The research study covers the present scenario and growth prospects of the global silica minerals mining market for 2016-2020. The report segments the market based on end-use and geography. In addition, the report discusses the major drivers influencing the market growth and the challenges faced by the vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.
Technavio chemicals and materials analysts highlight the following three factors that are contributing to the growth of the global silica minerals mining market:
- Growing shale gas production
- Rapid urbanization
- Increase in demand from glass industry
Growing shale gas production
In order to reduce the dependence on crude oil, countries are focusing toward naturally available shale gas. North America is the dominant market for shale gas, with the US being the major contributor. The global shale gas market is expected to grow at a rapid rate of 9%-10% during the forecast period. In terms of volume, the global shale gas market was 10 trillion cubic feet in 2014. The market is expected to reach approximately USD 106 billion by 2020 from USD 63 billion in 2014.
“Shale gas is obtained through the hydraulic fracturing process, where silica sand is used as a proppant. Thus, growth in shale gas production translates into increased demand for silica sand,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for metals and minerals research.
Countries in APAC are experiencing large-scale migration of the population from rural to urban areas. The urban population in China accounted for 54% of the total population, in 2014. This urban population is expected to further increase during the forecast period, to the extent that it will account for 60% of the total population by 2020. Similarly, India's urban population is growing at an average rate of 2.5% per annum, and average urban population growth rate of Vietnam was 3.1% per annum.
With the increase in urban population, countries in APAC are extensively focusing on urban development. The government of India has planned an investment of USD 650 billion during the next 20 years for the development of urban infrastructure in the country. The Chinese government plans to invest over USD 1 trillion in urban infrastructure projects by 2030. The demand for infrastructure development translates into increased demand for silica minerals.
Increase in demand from glass industry
The global glass market is experiencing high growth because of increased demand from the construction and automotive sectors. Developing countries such as India, China, and South Korea account for a large demand for glass. The global flat glass market had the capacity to produce 88.26 billion square feet of flat glass in 2014; this is expected to increase to 122.3 billion square feet by 2019, growing at a CAGR of close to 7%. “Sand is the major component of glass and accounts for 51% of the raw materials used in the production of flat glass. Thus, the glass industry is a major driver for the growth of the global silica minerals mining market,” says Chandrakumar.
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