Albany, NY, Feb. 12, 2016 (GLOBE NEWSWIRE) -- A leading market intelligence firm, Transparency Market Research (TMR), has published a research report that studies the prevailing dynamics and growth prospects of the global sodium silicate market. Based on the survey conducted, the report pegs the overall value of the global market for sodium silicate at US$5.5 billion in 2014. Rising at a slow yet steady CAGR of 2.50% between 2015 and 2023, the global market for sodium silicate is likely to reach US$6.7 billion by the end of 2023. The report, titled “Sodium Silicate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, is available on TMR’s official website for sale.
Sodium silicate is obtained by reacting sodium carbonate (or soda ash) and silica at a temperature ranging from 1200°C to 1400°C. After the reaction, a colorless compound comprising oxides of silica and sodium is derived. Sodium silicate is the generic name given to a range of compounds obtained from soluble silicate glasses. These compounds are sold commercially in the market but in the form of a 20% to 50% aqueous solution.
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The report states that sodium silicate boasts numerous applications across industries. The key applications include water treatment, detergents, building and construction materials, and pulp and paper. Furthermore, for years, sodium silicate has been used as an excellent adhesive to seal fireboard boxes. It is also extensively used to stabilize borehole wells by drilling fuels. According to the study, the rising demand for cleaning agents and detergents around the world is likely to augment the demand for sodium silicate over the report’s forecast period. Additionally, the demand for the compound has also significantly risen for application in construction and building materials industry, due to the increasing number of water treatment projects. This creates a lucrative prospect, which the global market for sodium silicate is anticipated to capitalize on in the near future.
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Despite exhibiting a steady rise in demand, the prevalence of cutthroat competition is likely to hamper the growth prospects of the global market for sodium silicate in the near future. Nevertheless, the growing demand for enhanced oil recovery of (EOR) due to the implementation of energy conservation policies, introduction of the latest technologies, and high fuel prices will open new growth avenues for the market in forthcoming years.
Among the segments based on application, detergents led the market with a 35% share in 2014. However, the report forecasts the elastomers segment to exhibit growth at the fastest pace during the report’s forecast period. Furthermore, segments such as healthcare, catalysts, and food are also likely to exhibit above-average growth during the forecast period.
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To study the vendor landscape of the market, the report also profiles some of the leading companies such as BASF SE, Evonik Industries AG, PPG Industries, PQ Corporation, W.R. Grace & Company, and Tokuyama Europe GmbH.
Sodium Silicate Market - Application Analysis
- Pulp & Paper
- Food & Healthcare
- Others (Including Coating, Agriculture, etc.)
Sodium Silicate Market - Country Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Browse Other Research Reports:
- Europe Sodium Silicate Market: http://www.transparencymarketresearch.com/europe-sodium-silicate-market.html
- Silica Flour Market: http://www.transparencymarketresearch.com/silica-flour-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research