Silica Sand Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Silica Sand Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The silica sand market is projected to register a CAGR of over 6% during the forecast period (2022-2027).

The COVID-19 pandemic affected the market negatively. However, the situation recovered in 2021, and the market is now at the pre-pandemic level.

Over the medium term, the major factors driving the market growth are the increasing demand from the foundry industry, growth in the construction industry, and demand from the glass industry. On the flip side, illegal mining of sand and the development of sand-free construction products are likely to affect the market studied.

The Asia-Pacific region is expected to dominate the market, and it is estimated to witness the highest CAGR during the forecast period.

The glass manufacturing industry is one of the largest end-user industries of the silica sand market.

Silica sand is the chief component in all types of standard and specialty glasses. It provides the essential SiO2 (silicon dioxide) component for glass formulation, and its chemical purity is the primary determinant of color, clarity, and strength.

The market for silica sand in this application segment is expected to benefit heavily from the increasing demand for flat glass and fiberglass from the rapidly growing electronics and construction sectors in the emerging economies in Asia, especially India and China.

The use of specialty glass in the reputable electronics sector in developed countries, like South Korea and Japan, is expected to further aid the growth of the glass manufacturing industry, which in turn, may increase the demand for silica sand.

Furthermore, glasses are also being used extensively in the construction industry in windows, façades, doors, interior partitions, balustrade, shopfronts, and railings for stairs and balconies, among other building parts, providing potential opportunities for the usage of glasses, which may further boost the demand for silica sand in the coming years.

All the aforementioned factors are expected to drive the global market during the forecast period.

India is expected to dominate the Asia-Pacific market growth. The Indian Ministry of Mines has classified sand as a minor mineral, along with marble, clay, and others. The minor minerals account for about 12% of the total mining industry in India.

Silica sand in India is used for various applications, such as glass formation in foundries, chemical production, construction, paints, etc.

India is one of the major countries in the global construction market, both in terms of revenue and market growth potential. India represents the tenth-largest economy in the world and the third-largest in terms of purchasing power parity.

The domestic construction industry witnessed a slowdown during the financial year 2020-2021 due to the COVID-19 pandemic, but the lion's share of projects in the commercial space has driven the construction activities after the easing of lockdown, as they were either in public-private partnerships (like smart city) or public projects, which were already budgeted.

In the residential segment, the government is pushing huge projects for the next few years. The government’s ‘Housing for All’ initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction, which will account for a third of the industry’s total value by 2023.

India’s silica sand market is expected to register a healthy growth rate because of the growing construction and foundry industry.

The silica sand market is partially consolidated. In terms of market share, a few of the major players currently dominate the market. Key players in the silica sand market (not in any particular order) include Chongqing Changjiang River Moulding Material (Group) Co. Ltd, Covia Holdings LLC, Sibelco, US Silica, and Mitsubishi Corporation, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support