The increase in demand from semiconductor is aiding the global crystal growth modifiers market to chart a healthy CAGR (Compound Annual Growth Rate) between 2019 and 2027. And, it is a result of increase in disposable incomes worldwide that is making people adopt technology quickly. Besides, innovation in products, which is an outcome of pro-activeness demonstrated by players in the semi-conductor and electronics industries, is also paving way for a high growth trajectory.
The following points are some of the factors that are shaping up the future of global crystal growth modifiers market:
- A shift in consumer behavior is extremely important to make note of here of consumer preference which is shifting intensely towards convenience over monetary saving. It is not a surprise considering work days for most regions is increasing in length, along with work pressure. This is leading to hectic schedules and a need for technology to sweep in to save the day is rising notably. Thus, need for consumer electronics is also driven by this very important factor over the forecast period, And, as the mentioned above, since the two industries are co-extensive, growth in former will lead to growth in crystal growth modifiers market.
- It is also worth noting here that crystal growth modifiers are used to produce alumina which is in turn used in a number of applications such as production of glass, refractories, abrasives, and precision ceramics. In terms of glass manufacturing, alumina is used in creating what is known as the unbreakable glass and is thus a critical ingredient for the industry which often sees its use in construction. Additionally, construction industry is also increasing its output over the coming ten years at a dizzying pace – 85% by 2030 – translating to a hefty market worth.
Global Crystal Growth Modifiers Market: Introduction
- The process of enlarging the existing crystal with the addition of molecules or ions in the crystal lattice or solution is called crystal growth, wherein a crystal is defined as an orderly arranged and repeating pattern of atoms, molecules, or ions. Crystal growth is characterized by extension of the crystal lattice in all three spatial dimensions.
- Crystal growth can be attained by using both organic and inorganic additives. Crystal growth modifiers can affect the size and shape of a particle.
- Crystal growth is attained in various phases such as solid phase, vapor phase, and solution phase. The solution phase of crystal growth is considered the most prominent, owing to simple production process and versatility.
- Rising demand from the semiconductor industry led by rapid technological advancements in end-use products is driving the demand for crystal growth modifiers across the globe. However, high costs involved in the adoption of technology are projected to hamper the global crystal growth modifiers market during the forecast period.
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Rise in Demand for Crystal Growth Modifiers from Semiconductor Industry to Drive Global Market
- Rising demand for electric and electronic products from end-users, primarily in developing economies, has augmented the demand for advanced materials among semiconductor manufacturers
- Furthermore, high investments in the research and development of innovative electronic appliances are projected to drive the demand for modern materials with enhanced properties in the near future
- Thus, excellent properties achieved by use of crystal growth modifiers in materials are anticipated to propel the crystal growth modifiers market during the forecast period
Asia Pacific to Hold a Leading Share of Global Crystal Growth Modifiers Market
- Geographically, the global crystal growth modifiers market can be divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a dominant region for crystal growth modifiers market, followed by North America and Europe. Rising demand for semiconductor components from end-use industries, such as electrical & electronics, and high alumina production concentrated in China and neighboring countries, are driving the crystal growth modifiers market in Asia Pacific.
- Rapid industrialization led by economic growth and supportive government policies, availability of labor at a low cost, and abundance of natural resources in the region are factors that have contributed to establishment of semiconductor manufacturing facilities in countries such as South Korea, China, and Japan. End-use industries in Asia Pacific are primarily driven by increase in population, rise in the per capita income, and improvement in lifestyle of people in developing economies such as China and India.
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Key Players Operating in Global Crystal Growth Modifiers Market
- The global crystal growth modifiers market is fragmented among several organized and unorganized players. Key players are adopting business strategies such as launch of high-performance products to strengthen their position in the rapidly expanding global market. A few of the key players operating in the global crystal growth modifiers market are:
- Borregaard LignoTech
- Corning Incorporated
Global Crystal Growth Modifiers Market: Research Scope
Global Crystal Growth Modifiers Market, by Growth Phase
- Solid Growth
- Solution Growth
- Vapor Growth
Global Crystal Growth Modifiers Market, by Application
- Others (Including Alumina)
Global Crystal Growth Modifiers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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