The synthetic quartz market is anticipated to increase by 6.3% annually in 2022, reaching a value of US$ 93.0 Million by year’s end. The CAGR for the world economy is predicted to be a significant 6.1% between 2022 and 2029.
The electronics industry solely relies on components such as semiconductors, optical fibers, and solar cells. These electronic components utilize synthetic quartz crystal due to its important intrinsic properties. Technological developments are driving the need for high-performance electronic equipment, and have subsequently propelled the sales of synthetic quartz.
Synthetic quartz refers to artificially created quartz crystals that mimic the physical and chemical properties of natural quartz. Quartz is a mineral composed of silicon and oxygen atoms, and it is widely recognized for its clarity, hardness, and durability. Synthetic quartz is produced through a process known as hydrothermal synthesis or the Verneuil process.
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Key Takeaways – Synthetic Quartz Market Report
- Synthetic quartz crystal is expected to grow at a higher rate, increasing its market share on account of growing use in end-use industries during the forecast period.
- The semiconductor industry places the most stringent requirements on quartz purity, creating positive impact on demand for synthetic quartz.
- East Asia holds a prominent share of the synthetic quartz market due to presence of strong electronics and automotive sectors in countries such as China, South Korea, and Japan. China is one of a major producers and exporters of electronics. Moreover, it has good production to sales ratio (appx. 98%) for electronics. South Korea has a significant share in the global automotive sector.
- Synthetic quartz and competitive products are gaining more attention from EUV lithography market players.
- Developing countries have witnessed growth in per capita income, especially in rural areas. Ease of buying electronic appliances has driven the growth of synthetic quartz components in developing countries.
Market Landscape Moving towards Consolidation
The synthetic quartz market is highly technology-driven and is dominated by a handful of players with extensive R&D capabilities. Tier-I manufacturers in the global synthetic quartz market, Kyocera, Murata Manufacturing, Hereaus (Shin-Etsu), Asahi Glass Company, and others are focusing on joint ventures, partnerships, and collaborations to build on their product expertise and enhance market dominance.
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Synthetic Quartz Market Taxonomy
By Product
- Synthetic Quartz Crystal
- Synthetic Quartz Glass
By End-Use
- Electrical & Electronics
- Automotive
- Medical
- Military
- Construction
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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