The crystalline segment held the highest market share in 2019 and is expected to maintain its lead position throughout the forecast period.
WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — Allied Market Research has released a comprehensive report titled “Sodium Silicate Market by Form, Type, Grade, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global sodium silicate industry generated $7.2 billion in 2019 and is projected to reach $9.2 billion by 2027, with a CAGR of 3.7% from 2020 to 2027.
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Key Drivers, Restraints, and Opportunities:
The growth of the global sodium silicate market is primarily driven by increased demand for manufacturing detergents, soaps, rubbers, and tires, along with rising demand from the pulp & paper industry. However, challenges such as the hazardous nature of sodium silicate and the availability of substitutes are hindering market growth. On the bright side, the expanding application of sodium silicate in the construction industry presents new growth opportunities in the coming years.
Covid-19 Impact:
The Covid-19 pandemic has significantly impacted the sodium silicate market, leading to hindrances in manufacturing activities due to lockdowns in many countries. Shortages of raw materials and disruptions in the supply chain have also been observed. Daily operations in industries utilizing sodium silicate, such as paints, adhesives, detergents, and catalysts, have been halted, resulting in reduced demand. However, as lockdown measures ease and operations resume, the demand is expected to rebound, and the supply-demand gap is anticipated to diminish.
Market Segmentation and Forecasts:
Form: The crystalline segment held the highest market share in 2019 and is expected to maintain its lead position throughout the forecast period, with a projected highest CAGR of 3.9%. This segment finds extensive application in fireproofing mixtures, laundry, dairy, metal, and floor cleaning.
End Use: The construction segment dominated the market in 2019 and is forecasted to maintain its leadership status in revenue throughout the forecast period, owing to its usage in soil stabilization, concrete hardening, and cement refractories. However, the pulp & paper segment is expected to exhibit the highest CAGR of 4.3%, driven by increased usage in both fresh and recycled paper for de-inking and brightening pulps.
Regional Analysis:
North America is projected to witness the fastest CAGR of 4.3% during the forecast period, attributed to increased activities in various industries such as construction, detergent, catalyst, tube winding, and paper & pulp. However, Asia-Pacific contributed the largest market share in 2019 and is expected to maintain its dominance by 2027 due to the presence of numerous corporations and the expansion of businesses by market players in the region.
Leading Market Players:
– Tokuyama Corporation
– Evonik Industries AG
– Merck Millipore Limited
– Nippon Chemical Industrial Co. Ltd.
– PQ Group Holdings Inc.
– Occidental Petroleum Corporation
– CIECH S.A.
– Sinchem Silica Gel Co. Ltd.
– Shijiazhuang Shuanglian Chemical Industry Co. Ltd.
– Kiran Global Chem Limited
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