Global Silica Sand market to grow with CAGR of nearly 6% during 2019-2024: IMARC

The global silica sand market has witnessed moderate growth over the past few years. This can be attributed to the thriving construction and glass industries, increasing automotive sales, advancements in technology, and rising shale gas extraction.

Owing to its mechanical properties, silica sand is widely used in the production of fibreglass which is further utilized in the automotive industry. Inflating income levels is boosting the sales of automobiles worldwide which, in turn, is influencing the growth of the silica sand industry. Its global market value is estimated to exceed US$ 10 billion by 2024, expanding at a CAGR of nearly 6% during 2019-2024.

As per the latest market research report by IMARC Group, the global silica sand market size exceeded US$ 7 Billion in 2018, exhibiting a CAGR of around 8% during 2011-2018. Silica sand (SiO2), also known as industrial sand, refers to one of the commonly available varieties of sand across the globe. It is derived from quartz which breaks down into minute granules by the gradual movement of wind and water. Apart from quartz, silica sand also contains aluminium, feldspar and iron-bearing minerals. As silica sand is associated with advantageous properties like high strength, and resistance against heat and chemicals, it finds numerous applications in the construction industry. In addition to this, it is also utilized in water filtration, industrial casting, sandblasting, building roads, and paints and coatings.

Moreover, governments worldwide are offering substantial subsidies for silica sand production which is contributing to the market growth. Apart from this, progress in technology has resulted in the introduction of lightweight glazing glass, advanced nanotechnology in flat glass, and solar control glazing for building glass. Further, several countries are shifting towards 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 the demand for silica sand.

The US is leader of the market followed by Itlay, Germany, Turkey and Australia. According to the market research by IMARC, Glass Industry is the largest consumer of Silica Sand followed by Foundry. The major global players in the Silica Sand market are - Sibelco, U.S. Silica Holdings Inc (NYSE: SLCA), Fairmount Minerals (NYSE: FMSA), Quarzwerke GmbH and Badger Mining.

(With inputs from IMARC Group)