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Silica Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global silica market is estimated at 458. 22 million tons in 2022. The market is projected to register a CAGR greater than 6% during the forecast period (2022-2027). In 2021, the demand for silica surged due to the increase in construction projects across the globe.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silica Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249287/?utm_source=GNW
The increasing usage of high-quality concrete is expected to drive the market in upcoming years. The usage of silica in electronics is another major factor that is likely to drive the market.
Key Highlights
The 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 flipside, competition from substitute products is expected to hinder the growth of the market.
The growing emergence of green tires and increasing adoption of electric cars and self-driving cars are expected to unveil new opportunities for the market studied.
Key Market Trends
Increasing Demand from the Building and Construction Industry
Silica is one of the primary components in a variety of building and construction products. For improved durability and structural integrity, whole grain silica is used in flooring, mortars, specialty cement, roofing shingles, asphalt mixtures, skid-resistant surfaces and in other industrial materials.
According to the US Census Bureau and the US Department of Housing and Urban Development, privately-owned residential units permitted by building permits totaled 1,873,000 in December 2021, a seasonally adjusted annual rate of 1,873,000.
Building output increased by 3.3 percent in the eurozone and 3.8 percent in the EU in July 2021 compared to July 2020, according to Eurostat. In November 2021, construction output increased by 0.5 percent in the eurozone and 1.3 percent in the EU, compared to November 2020.
Egypt is planning to develop a new capital city that will bring a breath of fresh air to Cairo, which is being burdened by its rising population, which is putting a pressure on existing infrastructure.
All the aforementioned factors are likely to propel the demand for silica sand during the forecast years.
The Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region is expected to be the dominant market in silica consumption, as China and India dominate the market for the end-user industries, such as building and construction, electronics, and glass manufacturing.
China’s building industry is expanding at a rapid pace. China’s construction production is estimated to be worth CNY 29.31 trillion in 2021, according to the National Bureau of Statistics of China.
Furthermore, China plans to invest USD 1.43 trillion in key construction projects over the following five years, through 2025. The Shanghai plan, according to the National Development and Reform Commission (NDRC), calls for a total investment of USD 38.7 billion over the next three years. Guangzhou, on the other hand, signed 16 new infrastructure projects for USD 8.09 billion.
Over the next seven years, India is expected to invest over USD 1.3 trillion in housing, with 60 million new homes being built. In 2024, the rate of affordable housing availability is predicted to increase by roughly 70%.
The Japanese construction industry is predicted to boom as the country prepares to host the World Expo in Osaka, Japan in 2025. In addition, the Yaesu redevelopment project, which includes a 61-story, 390-meter tall office tower, is scheduled to be completed in 2023 and 2027, respectively.
Due to all the above mentioned factors Asia Pacific region is expected to increase the demand in the frecast period.
Competitive Landscape
The silica market is fragmented with the presence of both international and domestic players. The major companies ( not in any particular) in the market studied include Covia Holdings Corporation, US Silica, Sibelco, Cabot Corporation, and Evonik Industries AG, amongst others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249287/?utm_source=GNW
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