Global Silicon Dioxide (SiO2) Market to Grow at a CAGR of ~7% during 2022-2031; Market to Expand on the Back of Natural Availability of Silicon Dioxide and Growing Adoption in Construction
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Silicon Dioxide (SiO2) Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
Global Silicon Dioxide (SiO2) Market Size:
The global silicon dioxide (SiO2) market catered an approximate revenue figure of USD 8.35 billion in the year 2021 and is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be ascribed to the natural availability of silicon dioxide (SiO2), along with its remarkable properties such as anti-caking and high-temperature stability. Moreover, the nature of silicon towards protection against diffusion of dopants, i.e., a process used for controlling impurities into a material to change its electrical, optical or structural properties, is also expected to add in to the market growth in the coming years. Furthermore, the rising demand for silicon dioxide (SiO2) in the construction industry and electronic industry are considered to positively influence the market growth. According to the statistics from the U.S Geological Survey (USGS), the worldwide production of silicon materials in the year 2020, accounted nearly to 8000 thousand metric tons.
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Global Silicon Dioxide (SiO2) Market: Key Takeaways
Increasing Production of Silicon across the World to Boost Market Growth
Silicon dioxide (SiO2), also referred as silica, is a natural compound that consists of two materials procured from the earth’s crust, i.e., silicon (Si) and oxygen (O2). It is generally sourced from water, plants, animals, and from the earth’s crust, wherein, the earth's crust alone accounts to 59% of total available silica. Silicon dioxide (SiO2) is a translucent, shapeless solid, with no fragrance. Silicon dioxide (SiO2) is used in the construction of industry as a building material, microelectronics, fiber optics, and solar panels. It was noted that global silicon production amounted to an estimated total of approximately 8.7 million metric tons in 2021. This figure marks the peak of global silicon production before the period of forecast. Hence, backed by the wide usage of silicon dioxide, and increasing production of it around the world, the global silicon dioxide (SiO2) market is estimated to be propelled significantly.
In addition to this, silicon dioxide is used widely in healthcare sector to make health supplements. Owing to the rapid expansion of healthcare sector across the globe, the global silicon dioxide (SiO2) market is anticipated to experience a significant growth over the projection period. Additionally, increasing rate of researcher pool’s expansion, and growing expenditure on research works worldwide for continuous improvement of SiO2 products are estimated to significantly fuel the growth of the market. According to a report published by United Nations Educational, Scientific and Cultural Organization, between 2014 and 2018, the researcher pool grew at a rate of 13.7%, which is three times faster than the global population. This depicts into 8,854 million full-time equivalent (FTE) researchers by 2018. In 28 countries, researcher density expanded by at least 20% over this period.
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Global Silicon Dioxide (SiO2) Market: Regional Overview
The global silicon dioxide (SiO2) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Healthcare Advancements throughout the Region Propelled Market Growth in the North America Region
The silicon dioxide (SiO2) market in the North America region witnessed modest growth in the year 2021, on the back of technological development and increasing use of silicon dioxide (SiO2) among industries. It is further estimated t elevate substantially over the forecast period on the back of the presence of a developed healthcare industry, the easy availability of better medical facilities, backed by the favourable medical policies in the region. As SiO2 is significantly used in a good quantity to make health supplements, the growth of healthcare sector is highly anticipated to positively influence the market growth. In addition to this, growing healthcare expenditure in overall GDP over the region is also expected to boost the market growth. As per the data by the World Bank, as of 2019, the current health spending accounted for 16.32% of GDP in North America.
Increasing Industrialization in the Asia Pacific Region to Propel the Regional Market
On the other hand, the market in the Asia Pacific region is estimated to grow at a significant CAGR over the forecast period. The growth of the market can be attributed to the availability of resources and investment platforms, along with the growing industrialization & development in the region. Additionally, the proper maintenance of buildings and development in microelectronics industry are certain factors that are anticipated to show growth in the market. According to the U.S Geological Survey (USGS), in the Asia Pacific region, China accounted to an approximate of 68% of the global estimated production of silicon material in the year 2020.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Silicon Dioxide (SiO2) Market, Segmentation by Form
The amorphous segment held the major market share in the year 2021 and is estimated to continue growing at a modest CAGR during the forecast period. The growth of the segment can be associated with the wide applications of amorphous silicon across industries such as paints & coatings, and glass & ceramics, among others. As a result of its mechanical resistance, high dielectric strength, and selectivity for chemical modification, amorphous silica is used as a key material in microelectronics and chromatograph which is anticipated to drive the growth of the segment furthermore. It is noted that, amorphous silicon is a direct-bandgap material that only requires about 1% of silicon to make crystalline silicon-based solar cells.
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Global Silicon Dioxide (SiO2) Market, Segmentation by End Users
The pharmaceuticals segment is anticipated to show substantial growth over the projection period. The growth of the segment can be attributed to the existence of a huge patient pool that requires medicinal treatment. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Silicon Dioxide (SiO2) Market, Segmentation by Application
Global Silicon Dioxide (SiO2) Market, Segmentation by Source
Few of the well-known market leaders in the global silicon dioxide (SiO2) market that are profiled by Kenneth Research are American Elements, Toyo Soda Manufacturing Co., Ltd., Merck KGaA, Tokuyama Corporation, Evonik Industries AG, GOLOVACH QUARTZ, Short Mountain Silica (Thiele Kaolin Co.), Wacker Chemie AG, CABOT CORPORATION, Kurt J. Lesker Company and others.
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Recent Developments in the Global Silicon Dioxide (SiO2) Market
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