by The high purity quartz market is estimated to be valued at US$ 854.83 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2020-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High purity quartz is a refined quartz that contains ≤10 parts per million impurities with a purity level of 99.99 percent. It is majorly used in the semiconductor industry as it can withstand extreme processing temperatures and harsh chemical environment during processes like doping, etching, and diffusion. The semiconductor industry is a key driving factor for the high purity quartz market owing to its wide applications.
Market key trends:
The major trend driving the growth of the high purity quartz market is the rising demand from the semiconductor industry. High purity quartz is extensively used in semiconductor manufacturing processes like oxidation, diffusion, CVD, epitaxy, ion implantation, etch, and ash processes. According to Semiconductor Industry Association, the semiconductor industry grew around 5% in value in 2017 and currently contributes nearly 10% to the global economy. The surging demand for electronic devices from consumer electronics, automotive, and other end use industries is boosting the semiconductor market which in turn is propelling the demand for high purity quartz.
Global High Purity Quartz Market Is Estimated To Witness High Growth Owing To Increasing Demand From The Semiconductor Industry And Growth In Solar PV Installations
The high purity quartz market is estimated to be valued at US$ 1,024 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2020-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High purity quartz, also known as HPQ, is composed of extremely pure crystalline silica. It finds widespread utilization in the production of various semiconductor wafers due to its low thermal expansion and ability to withstand harsh chemical etching processes. In the solar PV industry, HPQ is used as a raw material in the production of solar panels. It offers good optical properties, high melting point, and resistance to radiation which makes it suitable for capturing sunlight.
Market Dynamics:
The Global High Purity Quartz Market Size is primarily driven by increasing demand from the semiconductor industry. According to Semiconductor Industry Association, the semiconductor industry is estimated to grow by 8.8% in 2021 compared to 2020. Growing demand for integrated circuits, microchips, and memory devices from consumer electronics, automotive, telecommunications sector will propel the HPQ demand. Furthermore, expansion of solar PV installations across the globe is projected to fuel market growth over the forecast period. According to International Renewable Energy Agency (IRENA), the cumulative global solar PV capacity increased from fewer than 3 GW in 2004 to over 640 GW in 2020, and it is estimated to grow at a CAGR of 14% through 2030. HPQ acts as a basic raw material for the production of solar panels and will witness sustained demand from solar PV industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
