Pune, India, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to the report published, the global sodium silicate market size was valued at USD 6.25 billion in 2021 and USD 6.40 billion in 2022. The market is expected to reach USD 8.19 billion by 2029 with a CAGR of 3.6% during the forecast period. A broad range of applications of the product in everyday products is expected to propel the market course in a growing direction. Infrastructural development owing to rapid urbanization is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Sodium Silicate Market, 2022-2029.”
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List of Key Players Profiled in the Market Report
- Occidental Petroleum Corporation (U.S.)
- Evonik Industries (Germany)
- CIECH Group (Poland)
- Silmaco NV (Belgium)
- Oriental Silicas Corporation (Taiwan)
- PQ Corporation (U.S.)
- Nippon Chemical Industrial CO.LTD (Japan)
- Kiran Global Chem Limited (India)
- Ankit Silicates (India)
- BASF SE (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 3.6% |
| 2029 Value Projection | USD 8.9 Billion |
| Base Year | 2021 |
| Sodium Silicate Market Size in 2021 | USD 6.25 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 250 |
| Segments Covered | By Application and Regional |
| Sodium Silicate Market Growth Drivers | Growing demand for the product from various applications areas to drive the market growth |
| The derivative silicates are used to produce chemicals and compounds such as silica, precipitated silica, catalysts, and zeolites. |
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Segments
Liquid to Lead the Segment Due to Increasing Usage of Liquid Detergents
On the basis of type, the market is divided into liquid and solid. Liquid is anticipated to lead due to its usage on liquid detergents. Moreover, using liquid form of silicates in adhesives is expected to drive the market growth. The growth of the segment is due to increased demand for sustainable products as consumers became more aware of green chemicals.
Detergent to Lead the Segment Due to High Demand for Hygiene
On the basis of application, the market is segmented into detergents, pulp & paper, derivative silicates, construction, water treatment, adhesive, and others. Detergent segment is anticipated to lead as they are in high demand as hygiene has become a priority among others. Increasing use of detergents in the chemical industry as degreaser agent is also driving segment growth.
Report Coverage
The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Various Applications of the Product to Drive Market Growth
Growing demand for the product from various applications is anticipated to drive the sodium silicate market growth. Sodium silicates and metasilicates are used for various detergents such as laundry and industrial detergents. They are used effectively in removing soils, dirt, and fats owing to their alkalinity, cleaning power, and buffering capacity. Growing awareness amongst consumers about the use of phosphate-free detergents is expected to boost product demand.
However, the toxic nature of the product in the form of diluted solutions that are harsh and corrosive in nature is expected to impede market growth.
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Regional Insights
Demand for Detergents and Soaps in Asia Pacific to Drive Demand in Asia Pacific
The market in the Asia Pacific is set to have the largest part in the sodium silicate market share due to increasing demand for various consumer products. Countries such as China and India are the fastest-growing economies in the region which have high demand for detergents and soap.
Europe is anticipated to have substantial growth due to rising demand for products from the detergent sector. The region is also set to witness high demand for water treatment chemicals.
In North America, there are growth in the pulp & paper segment and high demand for food & beverage products. The increased demand for these products put pressure on non-plastic packaging manufacturers, leading to the demand for pulp and paper products.
Competitive Landscape
Expansion of Production Capacity by the CIECH to Enhance Market Development
Major players operating in the market have been expanding their capacity expansion. CIECH Group is expanding its business operations globally by expanding production capacities by investing in production technologies. In December 2021, CIECH Group started silicate production by designing a furnace that is expected to increase the production capacity up to around 240 thousand tons per year. The investment is set to increase the capacity by about 30%, making the company as one of Europe's largest sodium silicate suppliers.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Region
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Sodium Silicate Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome
TOC Continued…!
Key Industry Development
April 2019: BASF SE invested at the Düsseldorf-Holthausen site to modernize the silica plant. The investment is to improve and enhance the functionality of existing facilities for the next 10 years.
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