High purity quartz, also known as fused silica, is an advanced engineered material formed by the fusion of high purity quartz mineral at temperatures above 2000°C. It finds key applications in production of crucibles, furnaces, and feedstock for the semiconductor and solar industries. With miniaturized electronic components and integrated circuits, there is an ever increasing demand for high purity quartz thanks to its high melting temperature, low thermal expansion and excellent dielectric properties.
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 7.9 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the high purity quartz market is the rising demand for semiconductor grade SiO2. Semiconductors require an extremely pure form of quartz which can withstand high temperatures without impurities. As electronics and integrated circuits continue to get smaller while performing more functions, this drives the need for higher purity quartz in applications such as thin film solar, optical fiber preforms, mirror and lens blanks. Another trend is the increasing consumption of high-purity fused quartz crucibles to produce high-quality mono-crystalline ingots and wafers that serve as raw material for the semiconductor and solar industries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the high purity quartz market is moderate. High capital requirements for setting up production facilities and obtaining environmental clearances act as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the high purity quartz market is moderate. The presence of many established players gives buyers multiple supply sources to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is low in the high purity quartz market due to the availability of substitute raw materials.
Threat of new substitutes: The threat of new substitutes is low as high purity quartz has unique physical and chemical properties making it irreplaceable for applications in the semiconductor and solar industries.
Competitive rivalry: The competitive rivalry is high among the top players due to their large market share and differentiated product offerings.
Key Takeaways
The global High Purity Quartz Market Share is expected to witness high growth at a CAGR of 7.9% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 950.96 Mn by 2024.
Regional analysis –
Asia Pacific dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to the presence of rapidly emerging economies like China, Japan and South Korea that are major producers and consumers of high purity quartz.
Key players –
Key players operating in the high purity quartz market are Unimin Corp. /Sibelco, The Quartz Corp., Russian Quartz LLC – Kyshtym Mining – Sumitomo, Jiangsu Pacific Quartz Co., Nordic Mining, and High Purity Quartz Pty Ltd. Unimin Corp. and The Quartz Corp. are the largest players with a significant market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.