High Purity Quartz Market Estimated to Witness High Growth
PEST Analysis
Political: The market is highly dependent on regulations related to pollution control and mining activities. Favorable policies around electronics and semi-conductor manufacturing could boost demand.
Economic: As global economic activities pick up post-COVID, industries relying on high purity quartz such as microelectronics and solar are expected to recover swiftly, driving market growth.
Social: Increasing digitization and proliferation of consumer electronics are positively impacting the market. Growing solar power adoption to meet renewable energy goals also presents opportunities.
Technological: Advancements in semi-conductor fabrication processes requiring newer grades of high purity quartz coupled with innovations in production technologies could expand market scope over the forecast period.
Key Takeaways
The Global High Purity Quartz Market Growth is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand from the microelectronics industry for manufacturing chips and displays. The market was valued at US$ 695.4 million in 2019.
Regionally, Asia Pacific dominated the market in 2019 with over 40% share primarily due to robust microelectronics industries in various countries including China, South Korea, Taiwan and Japan. Europe and North America are other major markets driven by solar and technology 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. and others. Strategic investments and expansion of production capacities, especially in Asia, have been some of the focus areas for key players to cater to the growing demand.
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