(EMAILWIRE.COM, June 30, 2020 ) Market Overview
The global Synthetic Quartz market expected to grow at a CAGR of over 5% during the forecast period (2020-2027).
The technological advancement in electronics, coupled with the rising use of Quartz in consumer electronics all around the world, is anticipated to drive Synthetic
Quartz are the second most abundant mineral available in the earths crust and mainly composed of materials like oxygen and silicon and having chemical formula Sio2. Quartz are categories in the natural as well as in synthetic form. Synthetic quartz is manufactured in the autoclave reactor by the hydrothermal process. The key raw materials for the manufacturing of the synthetic quartz are dolomite, soda ash, and silica sand.
The report covers all the major trends and drivers playing a vital role in the growth of the global Synthetic Quartz market. The global Synthetic Quartz market has been segmented based on Type, Application, and Region.
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The global Synthetic Quartz Market is primarily driven by the high demand for synthetic quartz in the electronic industry. The rising solar and semiconductor industry has led to the major growth in electronics sector. The growing semiconductor industry will boost the market for synthetic quartz in the following periods. According to the World Semiconductor Trade Statistics (WSTS), the Japanese semiconductor market grew from $36.6 billion in 2017 to 40.0 billion in 2018. This growth, although relatively modest, presents U.S. companies with numerous opportunities, especially for those that supply chips for smartphone displays, computer server/data storage equipment, electronic measuring instruments and electro-medical equipment, the Internet of Things (IoT), and automotive electronics and Artificial Intelligence (AI).
Fused quartz is a material of primary importance because it improves the efficiency of solar-powered devices. Its also helping researchers drive down the cost of solar devices. And the rising demand for solar panels and increasing investments in the installation of solar capacities all around the world owing to the increasing awareness for green energy production will drive the synthetic quartz market for the forecast period.
However, increasing prices of raw materials will be hampering the growth of the Synthetic Quartz market for the forecast period.
Market Segmentation Analysis
By Type, the global Synthetic Quartz Market is segmented into Crystal and Glass. Crystal has the dominant position in the Synthetic Quartz market of type segment due to rising demand for Synthetic quartz crystals in the electronics & electrical, and automotive industries, as these crystals are the ideal material for making frequency-controlled oscillators. It is expected that synthetic crystal quartz will grow at a CAGR of ~YY% during the forecast period.
By Application, the global Synthetic Quartz Market is segmented into Electronics & Electrical, Automotive, Construction, and Others. Electronics & electrical have higher dominance in the application segment of Synthetic Quartz as rising solar, and semiconductor industry has led to the major growth in electronics sector. However, due to rising use of quartz in navigation systems and wireless device manufacturing, which are used in smart cars will make the market for automotive to grow with a higher CAGR for the forecast period.
Market Geographical Analysis
By geography, the global Synthetic Quartz Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
APAC holds the largest market share for Synthetic Quartz Market. The Asia-Pacific Market consists of China, India, Japan, Australia, and Rest of APAC. Asia Pacific is expected to grow with a high CAGR rate in the forecast period due to rapid industrialization in the Asia Pacific region, and increased demand for synthetic quartz from electronics and automotive industries are driving the growth of the synthetic quartz market in this region. For instance, according to the Indian Cellular Association (ICA), the annual production of mobile phones within the country has increased from 3 million devices in 2014 to 11 million devices in 2017. India now accounts for 11 percent of global mobile production, which was only 3 percent in 2014.
However, North America is after APAC in terms of the market share of Synthetic Quartz Market due to increase in demand for quartz for solar panel production. Fused quartz is a material of primary importance because it improves the efficiency of solar-powered devices. For instance, The U.S. installed 2.1 gigawatts (GW) of solar PV capacity in Q2 2019 to reach 69.1 GW of total installed capacity, enough to power 13.1 million American homes. The utility-scale solar pipeline reached a record 37.9 GW in Q2. Total installed U.S. PV capacity is expected to more than double over the next five years by 2024, more than 15 GW of PV capacity will be installed annually.
Market Competitive Trends
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Synthetic Quartz Market is a fragmented market with the presence of various global and regional players in the market. The major players include SHIN-ETSU CHEMICAL CO. LTD, NIHON DEMPA KOGYO, Seiko Epson, Kyocera, and TXC Corporation. Other key players in the market include Asahi Glass, Coorstek, Hubei Feilihua Quartz Glass Co., Impex Hightech, and Universal Quartz.
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