Between 2023 and 2033, the silica sand for glass making market is anticipated to grow at a CAGR of 4.1%. In 2023, the market is projected to be worth US$ 5.7 billion. The estimate is anticipated to surpass US$ 8.5 billion by 2033.
Surging construction sector is expected to increase the demand for silica sand for glass making. Rapid urbanization and different sectors looking to expand their footprints are a few of the factors which have surged the market growth.
In a bid to focus more on sustainability, the green building market is expected to grow at a robust 13.6%. By 2032, the valuation of the green building market is expected to cross US$ 650 billion, which represents massive opportunity for the silica sand market.
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The luxury hotels are also on an expansion spree. Based on the survey conducted by FMI, the luxury hotel market was valued at US$ 95,113 million in 2022. This market is expected to record a CAGR of 5.3% during the forecast period. This would certainly mean increase in the construction activities, which is expected to support the silica sand market growth.
With ecosystem and sustainability being the talk of the town, there is a lot of emphasis being laid on the development of hybrid vehicles. The global hybrid vehicles market is expected to grow at 22% during the forecast period. Key players operating in this market are looking to expand their plants worldwide, which might support market growth of silica sand.
However, the market is facing challenges pertaining to supply chain management. This has led to increase in price of the silica sand, and in many places, there is a scarcity of the product.
Key Takeaways:
- The silica sand for glass making market is anticipated to register a CAGR of 4.1% during the forecast period.
- The market is projected to be valued at US$ 5.7 billion in 2023.
- By 2033, the market is expected to cross a valuation of US$ 8.5 billion.
- Based on the regional analysis, Asia Pacific is expected to hold the dominant market share.
- The United States market is expected to advance at 4.7%.
- The United Kingdom market is projected to grow at 3.8%.
- China market is anticipated to record a CAGR of 5.1%.
- Japan market is expected to grow at 4.7%.
- South Korea silica sand for glass making market is projected to advance at 4.6%.
- Based on the application, the glass container segment is expected to hold the dominant share, and might advance at 4.1%.
- Based on the purity, the high purity segment is projected to be the leading segment, and is expected to grow at 4.3%.
- Based on the end use, the construction segment is expected to be the leading segment.
Thus, by the insights provided by FMI researchers, it can be inferred that, ‘increase in the growth of construction sectors, adoption of green alternatives, expansion of automobile market, and various other factors are expected to surge the market growth.’
Competitive Landscape
The key players operating in the market are expected to make investments on mergers and acquisitions. There are also moves pertaining to strategic partnerships. For this, the manufacturers are entering into collaborations with players from various niches. The key players are also investing on research and development aspect of the business. This is being done by enhancing the capabilities of silica sand using other elements. There are also moves being made to increase the manpower.
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Silica Sand for Glass Making Market Segmentation
By Application:
- Flat Glass
- Fiber Glass
- Glass Container (Colored, Colorless)
- Special & Technical
- Tableware Glass
- Others
By Purity:
- High Purity
- Ultra-high Purity
By End Use:
- Food & Beverage Packaging
- Industrial
- Pharmaceutical
- Scientific Instrument & Analytical Research
- Construction
- Automotive
- Cookware & Utensils
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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