The global high purity quartz Market is estimated to be valued at US$ 945.6 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High purity quartz or HPQ is a very refined form of naturally occurring silicon dioxide or quartz. It has a very high silica (SiO2) content of at least 99.995% purity with very low levels of impurities like iron and titanium. Due to its exceptional physical and chemical properties, high purity quartz finds wide applications in various end-use industries mainly in the manufacturing of semiconductor wafers, fiber optics, lighting, and solar applications. The rapidly growing semiconductor industry has been a major driver of increasing demand for HPQ in recent years given its critical usage in the production of silicon wafers which forms the base of all semiconductor chips.
Market key trends:
One of the key trends driving growth in the global high purity quartz market is the booming semiconductor industry. The demand for semiconductors has exploded over the past few years owing to the proliferation of electronics and consumer devices and rising penetration of technologies like AI, IoT, 5G, electric & autonomous vehicles etc. Since high purity quartz is indispensable in the manufacturing of silicon wafers used to make semiconductors, its consumption increases in tandem with the burgeoning semiconductor market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. Establishing production facilities requires high capital investment which acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high. The market is fragmented with presence of numerous global and regional players. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials like quartz have limited options to sell to.
Threat of new substitutes: The threat of substitutes is low. High purity quartz has unique properties and few alternatives are available.
Competitive rivalry: Intense as the major players focuse on expanding production capacity and backward integration.
Key Takeaways
The Global High Purity Quartz Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand from semiconductor industry. The market size for high purity quartz was valued at US$ 695.4 million in 2019.
Regional analysis- Asia Pacific dominates the global high purity quartz market owing to presence of emerging economies like China, Japan and Taiwan driving demand from semiconductor industry. The region accounts for around 50% of global semiconductor manufacturing. North America and Europe are other major consumers for high purity quartz.
Key players operating in the high purity quartz market are Unimin Corp./Sibelco, The Quartz Corp., Russian Quartz LLC – Kyshtym Mining – Sumitomo, Other Small Players, Jiangsu Pacific Quartz Co., Potential Upcoming Players, Nordic Mining, High Purity Quartz Pty Ltd. The major players focus on expanding production capacity and backward integration to gain market share.
