High Purity Quartz Market Poised To Witness Significant Growth Due To Increasing Demand From Semiconductor Industry
High purity quartz, also known as silicon dioxide, is a mineral formed from molten magma underground. It has extraordinary clarity, wide transparency range, mechanical strength, and high resistance to heat, thermal shock, and chemical attack. High purity quartz has a purity level of 99.9% SiO2 or higher. It is used as a crucial component in various industries such as semiconductor, solar, lighting, optics, and various other electrical applications due to its unique material properties.
The global high purity quartz market is estimated to be valued at US$ 950.96 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the semiconductor industry is one of the major drivers propelling the growth of the high purity quartz market. High purity quartz, commonly known as quartz crystal, is widely used in the semiconductor industry for manufacturing various electronic components such as quartz crystals, oscillators, and filters. It has excellent piezoelectric properties which make it an ideal material for the frequency control devices used in computers, telecommunication equipment, consumer electronics, and several other products. Furthermore, high purity quartz crystals provide better frequency stability, lower phase noise, and higher oscillator precision in comparison to other materials. This increasing utilization of semiconductors globally is augmenting the demand for high purity quartz.
The rising demand from the solar industry is another significant driverfueling the growth of the high purity quartz market. High purity quartz plays a key role in the manufacturing of various components of solar panels such as solarSelective coating and bonding. It is used as a fundamental material in the production of polysilicon ingots, wafers, and cells due to its characteristics such as high transmission, durability, and thermal resistance.
SWOT Analysis
Strength: High Purity Quartz has wide applications across various industries such as solar, semiconductor, optics, and construction. The product demand is increasing owing to rise in solar industry. High purity quartz offers superior brightness and clarity over traditional quartz materials.
Weakness: High purity quartz mining process is complex and capital intensive requiring specialized mining equipment. The manufacturing process to achieve high purity levels is long and energy intensive. Fluctuations in raw material prices pose operational challenges.
Opportunity: Growth in solar industry driven by supportive government policies and initiatives for clean energy adoption presents new opportunities. Increasing optical fiber network build-out provides new demand avenues. Developments in 5G telecommunication is promoting quartz usage in electronics.
Threats: stringent environmental regulations surrounding quartz mining may increase production costs. Fluctuations in currency exchange rates can impact profitability. Developments in alternative materials may replace quartz in certain applications over the long run.
Key Takeaways
The global High Purity Quartz Market Share is expected to witness high growth. The global high purity quartz market is estimated to be valued at US$ 950.96 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis related content comprises Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period, owing to growth in solar industry and electronics manufacturing in China, India, Japan and South Korea. The Asia Pacific high purity quartz market accounted for over 55% of the global demand in 2023 and is expected to increase further driven by Government initiatives in the region promoting solar adoption.
Key players related content comprises 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. Key players are focused on capacity expansion and backward integration to gain cost competitiveness and ensure supply security.
For more insights, read- https://www.pressreleasebulletin.com/high-purity-quartz-market-trends-size-and-share-analysis/
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