(MENAFN- GlobeNewsWire - Nasdaq) Rising renewable energy demand and technological advancements will drive demand for industrial silica.
Wilmington, Delaware, United States, Transparency market Research, Inc., Sept. 06, 2024 (GLOBE NEWSWIRE) -- The industrial silica market (산업용 실리카 시장) was worth US$11.6 billion in 2023. The market is expected to reach US$ 18.4 billion by 2034, progressing at a CAGR of 4.3% . Artificial intelligence will continue to be integrated into silica production to improve efficiency and automation and meet market demands.
As automation and AI technology increasingly drive operational improvements and meet market demands, this trend reflects the broader impact of AI on industrial manufacturing processes.
Electronics, automotive, construction, and the automotive industry will continue to need high-quality silica for their production processes. The extraction and purification methods of silica need to be improved even further to enable advanced manufacturing processes.
Photovoltaic cells, one of the main components of renewable energy, are made from silica. Solar power is one of the most environmentally friendly sources of energy.
As the world moves more and more toward renewable energy sources, there will be an increase in the need for industrial silica. Solar panel technology is constantly evolving, and new developments can require more specific silica, resulting in more research and development.
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Key Findings of the Market Report
● In order to fuel industrial silica with oil or gas, unconventional methods are required.
● Concrete's durability is boosting the market for industrial silica
A large share of the market in 2023 was dominated by fiberglass. In 2023, Asia Pacific dominated the industrial silica market.
Global Industrial Silica Market: Growth Drivers
The use of silica in tires and other car parts is thought to increase the lifespan and fuel efficiency of vehicles. A wide variety of industries, such as electronics, chemicals, and coatings, use industrial silica continuously for research and development. Technology also facilitates the development of more effective methods for extraction and processing, which boost markets. Numerous industries have seen a movement toward eco-friendly products as a result of regulatory actions meant to reduce environmental damage. A growing number of sustainable alternatives, including coatings, paints, and adhesives, are using industrial silica, especially in colloidal form. Industrial silica is used in the oil and gas industry's hydraulic fracturing (fracking) procedures to increase well production rates. The need for industrial silica used in the fracturing process will always be high as long as oil and gas development is going on, especially in unconventional reservoirs like shale formations. Due to its absorption and abrasive properties, industrial silica is used in medicines, cosmetics, and personal hygiene products. As a result of the increased demand for personal hygiene products and wellness products, the demand for industrial silica is increasing.
Global Industrial Silica Market: Regional Landscape
The industrial silica market is expected to grow at a faster rate in Asia Pacific. As the Asia Pacific region urbanizes and develops its infrastructure, especially in countries like China, India, and Southeast Asia, infrastructure is being rapidly built. As the construction sector continues to grow, industrial silica production will increase, which will lead to an increase in demand for ceramics, glass, and concrete. Electronics production is dominated by nations such as South Korea, Taiwan, and China in the Asia-Pacific. A variety of electronic components are manufactured with industrial silica, including semiconductors, display panels, and other components. Consumption of consumer electronics is increasing the demand for industrial silica. Governments in the Asia-Pacific area are implementing stricter environmental laws in an effort to combat pollution and advance sustainable development. Various sectors, including electronics, automotive, and construction, benefit from the use of environmentally friendly materials. The Asia-Pacific region, particularly China and India, is investing heavily in oil and gas exploration to meet their expanding energy needs. Industrial silica is used in hydraulic fracturing processes to enhance oil and gas extraction from unconventional deposits. As a result of these exploration efforts, the region's need for industrial silica is increasing. Asia-Pacific nations are making research and development investments to advance technical progress in various fields. Nanotechnology, innovative materials, and coatings are among the industries where industrial silica is finding new uses.
Global Industrial Silica Market: Competitive Landscape
To gain a strong foothold in the silica compounds market, companies in the global industrial silica industry are developing new products and expanding their manufacturing plants.
Key Players Profiled
Premier Silica LLC International Silica Industries U.S. Silica SIL Industrial Minerals Adwan Chemical Industries Delmon Group Opta Group LP Asamco Group Saudi Emirates Pulverization Industries Company (SEPICO) Al-Rushaid Group FINETON Short Mountain Silica Co. AGSCO Corp
Key Developments
In November 2023, U.S. Silica Holdings, Inc. informed stockholders that it raised prices for most of its non-contracted silica, perlite, diatomaceous earth, aplite, clay, and cellulose products used primarily in foundry, glass, filtration, paints, elastomers, coatings, roofing, chemicals, building products, recreation, renewable diesel, industrial oil, and other applications. Depending on the grade and product, price increases are up to 20% and will take effect for shipments to begin. As labor, transportation, material, and manufacturing costs continue to increase, price increases are necessary to offset their impacts.
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Global Industrial Silica Market: Segmentation
Application
Sodium Silicate Fiberglass Cultured Marble Additive (Paints, etc.) Reinforcing Filler (Plastics, Rubber, etc.) Foundry Work (Metal Alloy, etc.) Ceramic Frits & Glaze Oilwell Cement Glass & Clay Production Others (Pharmaceutical)
Region
North America Europe Asia Pacific Latin America Middle East & Africa
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