The Asia silica sand market is estimated to witness a healthy growth, at an estimated CAGR of over 7%, over the forecast period. Major factor driving the market studied are consistent economic growth leading to increase in construction and increasing use in the foundry industry.
- Illegal mining of sand and development of sand-free construction products are expected to hinder the growth of the market studied.
- China is expected to dominate the market and India is expected to witness the fastest growth during the forecast period.
Key Market Trends
Increasing Demand from the Glass Industry
- The glass manufacturing industry was one of the largest end-user industries of the Asia silica sand market.
- Silica sand is an inevitable part of the glass manufacturing industry and accounts for more than 50% of the entire raw materials being used in glass manufacturing. The material finds usage in an array of glass materials being produced, including containers, flat and specialty glass, and fiberglass.
- The container sub-segment accounted for the largest consumption in the glass manufacturing application segment and was followed by the flat glass and the fiber glass sub-segments.
- The market in this application segment is expected to benefit heavily from the increasing demand for flat glass and fiber glass from the rapidly growing automotive and construction sectors in the emerging economies in Asia, especially India and China.
- Moreover, the use of specialty glass in the reputable electronics sector in developed countries, like South Korea and Japan, is expected to further aid the growth of the glass manufacturing industry, which in turn, may increase the demand for silica sand in the region.
- All the aforementioned factors, is expected to drive the market growth during the forecast period.
India is expected to Witness the Fastest Growth
- The Indian Ministry of Mines has classified sand as a minor mineral along with marble, clay, and others. The minor minerals accounts for about 12% of the total mining industry in India.
- Silica sand in India is used for various applications, such as glass formation in foundries, chemical production, construction, paints, etc.
- India is one of the major countries in the global construction market, both in terms of revenue and market growth potential. India represents the tenth-largest economy in the world and the third largest, in terms of purchasing power parity.
- This has led to an increase in the demand for commercial buildings, shopping malls, arenas, high-rise buildings, and hotels, in turn, boosting the demand for silica sand in India.
- India's silica sand market is expected to increase at a healthy growth rate, because of the growing construction and foundry industry.
The Asia silica sand market is partially consolidated in nature. The major companies include Mitsubishi Corporation, TOCHU CORPORATION, Sibelco, PUM GROUP, and Fairmount Santrol, among others.
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