In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The global rice husk ash market is estimated to grow at CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the high surface area, porous nature, and lightweight of rice husk ash or RHA, which makes it useful for construction, steel industry and other applications. The growing adoption of RHA as an additive for concrete in construction industry instead of fly ash, along with the increasing production of concrete, and other chemical-based additives is estimated to further boost the market growth. Globally, in the year 2020, over 3.9 billion metric tons of concrete was produced. The use of RHA can reduce the overall construction cost, which is also estimated to fuel its demand. In addition to this, the cost of rice husk ash is very low, and the raw material is also inexpensive, which is estimated to increase the demand for RHA amongst various end-users. The presence of high contents of silica is also estimated to boost the market growth as it can be used to produce high purity silica.
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The global rice husk ash market is segmented by silica content into below 80%, 80-89%, and above 90%, out of which, the above 90% segment is anticipated to hold the largest share in the market over the forecast period on account of increasing use of RHA with 90% silica as a filler, concrete additive, abrasive agent, oil adsorbent, as a suspension agent for porcelain enamels, and sweeping component amongst various end-user industries. On the basis of application, the market is segmented into construction, steel industry, rubber, and others, out of which, the construction segment is expected to witness significant growth over the forecast period, owing to the increasing construction activities on a global level, along with growing use of RHA as a replacement of concrete for making low-cost building blocks.
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 Program), 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 favorable 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 rice husk ash market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness highest growth over the forecast period on the back of ample availability of raw material for RHA industry in this region, backed by the high paddy cultivation practices in India, China, Japan, and Sri Lanka. In 2019, the total production of rice in India crossed 2500 kg per hectare, while in China, 210 million metric tons of rice was produced in the same year.
The market in the Latin America is also estimated to witness notable growth by the end of 2030, on the back of rising paddy cultivation along with increasing demand for low-cost construction.
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The global rice husk ash market is further classified on the basis of region as follows:
Our in-depth analysis of the global rice husk ash market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The presence of high amount of silica in rice husk ash, and its increasing application in construction is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
High dependance on paddy cultivation is estimated to hamper the market growth.
The Asia Pacific region is estimated to provide maximum growth opportunities over the forecast period, owing to the high production of rice in the region.
The major players in the market are Guru Corporation, Yihai Kerry, Usher Agro Ltd., Rescon (India) Pvt. Ltd, KRBL Limited, VIET DELTA Corp, The Agrilectric Companies, 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 silicon content, application, and by region.
The construction segment is anticipated to hold largest market size in the forecast period and display significant growth opportunities owing to the growing demand for low-cost construction in underdeveloped and developing countries.
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