Silica Sand Market to See Moderate Growth through 2024
Growth for silica sand can reportedly be attributed to the thriving construction and glass industries, increasing automotive sales, advancements in technology, and rising shale gas extraction.
The global market for silica sand exceeded $7 billion in 2018, exhibiting a CAGR of around 8% from 2011-2018, according to a recent report by IMARC Group. Looking forward, the market value is projected to exceed $10 billion by 2024, expanding at a CAGR of nearly 6% from 2019-2024. Growth for silica sand can reportedly be attributed to the thriving construction and glass industries, increasing automotive sales, advancements in technology, and rising shale gas extraction.
Due to its mechanical properties, silica sand is widely used in the production of fiberglass, which is further utilized in the automotive industry. Inflating income levels are boosting sales of automobiles worldwide, which is influencing the growth of the silica sand industry. Moreover, governments worldwide are offering substantial subsidies for silica sand production, which is contributing to market growth. In addition, progress in technology has resulted in the introduction of lightweight glazing glass, advanced nanotechnology in flat glass, and solar control glazing for building glass.
Several countries are also shifting toward naturally available shale gas so as to reduce their dependence on crude oil. As shale gas is extracted through the process of hydraulic fracturing, wherein silica sand is employed as a proppant, continuous development in the shale gas industry is spurring demand for silica sand.
On the basis of end uses, the report classifies the market into glass industry, foundry, hydraulic fracturing, filtration, and abrasives. At present, the glass industry represents the major market segment, holding the biggest share. Silica sand plays a vital role in the production of standard as well as specialty glass.
Regionally, the U.S. is the leading market, accounting for the majority of total market share. This can be accredited to the increasing use of silica sand as a dominant proppant material for hydraulic fracturing.
Additional details are available at www.imarcgroup.com.