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/EIN News/ -- New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Silica Sand Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Silica Sand Market Information by Mesh Size, Grade, Process, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 6.75% CAGR to reach USD 21, 657.8 Million by 2030.
Silica represents the class of oxide-and-silicate minerals that includes silicon. Silica sand has been identified as a grainy material composed mostly of quartz with trace amounts of clay, coal, and other minerals. Quartz, which is broken down into silica sand by the elements (wind and water), is a form of sand. Glass production, building, water purification, metal casting, foundry, and many more industries rely on it. It's been shown that silica sand is a key component in the production of glass, among other things. To name a few of its characteristics, silica sand is chemically inert, has a high melting point, and is highly hard. Sand made of silica is often known as quartz sand or as industrial sand. There is a lot of control over the sand's size and purity when it's made into silica sand.
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Emerging businesses in the silica sand industry are consolidating through mergers and strategic partnerships and acquisitions in order to better compete for the market's top spot. Some of the major market players emerging in the silica sand industry are as follows:
Growth in the demand for glass products is anticipated to be a major element in the expanding silica sand market. The glass industry, along with the auto industry and the building trade, have long relied on silica sand. This material is ideal for producing glass since it possesses the transparency, refractoriness, high grain strength, and color that the industry demands.
The foundry sector, which uses silica sand as a molding and core-making material for both ferrous and non-ferrous materials, is a key driver of the silica sand market. Sand made from silica is in high demand in the metal casting industry, where it is used to create molds and cores for use in casting iron and steel.
Market prices for silica sand could be impacted by illicit mining and rapid development in the area. If the silica sand market doesn't expand at a consistent rate, it will be stunted. One of the biggest obstacles to expansion is the slowing of current markets. The increased cost of shipping due to the weight of sand.
Browse In-depth Market Research Report (163 Pages) on Silica Sand: https://www.marketresearchfuture.com/reports/silica-sand-market-8216
Market value for silica sand has dropped because of the spread of COVID. Lockdown and shutdown measures have been taken by the government as the COVID spreads to new countries. The economic climate suffered as a result of the pandemic's rapid spread. A handful of stores halted their operations. The oil and gas market suffered the most as a result of the pandemic's effect on demand. It was also discovered that many other manufacturing units, including the construction industry, were severely impacted during this time. Additionally, it is anticipated that things will return to normal when a specific amount of time has passed.
By <70 mesh segment is expected to rise at a notable CAGR over the review period
The glass market is experiencing high growth due to increased demand from the construction market, rising automotive production and sales, mounting per capita income, and technological advancements.
The wet silica segment is expected to record a substantial market value over the review period.
The hydraulic fracturing segment is expected to rise at a significant CAGR over the review period.
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During the projection period, the Asia Pacific market is estimated to account for a significant portion of the silica sand market, at 39.6 percent. By the conclusion of the forecast period in 2024, the Asia-Pacific region is anticipated to hold the largest share of the market, expanding at the fastest CAGR of 7.65%. Increasing urbanization and access to a wider variety of raw materials contribute to rising consumption across a variety of end-user sectors. In 2018, the silica sand market in China is expected to be worth USD 3064.3 million, making it the second largest market in the world. As a result, its rapid expansion can be attributed to its enormous customer base. Oil and gas sectors are in great demand in countries like Japan, India, Australia, and New Zealand.
The highest consumption of silica sand for glass purposes explains why North America is expected to hold the second-largest share of CAGR value (37.7% in 2018) despite having been designated as holding a CAGR of 6.49% during the assessment period. The shale gas industry is expected to benefit from the increased demand for frac sand, which in turn is expected to propel market expansion. The United States, with its robust shale gas sector, is poised to become the world's premier consumer market. The presence of numerous frac sand production facilities has made this area extremely desirable.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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