Pure Brilliance: Unveiling the High Purity Quartz Market Landscape
Author : Siddhi Gade | Published On : 02 May 2024
High Purity Quartz Market to Flourish at a CAGR of 10% Backed by its Wide Applications in Semiconductors and LCD Manufacturing
High purity quartz, commonly known as fused silica, is one of the essential engineered materials providing advantages like purity, hardness and transparency. It finds widespread applications in the production of semiconductors, photovoltaic markets, lighting and specialty glasses. Semiconductor industry dominates the consumption of high purity quartz where it acts as a raw material for manufacturing polysilicon ingots and wafers. Increasing demand for electronic gadgets and proliferation of LCD displays have augmented the need for high purity quartz over the years.
The Global High Purity Quartz Market is estimated to be valued at US$ 948.2 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the High Purity Quartz are Unimin Corp./Sibelco, The Quartz Corp., Russian Quartz LLC, Kyshtym Mining, Sumitomo, Jiangsu Pacific Quartz Co., Nordic Mining, and High Purity Quartz Pty Ltd.
Increasing investments in semi-conductor manufacturing plants especially in Asia Pacific economies and new product launches are expected to open lucrative opportunities in the global market.
North America and Europe currently dominate the global high purity quartz market. However, Asia Pacific is likely to witness fastest growth attributed to proliferation of LCD display market and government initiatives to boost the electronics sector.
Market Drivers
The key driver contributing to the growth of high purity quartz market is its rising application in semiconductor industry. Constant up gradation of technology along with increasing demand for consumer electronics have augmented the consumption of polysilicon and wafers made using high purity quartz. Additionally, growing LCD manufacturing units across China, South Korea and Taiwan is further propelling the product demand. Wide industrial uses of high purity quartz in production of specialty glasses and photovoltaic applications are also driving its market growth.
PEST Analysis:
Political: The high purity quartz market is significantly impacted by governmental policies and regulations related to mining and export activities. Strict norms can hamper supply while favorable policies can boost production.
Economic: The market witnessed steady growth in the recent past due to stable economic conditions and rising demand from end-use industries like semiconductor, solar industry etc. However, economic downturns negatively impact the market.
Social: Factors like increasing population, rapid urbanization and changing lifestyles drive the demand for consumer electronic products using high purity quartz. On the other hand, environmental regulations aim to reduce pollution caused during mining and processing.
Technological: Advanced mining and beneficiation techniques help improve purity levels and yield. Novel applications in 5G technology, electric vehicles are expanding the scope of usage. Meanwhile, alternative materials pose competition.
In terms of value, the Asia Pacific region accounts for the largest share of the global high purity quartz market currently. Countries like China, Japan, South Korea and India have strong manufacturing bases for electronics and solar photovoltaic industries which drives quartz consumption.
The Middle East and Africa region is forecasted to exhibit the fastest growth during the projected period owing to increasing investments in solar parks across the Gulf countries and Africa. The rising population is also driving the need for consumer electronics in the region. Countries such as Saudi Arabia, UAE, South Africa offer growth opportunities for high purity quartz suppliers.
