Silica Prices

Silica Prices December 2023

In the fourth quarter of 2023, silica prices stabilized in Saudi Arabia. This tendency was facilitated by the country's thriving construction industry. The country's market also saw a balance between supply and demand, which kept prices steady. By the end of the fourth quarter, the industrial silica and glass grade prices had stabilized at 44 USD/MT overall.

Silica Price Trend, Market Analysis, and News

IMARC's latest publication, “Silica Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the silica market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of silica at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed silica price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting silica pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Silica Market Analysis

The global silica market size reached 492.2 million tons in 2023. By 2032, IMARC Group expects the market to reach 859.6 million tons, at a projected CAGR of 6.40% during 2023-2032.

• The construction industry is experiencing an increase in silica demand due to the production of cement, concrete, and glass. Global urbanization is also speeding up, which raises the need for raw materials like silica in infrastructure and urban development projects. Through October 2023, financing under the Bipartisan Infrastructure Law (BIL) is expected to total about $350 billion in the United States. $5.9 billion has been set aside for ports and waterways, $174.7 billion for major projects, roads, bridges, and public transportation, $9.8 billion for passenger and freight trains, $7.8 billion for airports, and $34.1 billion for public transportation. Additionally, between 2024 and 2032, the real estate industry is predicted to expand at a 1.9% yearly pace.
• The automotive industry uses silica as a filler to increase tire strength and longevity and lower rolling resistance. Additionally, as people's per capita income rises internationally, more people are buying cars, which increases the need for tires. The number of motor vehicles produced globally in 2022 was 85.4 million, a 5.7% rise from 2021. Of these, China produced 27,222 thousand units, followed by Europe with 16,391 thousand units and North America with 14,901 thousand units. It is anticipated that this rise would lead to a greater use of silica in the automobile sector. Beyond this, the market for commercial vehicles is expected to be USD 1114.2 billion by 2032, growing at an annual rate of 3.6%.
• Additionally, high purity silica is used in the production of semiconductors, solar cells, and fiber optics, leading to its heightened demand in the electronics sector. Global demand for these items is growing quickly as a result of the continued push for cutting-edge electronics and the move toward renewable energy sources. The fiber optics business, for instance, is expected to increase at a rate of 13.9% annually and reach USD 41.8 billion by 2032. Furthermore, the worldwide semiconductor industry's revenues in February 2024 totaled $46.2 billion, up 16.3 percent from the same month the previous year.
• Silica is also essential to personal care products because of its adaptability and useful qualities. In items like toothpaste, cosmetics, and face scrubs, it functions as an absorbent, abrasive, and thickening ingredient. Additionally, silica enhances the items' textures and sensory qualities, improving the entire user experience. The market for beauty and personal care products is expanding at a 4.5% annual rate, according to IMARC Group. By 2032, it will have increased to US$ 759.3 billion from US$ 506.2 billion in 2023.
• The oil and gas industry is also adopting silica because of its significant contribution to the hydraulic fracturing process. By 2025, the Organization of the Petroleum Exporting Countries (OPEC) predicts that the world's oil consumption would rise from 38 million barrels per day to 115 million barrels per day. In addition, a 15% increase in the world's energy consumption is predicted in 2050 as compared to 2021 levels.

Silica News

The report covers the latest developments, updates, and trends impacting the price of silica, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the silica price trend.

Latest developments in the silica industry:

• In January 2024, Evonik announced its plan to invest mid-double-digit-million euro to expand the production of precipitated silica by 50% at its plant in South Carolina by 2026.
• In January 2024, PPG industries announced that it has engaged Morgan Stanley & Co. LLC to assist in the review of its silica product business, which accounts for 1-2% of the company’s total net sales. This move will allow PPG to maximize the value of their silica product business and ensure continued success.

Product Description

Silica (SiO2), also known as silicon dioxide, is a chemical compound in which a silicon atom is covalently bonded to two oxygens. It is a transparent to gray, odorless powder that is present in more than 95% of known rocks. Silica exists in different varieties, such as quartz, tridymite, cristobalite, keatite, coesite, and lechaelierite.

It has a molecular weight of 60.084 g/mol and offers an extremely high melting point (3110 °F) and boiling point (4046 °F at 760 mmHg). Silica is practically insoluble in water but can dissolve in hydrogen fluoride (HF), hot potassium hydroxide, and hot sodium hydroxide. It is produced by a wet process, where amorphous silica particles are precipitated from aqueous alkali metal silicate solution by acid neutralization.

It is used in Portland cement, concrete, mortar, ceramics, glass manufacturing, personal care products, pesticides, pet care, landscaping, and auto products. Silica also serves as a filler, intermediate, absorbent, pigment, abrasive, viscosity adjustor, paint additive, and sealant chemical.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the silica price trend. 

Global Silica Price

The report offers a holistic view of the global silica pricing trends in the form of silica price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of silica, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed silica demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Silica Price

The silica market in Europe experienced a price upsurge due to a bearish environment for the construction sector in the region. Also, the minor supply chain disruption due to train and port strikes in Germany and Belgium had a limited impact on the prices of silica. Beyond this, a slight decline in inflation and low industrial production contributed to overall demand dullness in Europe.

This analysis can be extended to include detailed silica price information for a comprehensive list of countries.

North America Silica Price

The North American silica market was stable during the last quarter of 2023 due to a balance between demand and supply in downstream industries and consumers. Also, the prolonged inflationary pressure and high fuel costs in the region played an important role in this price trend. Beyond this, the disruption in shipment prompted regional companies to reduce loads, leading to a surge in silica prices.

Specific silica historical data within the United States and Canada can also be provided.

Middle East and Africa Silica Price

The Middle East and Africa (MEA) region saw various developments in Q4FY2023, which significantly influenced silica prices. The region boasts a robust construction sector, which contributed to the demand for silica. Additionally, the input costs rose considerably during the final quarter due to an increase in raw material prices, which further impacted the silica prices in the region.

In addition to region-wise data, information on silica prices for countries can also be provided.

Asia Pacific Silica Price

In Q4 of 2023, silica prices in Asia Pacific experienced limited fluctuations, primarily due to the economic slowdown in China. However, positive steps by the Chinese government to infuse liquidity in the market contributed favorably to the silica industry. In India, the robust demand for silica from the construction sector helped in stabilizing the prices across the region.

This silica price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Silica Price

The analysis of silica prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of silica pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting silica price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The silica price charts ensure our clients remain at the forefront of the industry.