Surge in usage as grating for pounding glass, sandblasting, and cutting delicate stones and technological advancements drive the global quartz market.
PORTLAND, Oregon, Jan. 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Quartz Market by Product (Quartz Surface & Tile, High-Purity Quartz, Quartz Glass, Quartz Crystal, Quartz Sand, and Other) and End-User Industry (Electronics & Semiconductor, Solar, Buildings & Construction, Medical, Optics & Telecommunication, and Other): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global quartz industry generated $8.23 billion in 2018, and is expected to reach $13.61 billion by 2026, registering a CAGR of 6.4% from 2019 to 2026.
Prime determinants of growth
Surge in usage as grating for pounding glass, sandblasting, and cutting delicate stones and technological advancements drive the global quartz market. However, the expensive nature of quartz hinders the market growth. On the other hand, increase in usage as oscillators in watches & radios and rise in research and development activities present new pathways in the industry.
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The quartz surface and tile segment to maintain its dominance during the forecast period
Based on product, the quartz surface and tile segment contributed to nearly two-fifths of the total share of the global quartz market in 2018, and is expected to maintain its dominance during the forecast period. This is due to increase in usage of quartz for creating building surfaces and as a substitute of granite and marble for its cost-effectiveness. However, the high-purity quartz segment is estimated to register the largest CAGR of 7.9% from 2019 to 2026, owing to increase in usage in semiconductor, solar, fiber optics, and lighting applications.
The electronics and semiconductor segment to maintain its lead position by 2026
Based on application, the electronics and semiconductor segment held the highest market share of the global quartz market, accounting for more than one-fourth of the total share in 2018, and is projected to maintain its lead position during the forecast period. However, the building and construction segment is expected to grow at the highest CAGR of 7.9% from 2019 to 2026, owing to surge in construction activities and usage of quartz in stonework dividers.
North America to lead during the forecast period
Based on region, North America held the highest market share in terms of revenue, accounting for nearly two-fifths of the global quartz market in 2018, and is expected to lead during the forecast period. This is attributed to surge in demand for electronics and rise in installations of PV solar cells. However, Asia-Pacific is estimated to maintain the fastest CAGR of 7.1% from 2019 to 2026, owing to presence of key players and growth of the electronics and semiconductor industry.
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Leading market players
- Baba Quartz
- Creswick Quartz
- Quartz Corporation
- High Purity Quartz Pty Ltd.
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