VALLEY COTTAGE, N.Y. – Demand for synthetic quartz is predominantly driven by significant growth of the construction and manufacturing sectors in recent years. Further, widespread use of synthetic quartz in electronic and automotive industries is expected to play an instrumental role in future trajectory of the market. In line with advances in electric vehicles and trend of lightweighting, synthetic quartz are finding extensive applications in car navigation systems, and smart cars carrying in-vehicle audiovisual equipment, and safety & driving control systems. According to Future Market Insights (FMI), the global synthetic quartz market is expected to attain a valuation of US$ 150 Mn by the end of 2029.
“The U.S., China, and Japan are major consumers of synthetic quartz, being the leaders in the global semiconductor industry. Leading companies are focusing on expanding their production capacities in these regions, as semiconductor manufacturers are on the journey of boosting the performance of chip and reducing the cost of production,” says FMI analyst.
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High Demand from Electronics & Electrical Industry
Adoption of synthetic quartz in electronics & electrical industry holds 4/5th share of the global market value, and this trend will continue till 2029. This growth can be attributed to an exponential increase in the use of modern consumer electronics such as mobile phones, laptops, and smart televisions. Robust growth in demand for consumer electronics devices, especially from China, India, Japan, and South Korea, is opening wide window of opportunities for market players. Moreover, emergence of APAC as the largest consumer and producer of electronics devices will land more investments into production. This, in turn, is projected to have a significant impact on the synthetic quartz market over the forecast period. Also, increasing use of synthetic quartz in advanced safety vehicle (ASV), engine control, and several other electronic applications in the automotive sector are expected to contribute to the market revenue.
Trade Conflicts to Represent Potential Threat
The US-China trade war is expected to hamper the growth of the synthetic quartz market. The U.S. has imposed antidumping duties on synthetic quartz and solar cell imported from China, and in return, the Chinese government has imposed counter duties on U.S-imported synthetic quartz. Due to this, many China-based solar PV module manufacturers are losing out their market share in the U.S. Despite a regulatory reformation to avail mutual benefits between the U.S. and Chinese governments, industry growth in the former country may be uncertain.
Preview Analysis Of 2019 Analysis and Review of Synthetic Quartz Market by Product – Synthetic Quartz Crystal and Synthetic Quartz Glass for 2019 – 2029:https://www.futuremarketinsights.com/reports/synthetic-quartz-market
East Asia Remains at the Vanguard
With strong presence of electronic & electrical and automotive industries in the developing countries, East Asia is set to maintain its lead in the synthetic quartz market. The region accounts for more than one-third of the revenue share and expected to overpass US$ 50 Mn over the latter years of the forecast period. Demand for synthetic quartz in solar and semiconductor industry is expected to grow at a faster rate in the region. Additionally, in terms of demand, North America is considered as the key region for the synthetic quartz market.
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