Global Industrial Silica Market to Exhibit 6.6% CAGR from 2017 to 2025 as Demand for Fiberglass Rise

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The vendor landscape of the global industrial silica market is fragmented with numerous producers in each region, observes Transparency Market Research in a recent report. Cost of industrial silica is chiefly attributed to silica sand and transportation cost. Hence, most suppliers opt for forward integration to manufacture silica flour. In the highly fragmented market, most of the manufacturers are vertically integrated in order to manufacture silica flour from silica sand to have a better hold on the market.

Some of the leading companies in the market are AGSCO Corporation, FINETON Industrial Minerals Limited, Silica International Silica Industries, Premier Silica LLC, U.S. SILICA, Delmon Group of Companies, Al-Rushaid Group, Saudi Emirates Pulverization Industries Company (SEPICO), and Sil Industrial Minerals Inc.

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According to the report, the global industrial silica market was valued at US$18.75 bn in 2016 and is projected to rise to a revenue opportunity of US$ 32.98 bn by 2025, exhibiting a CAGR of 6.6% from 2017 to 2025.

In terms of application, the segment of production of fiberglass accounted for more than 25% volume share in global industrial silica market in 2016. Fiberglass is used as an insulation material in commercial and residential building. Hence, the promising expansion of the construction industry is projected to keep the segment of fiberglass production lucrative over the report’s forecast period as well.

Geographically, Asia Pacific dominated the global industrial silica market and held more than 45% of the overall market in terms of volume in 2016. The market in Asia Pacific is anticipated to exhibit a promising CAGR of 6.7% in terms of value and is expected to remain an attractive regional market for industrial silica during the forecast period. Asia Pacific also accounts for the largest demand for glass fibers, primarily owing to the presence of several manufacturing economies such as China, Japan, and India. Considering all these factors, the thriving fiberglass segment in the region is likely to boost the industrial silica market.

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Industrial silica is chiefly used in the production of fiberglass. Fiberglass finds vast applications in industries such as building, construction, and automobile and transportation on account of its low weight, high strength, and high impact resistance. Fiberglass is used for insulation in residential and commercial building applications. Furthermore, industrial silica is also used in steel foundries to obtain good strength, high temperature sustainability, and strong resistance to metal penetration in cores. These characteristics are crucial as cores are expected to retain their shape and size according to the initial design.

Usage of foundry coatings for molds and cores during casting is necessary to achieve high-quality surface finish of castings, especially in complex internal channels created by the use of cores. Industrial silica possesses numerous beneficial properties such as high purity, chemically-inert nature, consistent particle size and shape, and compatibility with chemical binders. These factors are anticipated to boost the demand for industrial silica in the foundry industry. Thus, growth in foundry industry is also likely to propel the industrial silica market during the forecast period.

This review of the global industrial silica market is based on a recent market research report by Transparency Market Research, titled "Industrial Silica Market (Application - Sodium Silicate, Fiberglass, Cultured Marble, Additive, Renforcing Filler, Foundry Work, Ceramic Frits and Glaze, Oilwell Cement, and Glass and Clay Production) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2025."

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