PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402564
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402564
Global high purity quartz market was valued at US$ 857.4 Mn in 2023, exhibiting a CAGR of 10.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1,730.1 Mn by 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 857.4 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 10.50% | 2030 Value Projection: | US$ 1,730.1 Mn |
High purity quartz is important industrial material used across high-end electronics applications such as semiconductors, lighting, and photovoltaic (PV) solar panels. It is used to produce glass that has excellent optical transmission properties and the ability to withstand extremely high temperatures and warm stuns. Moreover, quartz is also used in the manufacturing of photovoltaic cells, silicon metal, and halogens. Furthermore, high purity quartz is also used in the manufacturing of fiber optics.
Rising environmental concern has raised the demand for renewable sources of energy which is further expected to fuel the demand for high purity quartz over the forecast period. Moreover, the growing demand for kitchen appliances where quartz is in kitchen countertops is further expected to accelerate the market growth. Moreover, growth in the construction industry is also expected to raise demand for quartz, thus fuelling market growth of high purity quartz. Moreover, Renewable energy sources are required because they have zero or extremely low carbon footprint. Thus, greenhouse gas emissions from such sources are negligible as compared to fossil fuels.
The growing use of quartz across surface and tile applications is projected to stimulate market growth over the forecast period. Quartz is also gaining huge demand across the medical industry in the manufacturing of imaging devices and sharp-cutting medical tools is further anticipated to augment the market growth
Small and medium-sized mining industries in the quartz areas are reluctant to enter the high purity quartz market due to the complex structure of the high purity quartz market. Therefore, the complex structure of the high purity quartz market is projected to hinder the market growth over the forecast period.