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 sodium silicate market is estimated to gain a significant amount of revenue and grow at a moderate CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growing requirement of sodium derivatives in several application industries, increasing demand for green tires and the rising number of activities for recycling waste paper worldwide. Furthermore, sodium silicate is the primary source of reactive silica, owing to which there is an increasing demand for its derivatives which is expected to push the market forward in the coming years. Additionally, the imposition of nationwide lockdowns as a result of COVID-19 pandemic has offered new possibilities to detergent manufacturers on the back of growing demand for hygiene products such as soaps, sanitizers and detergents. This is led to the wide expansion of the sodium silicate market in 2020.
The global sodium silicate market is segmented based on application into detergents, precipitated silica, catalysts, pulp & paper, elastomers, and food & healthcare. Out of these, the largest market share will be observed by detergents, out of which the detergents segment is estimated to grow with the highest CAGR over the forecast period. This can be credited to the property of sodium silicate to be an efficient cleaner due to which it finds many uses various industries such as cleaning, textiles, bleaching and degumming, which in turn is projected to fuel the market growth in the near future. However, the segment for precipitated silica garners the largest share owing to the high usage of sodium silicate for producing silicone rubber compounds.
On the basis of geographical analysis, the global sodium silicate 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 grab the largest market share and witness noteworthy growth over the forecast period. Moreover, since the last few years, APAC has observed an increase in awareness regarding hygiene and sanitation. Currently, more people are using soaps and detergents of which, sodium silicate is an important constituent. As a result of a large population of this region, the demand for detergents is also assessed to grow, which is expected to boost the growth of the market in the near future. Furthermore, Europe is expected to be the second most prominent market for sodium silicate during the forecast period attributing to the growing demand for sodium silicate in paper & pulp and a strong presence of healthcare industries in the region. The paper recycling rate in Europe increased to more than 72% in 2019, up from 68% in 2019. CLICK TO DOWNLOAD SAMPLE REPORT
The global sodium silicate market is further classified on the basis of region as follows:
Our in-depth analysis of the sodium silicate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for green tires and rising awareness about hygiene and sanitation are estimated to drive market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021 – 2029.
High costs of raw materials and transportation of sodium silicate are estimated to hamper the market growth.
Asia Pacific region will provide more business growth opportunities on the back of increasing usage of soaps and detergents in the region.
The major players in the market are Desmet Ballestra Group, PQ Corporation, Occidental Petroleum Corporation, Tokuyama Corporation, 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 application, form, and by region.
The precipitated silica segment is anticipated to hold largest market size and is estimated to grow at a modest CAGR over the forecast period and display significant growth opportunities.
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