The global silica flour market size isprojected to reach USD 502.6 million by 2027, exhibiting aCAGR of 3.5% during the forecast period. FortuneBusiness Insights™ shares this information in its report, titled “SilicaFlour Market, 2020-2027”. As per the report, the value of the market stoodat USD 397.5 million in 2019.
Silica is one of the primary ingredients used to produce paint andrelated products. The properties offered by the substance, such as chemicalinertness, acid resistance, abrasiveness, and heat resistance, make it a highlydesirable material in the paints & coatings industry. Flourishing growth inthe paints & coatings industry is estimated to bolster the demand forsilica flour. For instance, According to the National Industrial SandAssociation, the production of paints & coatings in the U.S. reaches nearly5 billion liters per year. As per the association, the industry will register6.3% growth during the study period.
Market Segmentation
The market is segregated on the basis of application andgeography. Based on application, the market is segmented into paints &coatings, polymers, glass, and ceramics (sanitary ware, tiles, and others). Thepaints & coatings segment is expected to hold a major silica flour marketshare during the forecast period. In terms of the region, the market has beenclubbed into North America, Europe, Asia Pacific, South America, and the MiddleEast & Africa.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects,namely, the dominant companies, end-users, and leading product types. Apartfrom this, the report contains tangible insights into the current &upcoming market trends and highlights prominent industry developments. Inaddition to these factors, the report supplies a holistic understanding of themain drivers, restraints, and segments that are contributing to the growth ofthe market.
Driving factor
Increasing Construction Activities amid Infrastructure DevelopmentWorldwide to Drive Growth
The increasing rate of construction worldwide owing toinfrastructural development across developing as well as developed countries ispredicted to surge the demand for ceramics. For instance, the infrastructuredevelopment in India is anticipated to witness robust growth owing to the newNational Smart Cities Mission launched by the government of India in 2015.Under this project, the government will engage in urban renewal andretrofitting programs of the country. The increasing utilization of ceramicsfor residential as well as commercial construction activities is estimated todrive the silica flour market growth.
Restraining Factors
Adverse Effects of Inhaling Silica on Health to Limit Growth
The inhalation of respirable dust created from the processing ofsiliceous rocks can have a serious impact on health and can lead to a conditioncalled silicosis. This is expected to restrain the growth of the global marketfor silica flour.
COVID-19 has put a halt on most of the operations around the globein the first quarter of the global pandemic. As a result of which, the miningprocesses at all levels were affected. The complete shutdown of the mines hasdisrupted the supply of the raw material required for silica flour, restrainits growth during the forecast period.
Regional Insights
Surging Disposable Income in Major Countries to Aid Growth in AsiaPacific
The silica flour market size in Asia Pacific stood at USD 157.1million in 2019. The region is projected to witness flourishing demand forsilica flour during the forecast timeframe. This is primarily on account of thesurging disposable income of the population in major countries of the region.
The market in North America is estimated to register substantialgrowth in the upcoming years. The rapid expansion observed in industries, suchas paints & coatings and oil & gas, is projected to bolster the demand forsilica flour in the region.
Competitive Landscape
Increasing Production Capacity to Aid Key Players Gain MoreCustomers
Prominent Enterprises operating in the global market are focusingon expanding their production capacity. This will help them gain a larger shareof customers. For instance, in July 2020, AGSCO Corporation announced theexpansion of its warehousing capacity, which is based in Illinois, the U.S.This will help the company improve its current turnaround capabilities and keephighly demanded materials in stock. In addition, AGSCO is aiming to gain newcustomers with improved capacity.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/silica-flour-market-105024
