High Purity Silica Market To Witness Growth Due To Rising Demand For Flat Panel Display Production
High purity silica is an essential raw material used for manufacturing flat panel displays. It finds wide application in the production of liquid crystal displays (LCDs) and organic light-emitting diode (OLED) displays. High purity silica is used as a desiccant to remove moisture from LCD and OLED panels during the encapsulation process. Removal of moisture is critical to prevent panel deterioration and extend display lifetime.
The global high purity silica market is estimated to be valued at US$ 8.64 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling growth of the high purity silica market is the rising demand for flat panel displays from the consumer electronics industry. Flat panel displays such as LCD and OLED have gained widespread adoption in various consumer electronic devices including smartphones, tablets, laptops, and televisions. Increasing disposable incomes and improving living standards across developing regions are boosting sales of consumer electronics, which in turn is driving demand for flat panel displays. This is contributing significantly to the growth of the high purity silica market. Additionally, high purity silica demonstrates excellent moisture absorption properties without deteriorating physical or optical characteristics of displays even after multiple drying cycles. This makes it favored for use in display production, thereby further stimulating market growth over the forecast period.
SWOT Analysis
Strength: High purity silica has several industrial applications which drive its demand. It is widely used in fiber optics, ceramics, electronics, and glass applications due to its purity level. Fiber optics is a growing industry which will boost high purity silica consumption. It also finds use in photovoltaic panels which is a renewable energy sector experiencing expansion.
Weakness: Production of high purity silica requires complex purification methods which increases costs. The industry is concentrated among few specialized manufacturers which can impact supplies.
Opportunity: Growth of 5G networks will spur the demand for high purity silica in fiber optics cables for faster data transmission speeds. Rising solar power installations provides chances for increased silica usage in photovoltaic cells. Emerging technologies like electric vehicles and smart devices open new markets.
Threats: Trade protectionism can disrupt supply chains of international manufacturers. Volatility in prices of key feedstock like silicon tetrachloride poses risks. Stringent quality norms by end users increases compliance costs.
Key Takeaways
The global High Purity Silica Market Share is expected to witness high growth. The global high purity silica market is estimated to be valued at US$ 8.64 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
North America currently dominates the market owing to major electronics and semiconductor manufacturers in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising demand from industries like fiber optics, electronics and photovoltaics from China, India, South Korea and Japan.
Key players operating in the High Purity Silica market are Aisin, Covia, and DuPont. Aisin is a leading Japanese automotive components manufacturer which also produces high purity silica for semiconductor, optics and display applications. Covia is a leading silica producer in North America focused on various grades for industrial applications. DuPont is a multinational conglomerate offering high purity silica under the Krystar brand to meet requirements of microelectronics sector.
For more insights, read- https://www.pressreleasebulletin.com/high-purity-silica-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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