The global market for silica flour demonstrates a highly fragmented competitive landscape due to the absence of a clear dominance of a single player, notes a new research report by Transparency Market Research (TMR). In 2014, the top three silica flour vendors across the world, namely, Premier Silica LLC, U.S. Silica Holdings Inc., and SCR-Sibelco N.V, could hold a share of 32.1% only in the overall market. With the limited scope of differentiation, the competition within this market is expected to rise considerably in the years to come, states the research report.
According to TMR’s estimations, the worldwide market for silica flour was worth US$338.1 mn in 2014. Progressing at a CAGR of 7.0% during the period from 2015 to 2023, the market’s opportunity is anticipated to reach US$618.0 mn by the end of the period of the forecast. Fiberglass has surfaced as the leading application area of silica flour, thanks to the recent rise in the usage of fiberglass in various industries, such as the building and construction, transportation, consumer goods, and wind turbines sectors. This scenario is likely to remain same over the next few years, reports the market study.
Increase in Construction Industry to Boost Market’s Growth
The global market for silica flour is witnessing substantial growth and the trend is expected to remain so in the years to come. According to a TMR analyst, “the remarkable rise in the construction industry across the world, thanks to the rapid industrialization as well as urbanization, is boosting the worldwide silica flour market.” With the increasing usage of glass and fiberglass in commercial and residential buildings, the global market is likely to remain registering high growth over the forthcoming years, reports the market study.
Asia Pacific to Retain Leadership
The global market for silica flour is segmented geographically into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Asia Pacific, among these, has surfaced as the key contributor to this market due to the significant rise in the glass and fiberglass industries. In 2014, the regional market held a market share of approximately 47%. Analysts expect the Asia Pacific market for silica flour to remain dominant throughout the period of the forecast.
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Europe and North America have been following Asia Pacific closely. However, both the regions are projected to experience a decline in their market shares and register moderate growth rates over the forthcoming years. The recent economic slowdown and the sluggish pace of the recovery is the main factor that is expected to affect the demand for silica flour in both the regions in the near future, states the research report.