Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSJuly 2021- U.S. Silica announced that it has increased the prices of its industrial and specialty products including non-contracted silica sand, foundry, diatomaceous earth and clay products used primarily in glass, elastomers, roofing, chemicals, recreation, building products, agricultural, pet litter and other applications.
The global industrial silica sand market is estimated to garner a sizeable amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for silica sand from a wide range of industries such as cosmetics, glass, oil well cementing and foundry. Along with these, rising number of infrastructural and construction activities, and growing usage of the product for glass formulation and manufacturing high grade specialty glass are also expected to boost the growth of the market in the forthcoming years. According to the World Bank, the national per capita income of the World has only increased since 2016. The value was USD 9,483,844 in 2019, up from USD 9,427.278 in 2018. Furthermore, increase in the production of automotive, rising per capita income of the world, and escalating technological advancements in the construction industry are projected to offer lucrative opportunities to the market in the near future.
The market is segmented based on end-user industry into glass manufacturing, foundry, chemical production, construction, paints and coatings, ceramics and refractories, filtration, oil and gas, and others, out of which, the glass manufacturing segment is anticipated to hold the largest share in the global industrial silica sand market on account of the increasing use of silica sand to manufacture products, including flat glass, fiberglass insulation, container glass and specialty glass for a wide variety of applications. Additionally, on the basis of type, the wet sand segment is predicted to gather the largest share during the forecast period, which can be credited to the constant demand for wet silica sand from the construction industry, golf courses and other applications. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global industrial silica sand market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the increasing construction of shopping malls, commercial buildings, high rise buildings and hotels, and rising use of silica sand in foundries and chemical production in the region. Apart from these, growing demand for fiberglass and flat glass in China and India is also projected to drive the region’s market growth in the coming years. Moreover, the market in North America is assessed to grab the largest share during the forecast period owing to the robust growth of oil and gas sector, and increasing activities in the hydraulic fracturing industry in the region. As per the United States Energy Information Administration, the country exported about 8.51 MMb/d and imported about 7.86 MMb/d of petroleum in the year 2020. In that same year, the US produced about 18.40 million barrels per day (MMb/d) of petroleum, and consumed about 18.12 MMb/d.
The global industrial silica sand market is further classified on the basis of region as follows:
Our in-depth analysis of the global industrial silica sand market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for silica sand from a wide range of industries and rising number of infrastructural and construction activities.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
High transportation cost of the product is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing construction of shopping malls, commercial buildings, high rise buildings and hotels in the region.
The major players in the market are Quarzwerke GmbH, Mitsubishi Corporation, U.S. Silica Holdings, Inc., Covia Holdings LLC, Sibelco NV, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user industry, and by region.
The wet sand segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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