New York, July 27, 2022 (GLOBE NEWSWIRE) -- It was noted that global production of paper and cardboard accounts to more than approximately 450 million metric tons each year. With that, in 2021, production of commercial vehicles grew to around 23.5 million units, while the revenue of worldwide automotive industry was sized at approximately USD 2.5 trillion and it is estimated to increase significantly over the forecast period.
Kenneth Research has published a detailed market report on ‘Global Sodium Silicate Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
It was observed that, the global quantity of paper imports accounted to nearly 112 million metric tons in 2020. The global sodium silicate market was valued at approximately USD 8 billion in 2021 and is estimated to further grow at a CAGR of 3% over the forecast period, i.e., 2022-2031. The market expansion can be attributed to increasing demand for detergents worldwide, and the growing use of sodium silicate in various applications, such as, water treatment, toothpaste, ceramics, in the synthesis of silica gel, automotive sector, pulp & paper industry, construction, and others. On the back of notably expanding pulp & paper industry and the quantity of its import and export, the global sodium silicate market is anticipated to expand as well. Further, growing demand, wide availability, demand and cost-effective nature of sodium silicate is significantly driving the market. The global demand for sodium silicate is estimated to reach at approximately 65 million metric tons by 2023 and increase even more over the forecast period.
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On the other hand, owing to the huge expansion of automotive sector and automotive aftermarket industry across the globe, the global sodium silicate market is estimated to grow notably over the forecast period. Sodium silicate is widely used in automotive aftermarket industry as an ingredient to repair parts of a vehicle. This chemical compound is used as a crack sealer and exhaust system joint for repairing resonators, tailpipes, mufflers and other components of vehicles. The average length of vehicle ownership for new and used vehicles has increased about 62% in the last ten years. Additionally, usage of sodium silicate in water management is highly cost-effective. According to a study, reusing of wastewater as feed autoclave water, reduced water consumption by 32.1% and reduced wastewater discharge per month by 89.6% as well as saving in final product of 6 tons per month. It was concluded that reusing of wastewater generated from liquid sodium silicate manufacturing process resulted in cheaper and environmental-friendly product. Along with this, growing demand for chemicals, backed by the increasing export-import of chemicals across the globe, are estimated to boost the market growth.
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Regionally, the global sodium silicate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific region is anticipated to hold the largest share by end of forecast period owing to enhanced socio-economic factors, infrastructural developments, and presence of major key players in the market. As per the statistics provided by the World Bank, in India chemical manufacturing increased from 14.86% in 2010 to 17.807% in 2019. In addition, the rising population in Asia Pacific is boosting the expansion of key market players over the region. As per the data by the United Nations Population Division, the population of the East Asia and Pacific region accounts to 2.37 billion, as of 2021.
Further, the global sodium silicate market in North America region is estimated to grow at a CAGR of ~5% over the forecast period on the back of presence of a significant number of detergent manufacturers, and a rising pulp & paper industry. Additionally, the expanding number of activities in the region that use sodium silicate, such as tube winding, water treatment, construction, and others, and increasing disposable income per capita throughout the region are anticipated to accelerate market growth. According to the U.S. Bureau of Economic Analysis, in March 2021, the disposable income per capita in North America region was USD 57,597 and this is anticipated to increase more over the forecast period along with the expenditure on cleaning products.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global sodium silicate market is segmented on the basis of application, into adhesives, detergents, paints, catalysts, refractories, tube winding, and others. Out of these, the detergents segment is estimated to hold the largest market share over the forecast period owing to amazing properties of sodium silicate, such as emulsification, wetting, and deflocculating, and rising cleaning expenditure per capita among the global population. According to UNICEF, the average cleaning expenditure per capita was USD 24 in 2020 and it is estimated to increase more in the projection period. As detergent is used widely as a basic cleaning ingredient, the segment is anticipated to hold the largest market share.
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Further, the global sodium silicate market is segmented based on the end-user into automotive, pulp & paper, construction, and others. Out of these, the automotive segment is expected to hold a substantial market share over the forecast period on the back of rapid growth of automotive industry worldwide, increasing sale of cars, and increasing usage of sodium silicate in automotive sector. Sodium silicate is widely used in car repairing industry. Older cars requires frequent repairing. This segment’s growth can equally be attributed to the increasing number of old cars worldwide. It is estimated that, by the end of 2022, number of automobiles that are aged 12 years or older will increase by 15%.
The global sodium silicate market is also segmented on the basis of type, form, and grade.
Global Sodium Silicate Market Segmented by Type
- Liquid
- Solid
Global Sodium Silicate Market Segmented by Form
- Crystalline
- Anhydrous
Global Sodium Silicate Market Segmented by Grade
- Neutral
- Alkaline
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Some of the prominent players and their company profiling mentioned in the report include CIECH S.A., BASF SE, C THAI GROUP, Kiran Global Chem Limited, PQ, Evonik Industries AG, IQE Group, Nippon Chemical Industrial CO., LTD, Merck KGaA, PPG Industries Inc., and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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