High Purity Silica Market is Estimated To Witness High Growth Owing To Development Of New Sectors
One of the key trends in the high purity silica market is growing demand for high purity silica from the semiconductor and electronics industry. The miniaturization of electronic components requires advanced materials like high purity silica which offers stability at high temperatures. As the electronics industry grows exponentially backed by high sales of consumer electronics, demand for high purity silica from this segment is also expected to rise significantly over the forecast period.
The high purity silica market has been witnessing rising demand from the semiconductor industry. High purity silica or fumed silica is increasingly finding application in manufacturing various semiconductor devices and electronics components that require high silica purity level for superior performance. Stringent regulations regarding purity level of silica used in food and pharmaceutical applications have also fuelled the sales of high purity silica. In addition, high purity silica offers better optical properties, reinforcing properties and surface area, which makes it suitable for manufacturing silicone rubber and coatings.
The global high purity silica market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand from semiconductor industry for manufacturing various electronic devices.
The Asia Pacific region dominated the global high purity silica market in 2023, accounting for around 35% of the total market share. China and Japan are the major consumers of high purity silica in the region owing to thriving electronics sector.
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