Sodium Silicate Market is Expected to Reach US$ 6,933.6 Mn in 2023.

Sodium silicate is a colorless compound made of sodium and silica oxides. It is used in various industrial applications. It is extensively used in the manufacturing of detergents and soaps. It is utilized in the construction industry as a binding agent for construction materials, and as a preservative in the food industry. It is employed in applications such as dyeing, agrochemical, pharmaceutical, automotive, tire, and water treatment. Sodium silicate also is also employed in many other niche applications.

Transparency Market Research, a leading U.S.-based market research firm, has analyzed the global sodium silicate market and estimated a compounded annual growth rate of 2.5% in terms of revenue for the period from 2015 to 2023.

Growing demand for detergents and cleaning agents is expected to augment the demand for sodium silicate in the near future. Additionally, increasing demand for sodium silicate in the construction and building materials industries coupled with rising number of water treatment projects is likely to drive demand for sodium silicate during the forecast period. However, competition from substitute products such as soda ash may restrain the growth of the sodium silicate market.

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Growing need for enhanced oil recovery (EOR) due to energy conservation policies, high fuel prices, and technological development could open new avenues for the growth of the sodium silicate market in the near future.

In terms of volume, detergents was the largest application segment, accounting for approximately 36% of the total market share in 2014. Elastomers is estimated to be the fastest growing segment during the forecast period due to the growing automotive industry in the region. Furthermore, catalysts and other applications are likely to witness above average growth during the forecast period.

Key regional segments of the global sodium silicate market include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). In terms of volume, Asia Pacific dominated the global sodium silicate market in 2014. The region is expected to witness notable growth by 2023 due to rising demand for sodium silicate in the detergent industry.

Lower cost of production in China and other countries in Southeast Asia has prompted sodium silicate producers to set up manufacturing units in these regions and shut down their plants in Europe and North America during the past few years. Hence, demand for sodium silicate is expected to be moderate during the forecast period.

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Key players in the sodium silicate market include PQ Corporation, PPG Industries, Evonik Industries AG, BASF SE, Tokuyama Europe GmbH, and W.R. Grace & Company.

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