The construction industry is expected to make a massive impact on the silica sand glass market growth. The global construction market is expected to surpass US$ 8 trillion by 2030, and is expected to record a CAGR of 4.7%.
The silica sand for glass-making market is expected to record a CAGR of 4.1% between 2023 and 2033. The market is expected to be valued at US$ 5.7 billion in 2023. By 2033, the estimation is projected to cross US$ 8.5 billion.
The surging construction sector is expected to increase the demand for silica sand for glass making. Rapid urbanization and different sectors looking to expand their footprints are a few of the factors which have surged the market growth.
In a bid to focus more on sustainability, the green building market is expected to grow at a robust 13.6%. By 2032, the valuation of the green building market is expected to cross US$ 650 billion, which represents a massive opportunity for the silica sand market.
Luxury hotels are also on an expansion spree. Based on the survey conducted by FMI, the luxury hotel market was valued at US$ 95,113 million in 2022. This market is expected to record a CAGR of 5.3% during the forecast period. This would certainly mean an increase in construction activities, which is expected to support the silica sand market growth.
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With ecosystem and sustainability being the talk of the town, there is a lot of emphasis being laid on the development of hybrid vehicles. The global hybrid vehicles market is expected to grow at 22% during the forecast period. Key players operating in this market are looking to expand their plants worldwide, which might support the market growth of silica sand.
However, the market is facing challenges pertaining to supply chain management. This has led to an increase in the price of silica sand, and in many places, there is a scarcity of the product.
Thus, by the insights provided by FMI researchers, it can be inferred that, ‘increase in the growth of construction sectors, adoption of green alternatives, expansion of automobile market, and various other factors are expected to surge the market growth.’
Key Takeaways:
Competitive Landscape
The key players operating in the market are expected to make investments in mergers and acquisitions. There are also moves pertaining to strategic partnerships. For this, the manufacturers are entering into collaborations with players from various niches.
The key players are also investing in the research and development aspect of the business. This is being done by enhancing the capabilities of silica sand using other elements. There are also moves being made to increase manpower.
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Silica Sand for Glass Making Market Segmentation
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 04, 2023
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