The global silica sand market size stood at USD 12.16 billion in 2023. The market is set to expand from USD 13.10 billion in 2024 to USD 23.70 billion by 2032, exhibiting a CAGR of 7.7% over the estimated period. The rise can be attributed to the extensive range of applications, including inert chemical nature, high melting point, toughness, and others.
This information is provided by Fortune Business Insights™ in its research report, titled “Silica Sand Market, 2024-2032”.
List of Key Players Mentioned in the Report:
- S. Silica (U.S.)
- Sibelco (Belgium)
- Covia Holdings LLC. (U.S.)
- JFE Mineral & Alloy Company, Ltd. (Japan)
- Quarzwerke GmbH (Germany)
- PUM GROUP (Malaysia)
- Badger Mining Corporation (S.)
- Mitsubishi Corporation (Japan)
- Preferred Sands (S.)
- Aggregate Industries (U.K.)
Segments:
Construction Segment to Register Substantial Growth Owing to Escalated Product Adoption
On the basis of end-use industry, the market for silica sand is segregated into foundry, construction, paints & coatings, glass manufacturing, oil & gas, chemical production, ceramics & refractories, and others. The construction segment is slated to depict commendable expansion over the estimated period. The surge can be attributed to the growing product usage in the manufacturing of concrete and mortar.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the major factors impelling the industry landscape across various regions. It further gives an insight into the prominent trends driving market expansion over the forecast period. Additional aspects comprise the significant steps taken by leading companies to gain a competitive edge.
Drivers and Restraints:
Market Value to Surge Owing to Escalating Demand from THE Glass Industry
One of the key factors propelling the silica sand market growth is the soaring product demand from the glass industry. The escalated product demand can be attributed to the low coefficient of thermal expansion and extreme thermal shock resistance. This helps in preventing any change in the material driven by sudden changes in temperature.
However, the market expansion could be hindered on account of various health hazards associated with the level and duration of crystalline silica exposure. Long-term exposure is associated with lung cancer, silicosis, chronic bronchitis, and numerous autoimmune diseases.
Regional Insights:
Asia Pacific to Emerge Prominent Due to Escalated Demand in Glass & Construction Activities
The Asia Pacific silica sand market share is estimated to register considerable expansion throughout the study period. The surge can be credited to increasing government expenditure on infrastructure development in the region.
The North America market is set to record lucrative growth over the analysis period. This is due to the growing production of natural gas and oil in the region. The process requires silica sand for the process of fracking.
Information Source: https://www.fortunebusinessinsights.com/silica-sand-market-105302
Competitive Landscape:
Leading Players Undertake Research Activities to Develop New Products
Major silica sand companies are undertaking research activities for the development of various products. These industry players are also formulating and implementing a series of strategic initiatives for strengthening their position in the market. These include mergers, formation of alliances, acquisitions, and others. Besides, some companies are participating in trade fairs for enhancing their business prospects.
Key Industry Development:
June 2022 – Sibelco announced an investment in Diatreme Resources Limited. Via this partnership, the company would serve Asian markets for artificial stone solar PV and other applications.
