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synthetic quartz market is expected to reach $ 95.0 million in 2022, at a CAGR of 5.6% from 2017 to 2022.
Quartz is the second most abundant mineral available in the earth's crust and is made up mainly of materials such as oxygen and silicon and has the chemical formula Sio2. Quartz are categories in both natural and synthetic form. Synthetic quartz is produced in the autoclave reactor through the hydrothermal process. The key raw materials for making synthetic quartz are dolomite, sodium carbonate, and silica sand.
Taiwan-based quartz component supplier TXC is expected to hit a new revenue record in the fourth quarter of 2020 after sales hit a record NT $ 3.14 billion (US $ 110.06 million) in the quarter above, due to availability.
Market Drivers and Restrains:
The global synthetic quartz market is driven primarily by increasing growth in the manufacturing and construction sectors. The application of synthetic quartz in the automotive and electronics industries is expected to fuel the global market demand for synthetic quartz. The growing trend in innovative research and development for the manufacture of specialized, advanced and customized products is expected to be one of the main opportunities for the synthetic quartz market. In addition, the introduction of environmentally friendly synthetic quartz products is also an opportunity in the global synthetic quartz market. One of the main constraints that can hinder market growth is the increase in the price of raw materials. Due to the increase in raw material prices coupled with import and export tariffs, they also pose a challenge for the synthetic quartz market between the forecast period.
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Report is segmented as:
· Synthetic quartz
· Synthetic quartz glass
· Electronics and electrical
The synthetic quartz market in Asia-Pacific is expected to grow at the highest CAGR from 2017 to 2022, in terms of value. Asia-Pacific is currently experiencing a prosperous growth curve in terms of synthetic quartz consumption in various applications, especially in the electronics and energy segment. The region has also seen continued growth in overall light vehicle production.
Impact of COVID-19 on Synthetic Quartz Market:
In 2020, overall synthetic quartz sales saw a massive drop due to the Covid-19 crisis when the lockdown was implemented and all factor units were shut down, leading manufacturing companies to face huge losses. Now, in 2021, global manufacturers are fully focused on improving their sales and profitability through product innovations and updates.
Key market players:
Leading corporations including NIHON DEMPA KOGYO, TXC Corporation, Kyocera, Murata Manufacturing, Seiko Epson, Asahi Glass, Coorstek, Daishinku Corporation (Kds), Heraeus Holding, HTL Industries Sdn Bhd, Hubei Feilihua Quartz Glass Co., Impex Hightech and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.