Silica Market Size and Share Analysis – Growth Trends and Forecast (2024-2029)
The report covers the global silica industry size and the market is segmented by type (amorphous and crystalline), end-user industry (building and construction, shale oil and gas, glass manufacturing, water treatment, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers silica market sizes and forecasts in volume (million tons) for all the above segments.
Source: https://www.mordorintelligence.com/industry-reports/silica-market
Silica Market Analysis
The silica market size is estimated at 517.09 million tons in 2024 and is projected to reach 704.48 million tons by 2029, growing at a CAGR of 6.38% during the forecast period (2024-2029).
The major consumer of silica is the construction industry; with some construction activities restarting after the COVID-19 pandemic, the demand for silica is coming back on track, which is expected to balance the silica market in the construction sector. The increasing use of high-quality concrete is also expected to drive the market in the coming years. The use of silica in electronics is another major factor likely to drive the market.
• Increasing demand for precipitated silica for different end users and rapidly expanding construction activities are likely to drive the growth of the silica market.
• On the other hand, competition from substitute products is expected to restrain the market growth.
• Increasing emergence of green tires and growing adoption of electric and autonomous cars are expected to unveil new opportunities for the market studied.
• Asia Pacific is expected to dominate the silica market owing to high demand from China, Japan, and India.
Silica Market Trends
Growing Demand from Building and Construction Industry
• Silica is one of the major components of various building and construction products. For enhanced durability and structural integrity, whole grain silica is used in flooring, mortars, specialty cements, roofing shingles, asphalt mixtures, anti-slip surfaces, and other industrial materials.
• Asia Pacific region dominates the construction activities across the globe. The region is experiencing a rapid recovery from the impact of COVID-19, driven by increased construction in China, India, Japan and Indonesia, among others. China will invest $1.43 trillion in major construction projects over the next five years, through 2025.
• According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, private residential units authorized by building permits stood at 1,873,000 in December 2021, a seasonally adjusted annual rate of 1,873,000.
• Construction output rose by 3.3% in the euro area and by 3.8% in the EU in July 2021 compared with July 2020. In November 2021, construction output rose by 0.5% in the euro area and by 1.3% in the EU compared with November 2020.
• The Egyptian government plans to move to a vast new administrative capital 30 miles east of Cairo by the end of 2022. The new capital is being built to relieve Cairo’s overcrowding, ease traffic congestion, and provide the country with modern infrastructure. The $45 billion projects will include a new airport, government offices, residential areas, business districts, and green spaces.
• All of the above factors are likely to drive demand for silica sand in the forecast years.
Source: https://www.mordorintelligence.com/industry-reports/silica-market
Asia Pacific region expected to dominate the market
• Asia Pacific is expected to become the dominant market for silica consumption, with China and India dominating the market for end-user industries, such as building and construction, electronics, and glass manufacturing.
• China’s construction industry is growing at a rapid pace. China’s construction output is estimated at CNY29,310 billion in 2021, according to the National Bureau of Statistics of China.
• China plans to invest $1.43 trillion in key construction projects over five years, through 2025. The Shanghai plan, according to the National Development and Reform Commission (NDRC), calls for a total investment of $38.7 billion.
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