The high purity quartz market is estimated to be valued at US$ 1195.4 Million in 2030 and is expected to exhibit a CAGR of 8.5% over the forecast period 2020-2030, as highlighted in a new report published by Coherent Market Insights.
High purity quartz is a mineral form of silicon dioxide that contains at least 99.9% silica without impurities. It has high-heat resistance and chemical inertness properties. High purity quartz has become a key material in the production of various semiconductor components, solar panels, fiber optics, lighting, and electronics equipment. Its purity and ability to withstand high temperatures and pressure makes it suitable for use in these industries.
The global high purity quartz market is driven by the growing solar panel industry. High purity quartz is extensively used in the production of various components in solar panels such as silicon wafers, crucibles & quartz ingots for crystal growth, process tubes, and fusion tubes. According to the International Renewable Energy Agency, the global solar PV installations increased from 95 GW in 2015 to around 121 GW in 2017. Moreover, the rising demand for semiconductors from consumer electronics is also boosting the high purity quartz market growth. Over the last few years, high purity quartz consumption in the semiconductor industry has increased due to the rising production of wafer substrates, quartz crucibles & sleeves, and process tubes. Semiconductors being key components in smartphones, computers, and other electronic devices are witnessing high demand globally. These factors are expected to propel the growth of the high purity quartz market over the forecast period.
SWOT Analysis: High Purity Quartz Market
– Increasing use in semiconductor and optics applications is driving market growth. The semiconductor industry being the largest end-user of high purity quartz.
– Availability of high-quality quartz reserves across regions such as Africa and South America. Countries such as Brazil and Madagascar have significant quartz reserves.
– Stringent purity specifications for various end-use industries ensure high and consistent demand.
– Availability of substitute materials such as fused silica in certain applications can limit market growth.
– Production of high purity quartz involves complex mining and refining processes increasing production costs.
– Rising demand from LED and solar industries expected to open new growth avenues. High purity quartz widely used in production of LED and photovoltaic cells.
– Increasing overseas investments by key players in developing regions with untapped quartz reserves.
– Trade barriers and duties imposed by governments on import of quartz from certain regions.
– Volatility in raw material prices and foreign currency fluctuations can impact production costs.
The Global High Purity Quartz Market Growth is expected to witness high, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand from the semiconductor industry. The semiconductor industry being the largest end-user of high purity quartz accounted for over 60% of overall consumption in 2019.
Asia Pacific accounts for the largest share in the global high purity quartz market. The region held over 40% share in 2019 led by presence of key wafer fabrication facilities in China, Taiwan, South Korea and Japan. China being the largest consumer as well as exporter of quartz worldwide. North America and Europe are other major markets growing at a steady pace owing to flourishing electronics and solar industries.
Key players operating in the high purity quartz market 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. Unimin Corp. and The Quartz Corp. are the largest producers catering to diverse industries globally. New players particularly from Asia are entering the market with focus on specialized grades and applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it