Global Silica Flour Market Driven by Increasing Demand for Fiberglass, to Exhibit 7% CAGR 2015-2023
Transparency Market Research (TMR) has announced the publication of a new market research study. The report examines the global silica flour market and presents forecasts for the market’s trajectory from 2015 to 2023. It examines the segmentation of the global silica flour market to provide granular forecasts for each market segment, in addition to presenting a detailed evaluation of the expected effect of the major drivers and restraints on the market. The report is titled ‘Silica Flour Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023’ and is available for sale on TMR’s official website.
According to the report, the global silica flour market is expected to exhibit a sturdy 7% CAGR from 2015 to 2023. The market’s valuation was US$338.1 mn in 2014 and is expected to rise to US$618 mn by 2023.
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Silica flour constitutes finely ground silica particles. The small size of the silica particles in silica flour makes silica flour highly active due to the increased total surface area. The high purity of silica flour also makes it highly valued in several applications, some of the most important among them being the production of fiberglass, glass and clay, and cultured marble.
Fiberglass production remains the dominant application segment of the silica flour market and accounted for more than 25% of the global market in 2014. The increasing demand for fiberglass as a construction and insulation material is responsible for the high demand for silica flour from the fiberglass industry. The fiberglass application segment of the global silica flour market is also expected to exhibit the highest growth rate of all applications in the forecast period, with a 6% CAGR expected of the segment between 2015 and 2023.
The expansion of the glass industry, driven by the construction industry and the use of technologically advanced glass in consumer electronics, is a major driver for the global silica flour market. The increasing use of reinforced glass in smartphones and tablets bodes well for the glass and thus the silica flour market. On the other hand, the health hazards and environmental risks of silica flour have restricted the global silica flour market at present.
The growing fiberglass and glass industries in Asia Pacific are expected to keep the regional market dominant in the global silica flour market in the coming years. Asia Pacific accounted for more than 40% of the global silica flour market in 2014 and is expected to remain the largest regional segment of the global silica flour market for several years to come.
The North America and Europe markets for silica flour are expected to exhibit a steady but subpar CAGR over the forecast period due to the recent economic troubles and the slow pace of the recovery from the same. On the other hand, the Latin America silica flour market is expected to undergo significant growth in the coming years due to the rapid pace of urbanization in dynamic economies such as Brazil, Argentina, and Chile.
The report examines each regional market for silica flour closely to determine the growth rate and influential factors of each market. Major players in the silica flour market are also profiled in the report in order to explain the competitive dynamics of the market. Key companies examined in the report include SCR-Sibelco N.V., Adwan Chemical Industries Co. Ltd., Saudi Emirates Pulverization Industries Company (SEPICO), FINETON Industrial Minerals Limited, Delmon Group of Companies, Premier Silica LLC, International Silica Industries Company Plc, Sil Industrial Minerals Inc., Hoben International Limited, and AGSCO Corporation.
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