Silica Flour Market Will Generate Massive Revenue In Future by 2027
As per a published report the global silica flour market size is projected to reach USD 502.6 million by 2027 owing to the increasing utilization of the material in the production of ceramic, states Fortune Business Insights™ in its report, titled “Silica Flour Market, 2020-2027”. As per the report, the value of the market stood at USD 397.5 million in 2019 and is projected to register a CAGR of 3.5% from 2020 to 2027.
COVID-19 has put a halt on most of the operations around the globe in the first quarter of the global pandemic. As a result of which, the mining processes at all levels were affected. The complete shutdown of the mines has disrupted the supply of the raw materials required for silica flour, thereby restraining its growth during the forecast period.
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U.S. Silica Acquires Former Ceramic Proppant Facility
In July 2019, U.S. Silica announced the acquisition of a former ceramic proppant facility in Georgia, the U.S. With the help of the new facility, the company will be able to lower its production cost and improve its supply chain. This will also help the company move down in the value chain. In addition, the launch of this facility is anticipated to aid the company to accelerate product development and facilitate product customization as requested by the clientele, thereby boosting the silica flour market growth.
Paints and Coatings Segment to Register Highest Growth
Based on application, the market is segmented into paints & coatings, polymers, glass, and ceramics (sanitary ware, tiles, and others). The paints and coatings segment is expected to register the highest growth owing to the properties offered by silica, such as reflectance, brightness, and color consistency, that are ideal for producing paint. On the other hand, the ceramic segment held a share of 5.3% in 2019. In terms of the region, the market has been clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Increasing Disposable Income from the Developing Part of Asia Pacific to Strengthen Demand
The Asia Pacific silica flour market is projected to witness significant growth during the forecast period. The market secured a total value of USD 157.1 million in 2019. The increasing disposable income of the population in major countries of the region is estimated to accelerate the demand for silica flour in the region.
North America is projected to hold a considerable silica flour market share in the upcoming future. The key factor boosting the market growth of silica flour in the region is the rapid expansion observed in industries, such as paints & coatings and oil & gas.
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Innovation and Research to Aid Key Players offer more Efficient Products
Prominent manufacturers operating in the global market are focusing on innovation and research in order to offer a wide variety of products to their customers. This will help them expand their portfolio and expand their customer base. For instance, U.S. Silica has developed core proficiencies in operations, such as mining, processing logistics, and materials science, enabling the company to offer over 400 products worldwide.
- July 2020: AGSCO Corporation declared the expansion of its Illinois, U.S. based warehousing capacity in order to improve its current turnaround capabilities and keeping highly demanded materials in stock. The expansion is projected to support the company to better supply industrial minerals, abrasives, and aggregates to its customer base.
List of Key Players Profiled in this Market Report:
- U.S. Silica Holdings, Inc. (U.S.)
- Sibelco (Belgium)
- AGSCO Corporation (U.S.)
- Fineton Industrial Minerals Limited (Hong Kong)
- Sil Industrial Minerals (Canada)
- Hoben International Ltd. (UK)
- Adwan Chemical Industries Co. Ltd. (Saudi Arabia)
- Capital Sand Company (U.S.)
- Finore Minerals LLP (India)
- Euroquarz GmbH (Germany)
- Al Salam Al Ma’asi Co. (Saudi Arabia)
- Delmon Group (Saudi Arabia)
- Other Key Players
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