Demand for Synthetic Quartz on Upswing with Expansion of Electronics & Semiconductor Industry; Quartz Crystal Gaining Traction
The global market value of synthetic quartz is nearly US$ 85 Mn, and the electronics industry accounts for more than 3/4th of total sales. As suggested by a new study, the global synthetic quartz market is set for notable growth during 2019 – 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.
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.
Rising adoption of new technologies in electronics & communication and rapid evolution of automotive industry is expected to fuel the growth of global synthetic quartz market.
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.
What Does Future Hold?
Increasing purchasing power of customers from developing regions and ease of purchasing electronic appliances is expected to drive the growth of the synthetic quartz market. Moreover, on account of increasing use of synthetic quartz in optical communication, recent developments and growth in optical industry, the synthetic quartz market is projected to witness robust growth during the forecast period.
These insights are based on a report on Synthetic Quartz Market by Future Market Insights.