Sodium Silicate Market Analysis by Global Segments, Region, Size and Forecast 2020
Prominent participants in the global sodium silicate market include PQ Corporation, Evonik Industries AG, BASF SE, W.R. Grace & Co., CIECH Group, Silmaco NV, Oriental Silicas Corporation, Aromachimie Company Ltd, Industrial Chemicals Ltd, SIEKEM d.o.o, MAGNIFIN, BEKO Troyan, Glassven C.A, Z.Ch. Rudniki SA, Huber Engineered Materials, PPG Industries, Tokuyama Siltech Co. Ltd, Occidental Chemical Corporation, Nippon Chemical Industrial Co. Ltd, Solvay, and Diatom.
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In this competitive market, keen players are mulling over strategic partnerships and mergers and acquisitions apart from pouring money into research and development for novel products. These players have also been involved in capacity expansion, which has resulted in demand-supply gap due to higher production volumes. This in turn, has restricted the entry of new players in the sodium silicate market.
A fresh business intelligence study by Transparency Market Research (TMR) reveals the global sodium silicate market to be expand at a CAGR of 1.92% for the forecast period between 2016 and 2025. Rising at this pace, the market’s valuation of US$4.9 bn in 2016 will become US$5.81 bn by the end of 2025.
Among the key application segments, in 2016, silica manufacturing led the overall market holding 26.8% share. The detergents segment held 15% of the market in 2016; going forward the segment is likely to display an increased market share. Geography-wise, Asia Pacific held the leading share of 54% in the overall market in 2016. Europe stood as the second-leading market holding 21.8% share in 2016.
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Efficacy to Maintain Optimum pH of Cleaning Products Boosts Demand
The global sodium silicate market is anticipated to display significant growth over the forecast period between 2016 and 2025 mainly due to the rising demand for sodium silicate from a number of end-use industries such as construction and tire. For instance, the growing demand for environmental-friendly binders in the construction sector and increasing switch to green tires are expected to bode well for the sodium silicate industry.
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