Market Dynamics:
Rising use of silica sand in hydraulic fracturing is estimated to drive the market growth over the forecast period. Hydraulic fracturing requires high grade silica sand to prop open fissures in underground rocks during oil and gas extraction. Moreover, growing construction activities especially in emerging economies of Asia Pacific and Middle East is further expected to boost the demand for silica sand. According to World Bank, the annual growth rate of construction industry in India and China averaged at around 10% over the past decade. This rapid growth in construction activities will augment the consumption of silica sand. Additionally, expansion of glass and foundry industries is also projected to support the environmental silica market growth during the forecast period.
Key Takeaways
The Global Environmental Silica Market Size is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing construction activities worldwide on the back of rapid urbanization. The market size is estimated to reach US$ 4.23 Bn by 2030 from US$ 2.45 Bn in 2023.
De outros
Environmental Silica Market Estimated To Witness High Growth Owing To Rising Use In Hydraulic Fracturing
Rising use of silica sand in hydraulic fracturing is estimated to drive the market growth over the forecast period.
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