According to a report published recently by Transparency Market Research, the global silica flour market was valued at US$338.1 mn in 2014. Exhibiting a robust 7% CAGR from 2015 to 2023, the global silica flour market is expected to rise to a valuation of US$618 mn.
Increasing Fiberglass Production Drives Global Silica Flour Market
Fiberglass is the largest application segment of the global silica flour market and took up 25% of the globally produced silica flour in 2014. The share of the fiberglass production application segment in the silica flour is expected to remain dominant in the coming years, with a robust 6% CAGR projected for the segment in the 2015-2023 forecast period.
Fiberglass is one of the best insulating agents available at affordable rates and has thus become popular in the construction industry. The expansion of the construction industry in developing regions is thus likely to drive the silica flour market in the coming years.
Expanding Glass Market to Propel Global Silica Flour Market
The demand for glass is also driven by the construction industry boom in Asia Pacific and the Middle East, as glass is crucial in any new construction. Like fiberglass, glass production is a major application segment of the global silica flour market. The increasing demand for consumer electronics such as television sets and smartphones and tablets has also been crucial in increasing the global demand for glass, thus indirectly driving the silica flour market.
The Asia Pacific market for silica flour is expected to remain dominant in the coming years due to the rapid expansion of the construction and consumer electronics markets in the region. The APAC silica flour market held a 40% share in the global market in 2014.