others (Including Coating, Agriculture, etc.)
This review is based on Transparency Market Research's report, titled "Sodium Silicate Market (Application - Detergents, Catalysts, Pulp & Paper, Elastomers, Food & Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."