The global industrial silica sand market is expected to expand at a CAGR (compound annual growth rate) of 5% over the next ten years to reach US$15bn by 2031.
Growing investments from different global construction players and escalating technological advancements in the construction industry will offer lucrative opportunities for industrial silica sand manufacturers over the coming years, according to a report from market research company Fact.MR.
Silica sand is 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, colour, clarity, and other physical properties to the glass.
The Fact.MR report projects the value of the sodium silicate market will reach around US$9bn by 2031. Potassium silicate is projected to record above 4% CAGR over the decade.
Regionally, the market in China is expected 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, according to Fact.MR.
The 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,” according to a senior research analyst at Fact.MR.
The research company adds that major enterprises in the silica sand market are executing a range of strategies to sustain in this competitive atmosphere, including 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 and, to achieve this, they are using strategies including mergers and acquisitions. In 2019, Hi-Crush acquired Proppant Logistics to build up operations and enhance its supply chain capabilities.
Many market players are also increasing efforts to strengthen their production capabilities.
