How big is the Silica Market?

The Silica Market size is expected to reach 517.09 million tons in 2024 and grow at a CAGR of 6.38% to reach 704.48 million tons by 2029. Read More

What is the current Silica Market size?

In 2024, the Silica Market size is expected to reach 517.09 million tons. Read More

Who are the key players in Silica Market?

US Silica, Sibelco, Evonik Industries AG, Cabot Corporation and Covia Holdings LLC are the major companies operating in the Silica Market. Read More

Which is the fastest growing region in Silica Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Silica Market?

In 2024, the Asia Pacific accounts for the largest market share in Silica Market. Read More

What years does this Silica Market cover, and what was the market size in 2023?

In 2023, the Silica Market size was estimated at 484.10 million tons. The report covers the Silica Market historical market size for years: . The report also forecasts the Silica Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Silica Market Trends

Market Trends of Silica Industry

Increasing Demand from the Building and Construction Industry

Silica is one of the primary components in various building and construction products. For improved durability and structural integrity, whole-grain silica is used in flooring, mortars, specialty cement, roofing shingles, asphalt mixtures, skid-resistant surfaces, and other industrial materials.
Asia-Pacific is dominating construction activities worldwide. The area is registering fast economic growth and increasing construction in China, India, Japan, and Indonesia, among others. According to Oxford Economics, the global construction industry is expected to grow by USD 4.5 trillion, or 42%, between 2020 and 2030 to reach USD 15.2 trillion.
The housing sales in India reached 151,138 units in the first half of 2023, which increased by 24.4% compared to the same period in 2022, as per the Jones Lang LaSalle IP (JLL India). The growth has been the highest over the last couple of years. The sales of luxury homes in the country sharply increased by 130% in the first half of 2023 compared to the same period in 2022, as per the India Brand Equity Foundation (IBEF).
The construction sector in Asia-Pacific is growing at a healthy rate, owing to the rising population, increasing income of the middle-income groups, and urbanization. In Asia-Pacific, China is one of the leading countries in terms of shopping center construction. China has almost 4,000 shopping centers, while 7,000 more are estimated to open by 2025.
According to the United States Census Bureau, the value or spending on the total public and private constructions in 2023 was USD 1,978.7 billion, 7% higher than the USD 1,848.7 billion spent in 2022. The spending on private construction in 2023 was USD 1,541.0 billion, 4.7% more than USD 1,472.4 billion in 2022. Such trends in construction may boost the market during the forecast period.
In Brazil, according to Urban Affairs Minister Jader Filho, the new rules of the Minha Casa, Minha Vida (My Home, My Life) program have been introduced to reduce interest rates and increase subsidies for property purchases. Thus, the program will contribute to the goal of building 2 million housing units by 2026. In July 2023, Brazilian President Luiz Inácio Lula da Silva introduced a development plan worth USD 200 billion for infrastructure, energy, and transportation over the next four years.
All such factors will likely propel the demand for silica sand during the forecast years.

Silica Market : Total New Infrastructure Construction, By Segment, In Value (USD billion), United States, 2023

Understand The Key Trends Shaping This Market

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Asia-Pacific to Dominate the Market

Asia-Pacific is expected to be the dominant market for silica consumption, as China and India dominate the demand from end-user industries such as building and construction, electronics, and glass manufacturing.
According to the National Bureau of Statistics of China, the country's building industry is expanding at a rapid pace. China's construction output was valued at around CNY 31.59 trillion (USD 4.44 trillion) in 2023, increasing from CNY 31.2 trillion (USD 4.39 trillion) in 2022.
In 2020, China unveiled its plans to invest USD 1.43 trillion in key construction projects for five years till 2025. According to the National Development and Reform Commission (NDRC), the Shanghai plan calls for a total investment of USD 38.7 billion over the next three years. Guangzhou, on the other hand, signed 16 new infrastructure projects for USD 8.09 billion. Such initiatives can significantly propel the market in China and the overall region.
India's construction industry is the second-largest industry in the country, accounting for a significant share of its GDP. For instance, according to the Ministry of Statistics & Programme Implementation, the construction industry accounted for a share of about 8.2% of India's GDP (2022-2023).
According to the India Brand Equity Foundation, the real estate sector in India is expected to reach USD 1 trillion by 2030, and by 2025, it is estimated to contribute 13% to the country’s GDP.
The Government of India’s Housing for All initiative is expected to bring USD 1.3 trillion in investment in the housing industry by 2025. In 2024, the rate of affordable housing availability is projected to increase by roughly 70%.
The Japanese construction industry is projected to boom as the country prepares to host the World Expo in Osaka, Japan, in 2025. The Yaesu redevelopment project, which includes a 61-story, 390-meter-tall office tower, was scheduled to be completed in 2023 and 2027, respectively.
Due to such factors, Asia-Pacific is expected to dominate the market during the forecast period.