Global Quartz Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global quartz market is expected to register a CAGR of more than 5% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Increasing Demand for Quartz Sand in Petroleum Industry
Frac sand (also known as high purity quartz sand) proppants are the most widely used category for hydraulic fracturing globally. The oil & gas sector is growing slowly in North America and Europe. Middle Eastern countries are expected to continue their high production rates, while there is no major growth in Asia-Pacific and Latin America. The quartz sand market also might not witness any considerable growth in the oil & gas industry. The decline in drilling rig count, especially in the United States, might have an impact on the quartz sand market. With increase in crude oil prices, drilling and production processes are expected to rise slowly throughout the world, which is a positive indication for the quartz sand market.
Semiconductors to Dominate the Market
Quartz, owing to its high quality and excellent purity, is extensively used in the semiconductor industry to manufacture crucibles, windows, rods, and tubes, silicon metal, wafer base, etc. Quartz glass, due to its exceptional properties, is used to manufacture various semi-finished goods in the semiconductor industry that exhibit high purity, compressive strength, excellent elasticity, low-thermal conductivity, and high-thermal shock resistivity. Asia-Pacific is expected to remain at the forefront of the global demand for electronics. The demand for quartz in Asia-Pacific is witnessing high growth, owing to rapid internet penetration in developing nations. The demand for larger smartphones with high functionality at competitive prices in the Asia-Pacific will likely drive the demand for semiconductors, which is expected to drive the quartz market.
Asia-Pacific to Dominate the Market
Asia-Pacific was the largest region in the quartz market, accounting for a major chunk of the global market. In Asia-Pacific, China is the largest economy in terms of GDP. The annual growth rate of the Chinese GDP was 6.9% in 2016 and it is further expected to increase by 6.7% in 2017. The growth in the country remains high, but is gradually diminishing as the population ages and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand. The electronics industry is the largest consumer of quartz. Electronic products such as smartphones, OLED TVs, and tablets have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the quartz market.
Key Developments in the Market
January 2017: Pokarna Engineered Stone Limited (PESL), a wholly owned subsidiary of Pokarna Limited, announced its plans to expand its quartz surfaces production capacity by 130% in Hyderabad, India.
Major Players: Russian Quartz (RUSNANO), The Quartz Corporation, HanStone Quartz, Jiangsu Pacific Quartz Co., Ltd, Nordic Mining ASA, and Pokarna Limited, amongst others.
Reasons to Purchase the Report
How the increasing demand for quartz sand in petroleum industry will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which type and end-user industry is expected to dominate the market
Which region is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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