Global Silica Flour Market Estimated to Reach US$ 1,090 Mn by 2026; Growth of Fiberglass Industry to Drive Market: Transparency Market Research
Expansion in the global silica flour market is primarily driven by the growth of the fiberglass industry and rise in crude oil prices.
Albany, New York, Sept. 04, 2018 (GLOBE NEWSWIRE) -- According to a new report published by Transparency Market Research (TMR) titled ‘Silica FlourMarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global silica flour market was valued at US$ 655.0 Mn in 2017 and is anticipated to expand at a CAGR of more than 5.0% during the forecast period. Expansion in the global silica flour market is primarily driven by the growth of the fiberglass industry and rise in crude oil prices. The silica flour market in Asia Pacific is anticipated to expand at a CAGR of more than 5.5% during the forecast period, owing to high demand for silica flour from various end-use industries across the region, especially in China, Japan, and the ASEAN sub-region.
Silica flour is highly pure, finely ground silica sand. Silica flour is utilized for several applications in end-user industries such as oil & gas, fiberglass, plastics, rubber, paints, sodium silicate, etc.. It forms an integral part of the fiberglass production process. The fiberglass industry has experienced significant growth in the past few years. Fiberglass is used in the automotive, aerospace & defense, energy & power, metals & mining, and chemicals industries. Rapid growth of the end-user industries of fiberglass is driving the fiberglass industry. Fiberglass is a major application segment of silica flour. Production of fiberglass and its products involves the use of silica flour at 52%-74% by weight, depending on the class and grade of fiberglass being manufactured. The fiberglass industry has been expanding at a significant pace, especially in Egypt, where the total production of fiberglass has been increasing considerably, owing to expansion plans and investments made by China-based fiberglass producers.
China and the U.S. have been major producers of fiberglass for a very long time. China accounts for more than half the global production of fiberglass. However, it consumes only a half of its production and exports the rest. Europe is a major export destination for China. The European Union has imposed heavy anti-dumping duties on China’s fiberglass products. Egypt has signed a trade agreement with the European Union, due to which anti-dumping duties have not been imposed on fiberglass imports from the country. China-based fiberglass companies are also looking to shift and expand their production bases in countries in North America and Latin America. This is expected to boost the global production of fiberglass. Thus, the fiberglass industry is anticipated to expand at a significant pace, owing to upcoming investments made by China-based companies in different regions across the globe. Growth of the fiberglass industry is anticipated to drive demand for silica flour in the near future.
Oil Well Cementing and Fiberglass Application Segment to Dominate GlobalSilica Flour Market
In terms of application, the global silica flour market has been divided into sodium silicate, fiberglass, cultured marble, reinforcing filler, foundry work, ceramic frits & glaze, oil well cement, glass & clay production, and others. The fiberglass segment is anticipated to dominate the market, as silica flour forms one of the integral raw materials used in the production of fiberglass. The fiberglass industry is estimated to expand at a rapid pace in the near future. This is likely to fuel the fiberglass segment of the silica flour market. Furthermore, a major application of silica flour is in oil well cementing operations in the oil & gas industry. The recent increase in crude oil prices since December 2017 is anticipated to bring about an increase in oil well drilling activities, thereby giving rise to the need for oil well cementing operations. This is likely to fuel the demand for silica flour in oil well cementing operations.
Based on region, the global silica flour market has been split into Latin America, North America, Asia Pacific, Europe, and Middle East & Africa. The silica flour market in Asia Pacific is projected to expand at a CAGR of more than 5.5% during the forecast period due to high demand for silica flour from various end-use industries across the region. The region offers significant expansion opportunities to the silica flour market. China dominates the market in the region due to the expansion in end-user industries, particularly the fiberglass, oil & gas, and sodium silicate industries in the country. The fiberglass industry is a prominent consumer of silica flour in Asia Pacific.
The silica flour market is moderately fragmented in nature as most suppliers have adopted forward integration for the manufacture of silica flour from silica sand. Key players operating in the silica flour market include SCR-Sibelco N.V., International Silica Industries Company Plc., U.S. Silica Holdings Inc., Adwan Chemical Industries Co. Ltd., and AGSCO Corporation.
The global silica flour market has been segmented as follows:
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Source: GlobeNewswire
(September 4, 2018 - 7:00 AM EDT)
