The High Purity Quartz Market to stroll through innovations at a CAGR of 6.5% fr
Global demand for high purity quartz is forecasted to reach a value of US$ 1.72 Bn by the end of 2032. China is anticipated to remain one of the key HPQ markets
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The global high purity quartz (HPQ) market is anticipated to witness a growth rate of around 6.5% through 2032. Significant development in the electronics industry and growth of the solar energy sector are anticipated to create significant opportunities for high purity quartz suppliers over the coming years.
High purity quartz is used in a wide range of special applications and is a key component in solar and semiconductor manufacturing processes. Growth in these end-use sectors directly drives consumption of HPQ.
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The COVID-19 outbreak had a significant impact on market growth in 2020 because of widespread lockdowns and transit restrictions. The pandemic had a negative impact on all countries around the world. Most countries affected by the pandemic were forced to impose broad brush shutdowns, affecting their industrial and commercial activities.
Key Takeaways from Market Study
Global demand for high purity quartz is forecasted to reach a value of US$ 1.72 Bn by the end of 2032.
China is anticipated to remain one of the key HPQ markets accounting for around 25.7% of the global market share in 2022.
Grade III HPQ is anticipated to witness a CAGR of 6.8% over the decade.
The U.S. market is expected to grow at a significant rate of 5.6% through 2032.
By end use, the semiconductors sector is anticipated to remain a key segment and account for more than 35% market share by value in 2022.
“Key players are focusing on the expansion of their production capacities to meet global demand, and the market is witnessing the emergence of new participants,” says a Persistence Market Research analyst.
The global HPQ market is a highly consolidated space with significant presence of key manufacturers in the market along with small-scale manufacturing companies.
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Some of the key market players included in the report are Covia Holdings Corporation, The Quartz Corp, Russian Quartz LLC, Jiangsu Pacific Quartz Co., Ltd, High Purity Quartz Pty Ltd, I-Minerals Inc., Creswick Quartz, and Nordic Mining ASA. Key market participants are expected to maintain a competitive environment all over the globe.
Globally, key HPQ manufacturers are focusing on the expansion of their production capacities owing to increasing demand from the electronics sector. Further, some key players are planning to commission their plants near raw material suppliers in order to reduce transportation costs and increase overall profit margins.
Substantial demand from the electronics industry is boosting the market of high purity quartz. Significant rise of semiconductors is also enhancing HPQ consumption rate. Further, increasing demand for renewable energy is also benefiting market growth as high purity quartz is used in photovoltaic cells, which are used in solar panels.
Due to increased demand from the electronics sector, key manufacturers around the world are focusing on expanding their production capacities. New players are also entering the market. To stay competitive in the market, new players are focusing on providing high purity grade products as well as product innovation. To increase product sales, market players are strengthening their supply chain networks.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global high purity quartz market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, grade, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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Read More Trending Reports of PMR – https://www.globenewswire.com/news-release/2022/03/01/2394501/0/en/High-Purity-Quartz-HPQ-Market-is-predicted-to-expand-at-6-5-CAGR-and-be-valued-at-around-US-1-72-Bn-by-2032.html
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