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) -- 07/25/2017 -- Thanks to the increasing demand for detergents and other cleaning agents, the market for sodium silicate is gaining significant impetus across the world. The augmenting application of sodium silicate in construction and building materials and the escalating number of water treatment projects are also driving the growth of this market substantially.
On the flip side, the easy availability of alternatives, such as soda ash, may limit the uptake of sodium silicate in the near future, reflecting negatively on the market. Nonetheless, the rising requirement for enhanced oil recovery (EOR), owing to the high fuel prices, energy conservation policies, and technological advancements are anticipated to open up new growth avenues for this market over the forthcoming years. The opportunity in the global market for sodium silicate was US$5.5 bn in 2014. Researchers anticipated it to rise at a CAGR of 2.50% between 2015 and 2023 and reach a value of US$6.9 bn by the end of 2023.
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Elastomers to Display High-paced Demand for Sodium Silicate
Detergents, pulp and paper, catalysts, food and healthcare, and elastomers are some of the key application areas of sodium silicate. The demand for sodium silicate has been higher in detergents than in other applications. However, the trend is likely to slowdown in the years to come due to the advent of liquid detergents.
The elastomers application segment, on the other hand, is expected to display a high-paced demand for sodium silicate in the near future. As elastomers find a widespread scope of application in the production of tire and rubber as fillers, the rise in the automotive industry across the world is paving the way of this market to success.
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Asia Pacific to Remain on Top
The Middle East and Africa, Europe, Latin America, Asia Pacific, and North America are the main regional markets for sodium silicate across the world. Among these, Asia Pacific acquired the dominant position in the global market in 2014 with a share of more than 45%. Thanks to the significant growth of the automotive industries in South Korea, China, Thailand, India, and Indonesia, this regional market is anticipated to remain dominant over the next few years.
The surge in the demand for detergents and cleaning agents is also expected to boost the Asia Pacific market for sodium silicate in the years to come. Among others, the Europe market for sodium silicate is projected to thrive significantly in the near future, on the grounds of the increasing uptake of the silica derivatives in various end-use industries. the markets in North America, Latin America, and the Middle East and Africa are predicted to witness moderate growth over the forthcoming years.
The global market for sodium silicate is highly competitive and fragment with a large pool of players operating in this market. At the forefront of this market are Evonik Industries, W.R. Grace & Co., Tokuyama Corp., Kiran Global Chems Ltd., BASF SE, Rhodia, Ciech Vitrosilicon S.A., PeroxyChem LLC, Albemarle Corp., PPG Industries, and PQ Corp.