High Purity Silica Market Size, Share, Growth, And Industry Growth By Type (Purity 99.99% Purity 99.997%, Purity 99.999% and Above) By Application (Semiconductor, Solar Photovoltaic, Lighting, Optics and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

High Purity Silica Market REPORT OVERVIEW

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The global high-purity silica market size was USD 785 million in 2022 and market is projected to touch USD 1337.6 million by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period.

Silica is one of the most abundant materials found in the earth's crust. It is widely used in the semiconductor industry and at the present across various sectors. It is lucrative due to its properties and cost-effective nature. There has been a constant experiment and it is predicted to grow at a higher rate in the future.

It would be right to coin that the modern world is run by cutting-edge technology. The implementation of new tech across the industrial sectors has been inevitable. Global communication witnessed innovation which aims to improve the government and lifestyle of global citizens. The initiative from the government to develop the semiconductor and solar industry is advantageous for the high-purity silica market.

COVID-19 Impact: Pandemic Boosted Demand Across End-user Industries

The long pandemic has changed the operation of the business. The continuous lockdowns have affected the production of high-purity silica. However, on the positive side, the COVID-19 phase compelled mankind to adopt high-growth technology. Although, at the start, the end-user industry was affected by the sudden spread of the deadly virus, however, after the initial phase the market started to regain its position triggered by the pandemic. The rise in mobile phones, laptops and work-from-home culture has affected the semiconductor industry which in turn influenced the growth of the high-purity silica market.

LATEST TRENDS

"Increase in Investments and usage in Lightning Application to Boosts the Market Demand"

Investment and experimentation in the high-purity silica market are ascending. In light of recent developments, it has been showcased the rise of high-purity silica in the lighting industry. The optical transmission properties and ability to combat high temperatures are fueling the demand for high-purity silica in the lighting industry. The investments for experimentation and research are increasing from the government and public sectors thus promising potential developments in the future.

High Purity Silica Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into purity 99.99%

purity 99.997%, purity 99.999% and above. The purity of 99.999% is expected to lead this segment in the forecasted year.

• By Application Analysis

Based on application, the market can be divided into semiconductor, solar photovoltaic, lighting, optics and others. The semiconductor is anticipated to lead this segment.

DRIVING FACTORS

"Surge in Semi-conductor Industry to Accelerate the High Purity Silica Market Growth"

The dawn of the 21^st century witnessed the rise in the semiconductor industry. The factors such as rapid urbanization, improved lifestyle and consumer behaviour have driven the market growth. The increase in disposable income in developing countries has created new market demands. Furthermore, industrialization compelled mankind to adopt the usage of electronic devices such as mobile phones, and computers. These electronics have become an indivisible part of living to ensure hassle-free communication and operation. As the consumption of electronic devices escalates, global players are in the constant strive to innovate new products.           

The technology is upgrading and there is an upsurge in the implementation of artificial intelligence and the Internet of Things (IoT). The era of the advanced internet has changed the telecom and communication industry revamping it to the next-generation wireless communication. Silica is a common raw material used in the semiconductor industry owing to its stable structure. The unique properties of silica make it a widely used material in the production of electronic goods. According to the market analyst, the semiconductor industry is set to witness growth at a CAGR of 8.8% in the upcoming years. This will positively influence the high-purity silica market growth.

"Broadening of the Application Base to Propel Market Share"

The widening of the utilization of the high purity silica is apprehending the attention of the key holders. Besides its consumption in the semiconductor industry, the high purity silica is being applied to much end-users industry. In recent years, there has been conversation and mounting distress over the existing environmental conditions. The unconscious use of natural resources has initiated the depletion triggering natural disasters in many parts of the world. The solar energy sector is growing in leaps and bounds. The experiments conducted have shown the potential use of silica in this industry. In the present times, high-purity silica is applied in the manufacturing of solar cells, optical fibres and integrated circuit boards. The investment in solar panels is rising and this will further generate stable revenue for the high-purity silica. High-purity silica is considered the ideal material to meet the high standard of solar energy as it is sustainable and cost-effective.

The telecom industry has changed and it's a never-ending process. The ascending usage of optical fibres and the recent roll-out of the 5G internet will further boost the high-purity silica market share in the forecasted period.

RESTRAINING FACTORS

"Rising Environmental Concern to Hamper the Market Growth"

The ongoing industrialization has changed the paradigm of the man-nature relationship. Human interference in the natural habit has decuples in the past decades. The availability of silica has never been a concern, as it is one of the most abundant materials found in the lithosphere. Due to the escalating demands across industries, fast mining of silica is posing environmental damage and degrading the quality of the land. The studies have found that the disorderly mining process has triggered pollution, changes in the land pattern, risks to human health and depletion of groundwater. All these environmental risks associated with this product make the high-purity silica market grow in a vulnerable position.

High Purity Silica Market REGIONAL INSIGHTS

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"AsiaPacific to Dominate the Market Due to the High Growth of the End-User Industry"

Asia-pacific region is anticipating tremendous growth across all the industrial sectors. The population expansion and the growing market demand in addition to the improved lifestyle choices are directing the high-purity silica market size in this region. The strong emerging economy, availability of human resources and talent, and establishment of high-tech manufacturing units have further improved the marker status. Moreover, this region is the biggest consumer of electronic devices. All these factors will impact the high-purity silica market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies also invest in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sibelco (Belgium)
• The Quartz Corp (France)
• Jiangsu Pacific Quartz (China)
• Russian Quartz (Russia)
• HPQ Materials (Australia)
• Solar Quartz Technologies (U.S.)
• Donghai Colorful Mineral (China)
• Donghai Shihu Quartz (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.