The global silicon dioxide market is expected to garner US$ 22.5 billion by 2033, expanding at a noteworthy CAGR of 6.6% from 2023 to 2033.
The most prevalent form of silicon oxide, or SiO2, which occurs widely throughout nature and has the organic component with the formula SiO2, is quartz. Plants, animals, and rocks are all natural sources of silicon dioxide; silica makes up around 59% of the earth’s crust. Silicon dioxide added to food acts as an anticaking agent and prevents clumping. Silicon dioxide is used as an insulating material and additive in both the pharmaceutical and operational industries.
It is a common practice among companies that build structures. Electrical motor wiring manufacturers for electronic devices frequently makes use of high-quality silicon dioxide. As a result, the motors conduct energy more efficiently. Also, it makes electronic devices perform more swiftly and efficiently. Throughout the projection period, it is projected that the use of silicon dioxide in optical communication will present potential business possibilities for silicon dioxide suppliers.
- In November 2021, Heraeus added the Korean firm HS Advanced Materials Co. Ltd. to its inventory of semi-finished quartz products. This acquisition assists the business in broadening its product offering within the semiconductor sector.
Key Takeaways from Market Study
- The global silicon dioxide market amounted to US$ 11.8 billion in 2023.
- Worldwide demand for silicon dioxide is projected to increase at a CAGR of 6.6% during the forecast period (2023 to 2033).
- The global market is estimated to touch US$ 22.5 billion by the end of 2033.
- Asia Pacific holds a market share of 49% in 2023.
- The market in Europe is anticipated to expand at a CAGR of 5%.
“The electrical industry’s rising demand for silicon wafers and the construction industry’s rising demand for silicon dioxide have both led to the expansion of the global market,” says a Fact.MR analyst.
Market Competition
Organic growth strategies such as new product releases, product approvals, and others such as copyrights and events have become important to many firms. Prominent examples of inorganic growth strategies that were seen in the market were acquisitions, partnerships, and collaborations.
Market participants have been able to grow their clientele and revenue as a result of these efforts. Manufacturers of silicon dioxide market are anticipated to see appealing growth potential in the future because of the increasing need for silicon dioxide across industry sectors.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global silicon dioxide market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on form (amorphous, quartz, crystalline, tridymite, cristobalite), application (adhesives & sealants, food adhesives, composites, coatings, greases, printing & packaging), and end-use industry (electrical, food & beverages, chemicals, pharmaceuticals), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
