Considerable Global Demand for Solar Energy to Aid High Purity Quartz Market Growth
The application of high purity quartz in an array of end-use industries has expanded at an impressive rate over the past two to three decades. High purity quartz is extensively used for a wide range of applications, including solar, semiconductor, optics, and lighting. As research and development activities within the high purity quartz market are underway in full swing, new potential applications of the same have periodically emerged over the past decade due to which, the global demand for high purity quartz is ascending. In the current scenario, owing to mounting environmental concerns and growing emphasis on utilizing greener sources of energy, the demand for solar components and energy has witnessed exponential growth, which in turn has directly impacted the growth of the global high purity quartz market.
As high purity quartz is the main raw material that is used to produce polysilicon, monocrystalline silicon, solar cells, optical fiber, quartz glass, and integrated circuit boards, the demand has experienced consistent growth, particularly from the developed regions. For several years, the developed regions have remained at the forefront as far as innovations pertaining to high purity quartz is concerned. However, due to advancements in technology, growing investments in the developing regions, such as India and China, and rapid industrialization in these regions, the quality of high purity quartz processing techniques have improved by a considerable margin. At the back of these factors, the global high purity quartz market is expected to attain a market value of US$ 1.5 Bn by the end of 2030.
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Widening Applications of High Purity Quartz to Propel Market Growth
The global demand for high purity quartz has experienced consistent growth over the past decade and the trend is expected to continue over the forecast period. In the current scenario, high purity quartz is increasingly being used in the lighting industry, owing to the exceptional physical and functional properties. The desirable optical transmission properties and ability to withstand high temperatures without any deformities are the two main factors due to which, the adoption of high purity quartz across the lighting industry has increased at a consistent pace.
While the lighting sector is expected to account for a considerable market share, by application, the semiconductor sector is projected to have the highest market share. The flourishing solar and semiconductor industries are expected to provide fertile grounds for the growth of the high purity quartz market. The growing emphasis on deploying renewable energy has played an imperative role in driving the demand for energy-efficient solar PV and semiconductors– two major applications of high purity quartz. Apart from these major applications, high purity quartz is increasingly being used for a spectrum of niche applications, including production of bioactive glass and fillers.
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Advent of New Processing Technologies to Boost Demand for High Purity Quartz Market
As high purity quartz continues to gain notable popularity across different industrial domains, manufacturers operating in the current high purity quartz market landscape are expected to focus on improving the quality of their products by exploring the potential benefits of using new processing technologies. Market participants are increasingly investing resources in the development of new technologies and strengthen their market position. For instance, the multi-channel laser sorting technology patented by TOMRA, a leading manufacturer of quartz, is expected to improve the overall quality of the end-product by ~20%. Another industry leader, Quartz Corp, in January 2019, announced that the company is largely focusing on improving the existing thermal processing technology to enhance the overall quality and consistency of high-quality quartz.
High Purity Quartz Market to Overcome Supply Chain Hiccups amid COVID-19 Crisis
The global COVID-19 pandemic is expected to clip the wings of the global high purity quartz market particularly in 2020, as government lockdowns, trade restrictions, and uncertain transportation regulations in different countries are some of the factors that have created multiple hurdles across the supply chain. The lockdown imposed across the core industrial sectors in China in the initial phases of 2020 has affected the supply of high purity quartz in the first half of 2020. The economic restructuring and growth in the number of industrial development projects across India and China over the past decade have played a key role in providing a boost to the market growth. However, in these testing times, the volume of high purity quartz that is being manufactured is expected to be lower compared to the normal numbers.
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Analysts’ Viewpoint
The global high purity quartz market is expected to grow at a steady CAGR of ~6% during the forecast period. The market growth can be primarily attributed to the soaring demand for high purity quartz for various applications, including the production of semiconductors and solar cells. The growing emphasis on utilizing renewable energy due to mounting environmental concerns is another factor that is expected to generate considerable demand for high purity quartz during the forecast period. Market players are expected to improve the quality and consistency of their products by upgrading existing processing technologies.
High Purity Quartz Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global high purity quartz market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global high purity quartz market. The study also identifies growth avenues for market stakeholders. The report provides insightful information about how the global high purity quartz market is likely to expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global high purity quartz market that can aid companies operating in the market in making strategic business decisions. TMR’s study also elaborates on significant changes that are anticipated to configure growth of the semiconductor industry with respect to the global high purity quartz market during the forecast period. It also includes a key indicator assessment that highlights growth prospects for the global high purity quartz market and estimates statistics related to growth of the market in terms of volume (Tons) and value (US$ Mn).
This study covers a detailed segmentation of the global high purity quartz market, along with key information and competition landscape. The report mentions company profiles of major players operating in the global high purity quartz market, wherein various market developments and growth strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on High Purity Quartz Market
The report provides detailed information about the global high purity quartz market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global high purity quartz market, which would help them design successful strategies and make target-driven decisions.
- Which application segment of the global high purity quartz market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global high purity quartz market between 2020 and 2030?
- What are winning imperatives of leading players operating in the global high purity quartz market?
Research Methodology – High Purity Quartz Market
The research methodology adopted by analysts for compiling the report on the global high purity quartz market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global high purity quartz market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global high purity quartz market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global high purity quartz market.