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Albany, New York, March 01, 2019 (GLOBE NEWSWIRE) -- The sodium silicate market is witnessing a vast rise in production volumes in the past few years, reports Transparency Market Research (TMR). The competitive business landscape of the sodium silicate market has also registered a negative impact on profit margins as supply had outstripped demand in recent past. This trend has significantly discouraged the entry of new players in the sodium silicate market. Some of the main players in the sodium silicate market are PQ Corporation, CIECH Group, Evonik Industries AG, BASF SE., and Silmaco NV.
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Major players in the sodium silicate market adopting collaboration and merger strategies to gain a stronger foothold in the market, reports TMR. The competitive scenario of the sodium silicate market comprises of several manufacturers which are widely fragmented due to a large number of regional markets. This drives large players in the market to focus on collaboration and mergers to find new opportunities for growth. Research and development-based activities have also grown in significance coupled with funding in recent years. Key players in the market are focussed on developing new products and applications.
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The global sodium silicate market will garner a slow but steady CAGR of 1.92% during 2016- 2025. The market is predicted to reach US$5.81 bn by 2025 in valuation, up from US$4.9 bn in 2016. In 2016, silica manufacturing held the largest share of the sodium silicate market. Silica manufacturing held 26.8% market share and is expected to register growth at 2.23% CAGR during 2016-2025. Asia Pacific region is expected to register highest growth with a 2.3% CAGR. The region bagged 54% of the total market share in 2016.
Cleaning, Chemical, and Construction Industry Fuel Demand
Rising living standards in emerging countries, changing consumer preferences, and rising awareness about health is expected to drive demand for detergents. An increasing demand for detergents is consequently expected to drive growth for the global sodium silicate market. Similarly factors such as soil stabilization methods, use of eco-friendly construction materials like pulp paper, and rapid development occurring in water treatment processing plants are also expected to drive growth of the sodium silicate market. Growing urbanization and awareness about safe water sources is aiding the construction industry and the sodium silicate market. The water treatment application is expected to receive a boost during the forecast period.
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Growing Applications in Automotive Proves to be a Boon for the Sodium Silicate Market
The construction industry due to the growing sustainability movement, is expected to drive the sodium silicate market further during the forecast period. The construction industry requires replacing current chemical binding agents with environment friendly ones in the near future. Additionally, sustainable manufacturing trends are also at work in the automotive industry. The automotive industry has switched to the use of green tires for automobile companies. This is expected to reap high dividends for the sodium silicate market during 2016-2025. Growing efficacy of cleaning detergents and large availability of its ingredients and vast manufacturing capabilities of China are expected to drive cleaning products sales as well.
This overview of the global sodium silicate market is based on a recent market research report by Transparency Market Research, titled “Sodium Silicate Market (Application Type - Silica Manufacturing, Detergents, Chemicals & Catalysts, Paper Pulp & Board, Water Treatment, Construction Materials, and Soil Stabilization) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2025.”
The market is segmented as follows:
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