As per Fact.MR, a market research and competitive intelligence provider, the global industrial silica sand market is expected to progress at a CAGR of 5% over the next ten years.
The composition and texture of industrial silica sand is suitable for various industrial applications. It is known to be used as a primary structural component in a wide variety of building and construction projects. It is an essential raw material in glass products to provide strength, color, clarity, and other physical properties to the glass.
Glass, a key application area of industrial silica sand, has been one of the most versatile modern materials. Modern scientific techniques and advanced technologies have enabled manufacturers to advance their knowledge and command of glass at a significant rate.
Growing investments from different global construction players and escalating technological advancements in the construction industry are projected to offer lucrative opportunities for industrial silica sand manufacturers over the coming years.
Key Takeaways from Market Study
- Global industrial silica sand market to top US$ 15 Bn by 2031.
- Sodium silicate projected to reach around US$ 9 Bn by 2031.
- Potassium silicate projected to record above 4% CAGR over the decade.
- Market in China to record 3% CAGR over forecast period of 2021- 2031.
- North America is the most lucrative region and will generate over 50% revenue by 2031.
- Market in Germany projected to expand at above 4% CAGR through 2031.
“Increasing industrial activities in major countries and growing efforts to strengthen infrastructure have propelled demand for industrial silica sand,” says the Fact.MR analyst.
Market Competition
Major enterprises in this market are executing many strategies to sustain in this competitive atmosphere. They are increasing investments in research activities and product enhancement. Due to the presence of a remarkable number of regional players, the competitive landscape of the market for industrial silica sand is highly intense.
Many vendors are engaged in the market are focused on maintaining their leading position. To achieve this motive, they are using various strategies including mergers and acquisitions.
This aside, numerous players are increasing efforts to strengthen their production capabilities. All these activities are helping in the expansion of the global industrial silica sand industry.
- In 2019, Hi-Crush Inc. acquired Proppant Logistics to enhance its supply chain capabilities and build up operations in new basins.