Silica Flour Market Trend
Silica flour market size is projected to reach $876.3 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031
OREGON, PORTLAND, UNITED STATES, May 26, 2023 /EINPresswire.com/ — The global silica flour industry generated $520.0 million in 2021, and is estimated to reach $876.3 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031.
Allied Market Research published a report, titled, “Silica Flour Market by Type (Quartz, Cristobalite), by Application (Fiberglass, Glass and Clay, Oil Well Cement, Ceramic and Refractory, Foundry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
Drivers and Opportunities
Rapid infrastructure developments, high use of silica flour in sectors such as iron & steel, construction, glass manufacturing, automotive and more, surge in modern theme-based buildings, rise in global population and increasing purchasing power of consumers drive the growth of the global silica flour market. However, health risks associated with the exposure of silica flour beyond maximum concentration limits hamper the market growth. On the other hand, increase in industrialization, the surge in manufacturing industries and rise in price of crude oil are expected to present lucrative opportunities for growth of the market in the coming years.
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Leading Market Players
Adwan Chemical Industries Co. Ltd.
Delmon Group of Companies
Hoben International Limited
Opta Minerals Inc.
Sil industrial minerals
The report analyzes these key players of the global silica flour market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
The silica flour market faced negative consequences during the outbreak of the COVID-19 pandemic. Manufacturers faced challenges in terms of operation and supply chain due to the rapid spread of the virus, implementation of emergency protocols, and shutdown of various operations during the lockdown.
Furthermore, to control the surge of coronavirus cases, there was a drastic shift of investment from other sectors toward the paints and coatings sector. Also, several synthetic silica flour product manufacturing companies ceased their operations due to the risk of infection spread among the workforce.
The demand for silica flour decreased during the COVID-19 period owing to the decline of oil & gas industry where silica flour are used for reducing the heat loss within high temperature streams.
However, the market is slowly returning to its normal phase post pandemic.
The quartz segment to maintain its dominance during the forecast period
Based on type, the quartz segment grabbed nearly two-thirds of the global silica flour market in 2021, and is expected to rule the roost during the forecast period as to the facts that quartz is increasingly used for providing glossy finish to masonry walls, covering, and flooring in various residential and commercial building construction projects. The same segment is projected to witness the largest CAGR of 5.8% from 2022 to 2031. The report also discusses the cristobalite segment under this category.
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The fiberglass segment to maintain its leadership status during the forecast period
Based on application, the fiberglass segment contributed to more than one-third of the global market in 2021, and is expected to maintain its leadership status during the forecast period. This is due to the extensive demand for silica flour-based fiberglass in building and construction for production of wall coverings, fire protection and other applications. The same segment is projected to witness the largest CAGR of 5.9% from 2022 to 2031. The other segments discussed in the report include glass and clay, oil well cement, ceramic and refractory, foundry and others.
Asia-Pacific to hold the lion’s share during the forecast period
Based on region, Asia-Pacific was the largest market in 2021, accounting for more than two-fifths of the global silica flour market, and is expected to maintain its dominance during the forecast period. This is attributed to the proliferating demand for iron & steel from various end-use sectors in the region such as industrial, construction, automotive and more which has led the iron & steel manufacturers to increase their production capacities where silica flour is widely used for temperature stability purposes. The same segment is projected to manifest the fastest CAGR of 5.9% during the forecast period. The other regions discussed in the report are North America, LAMEA and Europe.
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