A recent report by Transparency Market Research states that the global industrial silica market is set to experience a substantial growth in the from 2017 to 2025. The growth of the market is attributed to growth in the manufacturing of cement, concrete, and glass across the globe. These products have widespread applications in sectors such as construction, building, and various other domestic applications. Due to growing demand for these products in construction sector the global industrial silica market. Due to these demands, the global industrial silica market shall witness 6.6% CAGR from 2017 to 2025, says the report. Also, as per the report the market shall reach to the value of US$ 32.98 bn by the 2025.
Fiberglass Segment Remains Dominant
Based on Application the global industrial silica market is segmented into fiberglass, Sodium Silicate, Additive, reinforced fillers. Of these applications, the fiberglass segment accounts for more than 25% of total market share. This makes the segments as the dominant segment in the global industrial silica market. The dominance of the segment is the result of the growing demand for multipurpose glass in various business applications. Some of the examples are bullet proof glasses, mold for various product manufacturing etc. Due to these applications, the global industrial silica market shall witness the projected growth from 2017 to 2025.
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Growing Foundry Industry Boosts the Market
From Building to airplanes, to windshields, foundry industry and fiberglass have widespread applications. These applications are growing with passing time. With the advancements in these applications the global industrial silica market is experiencing major boost these days. Additionally, production of custom glass articles for the customers is also a major reason for the growth of global industrial silica market from 2017 to 2025.
Fragmented Nature calls for Effective Measures
The global industrial silica market is highly competitive and fragmented. There are several players that are currently controlling the dynamics of the market. This poses a tough challenge for the new comers. To withstand these challenges, the players are merging and partnering with established players. This allows them to bag essential resources that can ensure their sustainability in the global industrial silica market.
On the flip side, the veterans are acquiring several businesses to maintain their dominance in the global industrial silica market. This strategy allows the players to expand their production and distribution which provides them a competitive edge over their rivals.
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Asia Pacific to Emerge as Dominant Region
Based on the presence of various big shot customers and easily available raw materials, the businesses across the globe are focusing their attention towards Asia Pacific. This in turn will project the region the most dominant region in global industrial silica market from 2017 to 2025.
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