High purity quartz or high purity silicon dioxide is a key raw material used in manufacturing of high quality solar panels. It has high transmittance, chemical resistance, and thermal shock resistance properties which makes it ideal material for production of solar panels. The material is used as semiconductor in photovoltaic cells to convert sunlight into electricity in solar panels. Growing global demand for renewable energy sources and rapid installation of solar power plants worldwide are driving exponential growth in demand for high purity quartz.
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 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising installations of solar power plants across major economies offer substantial growth opportunity for high purity quartz market. Government targets and policies to replace conventional power generation with renewable sources along with declining costs of solar modules has boosted the commercial viability of solar power globally. This has resulted into rapid capacity addition of utility scale solar PV installations which in turn driving the consumption of high purity quartz as a key component in solar panels. Continued focus on solar as viable renewable energy alternative coupled with large solar targets announced by various countries will witness increasing demand for high purity quartz over forecast period to support growing solar PV market.
Porter's Analysis
Threat of new entrants: High capital requirements for mining and processing high purity quartz acts as a barrier for new entrants. Established players also enjoy economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power given the specialized nature of high purity quartz and large number of suppliers globally.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to the oligopolistic nature of industry with few countries dominating quartz mining.
Threat of new substitutes: Substitutes like synthetic fused quartz possess threat, though high purity quartz has certain advantages in applications requiring high transmission, hardness and durability.
Competitive rivalry: Intense competition exists among established players to gain market share through differentiation and innovation in application segments.
SWOT Analysis
Strength: Rising demand from semiconductor industry driven by increase in number of electronic devices. High durability and hardness properties suitable for a variety of industrial applications.
Weakness: High capital intensity of quartz mining and processing limits new entrants. Fluctuating supply of raw materials impacts consistent production.
Opportunity: Growing usage in solar industry for manufacturing of polysilicon materials. Emerging applications in 5G communication technology and optical fibers present new avenues.
Threats: Stringent environmental regulations around mining activities. Substitutes like fused quartz pose competition.
Key Takeaways
The Global High Purity Quartz Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The demand is primarily driven by increasing consumption from semiconductor and solar industries. The market size was valued at US$ 950.96 Mn in 2023 and is projected to reach over US$ 1500 Mn by 2030, growing at a CAGR of 5.3% during the forecast period.
Regional analysis
Asia Pacific dominates the global high purity quartz market and accounted for over 45% of the total market share in 2023. Countries like China, Japan and South Korea are major producers and consumers of quartz due to large scale electronics manufacturing industries in the region. North America is the second largest market supported by presence of leading semiconductor companies in the US.
Key players operating in the high purity quartz market are Fable & Mane, Henkel AG, Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation, Avon Products Inc., L€TMOreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc.
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The global high purity quartz market was valued at US$ 728.11 Mn in 2017 and is anticipated to expand at a CAGR of 6.4% from 2018 to 2026, according to a new report titled ‘High Purity Quartz Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR) Rise in the demand for semiconductors is driving the market.
Heartlands of the semiconductor production are Japan, Germany, South Korea, and California.
Quartz Corp, a U.S.-based company, is capable to supply HPQ in these regions due to strategic location of its offices in the U.S. and Europe and strong team of sales and marketing in Asia.
This, in turn, would fuel the use of high purity quartz in the semiconductor industry in the next few years.
Several countries across the globe are undertaking solar projects so as to save on non-renewable sources of energy.
Solar power involves the conversion of energy from sunlight into electricity by using photovoltaic (PV) cells.
