Superior properties of feldspar such as chemical inertness, resistance to heat, and low melting point are contributing to the growth of the market.
The global feldspar market is expected to grow at CAGR of 5.5% over the forecast period 2019-2029. Increasing demand for glass and ceramic products, fillers in the paint industry, and coatings for welding rods are the major factors augmenting the feldspar market. In addition, rising need for electronics and an increasing number of construction activities are some of the other dynamics that will continue to raise the demand for feldspar.
"Potassium feldspar is gaining significant traction due to strong global focus on harnessing solar energy. K-feldspar is widely used in solar glass in order to produce solar cells. Additionally, rising use of post-consumer glass gathered via local and neighbourhood government recycling agendas will continue to elevate the competition for raw materials including feldspar in the glass industry," says FMI analyst.
Feldspar Market - Key Takeaways
- Potassium feldspar accounts for higher value share compared with plagioclase.
- Europe holds leading revenue share in the global feldspar market; Germany will remain major producer of feldspar.
- Germany's feldspar market was valued more than US$ 12 Mn in 2019.
- APEJ to offer lucrative growth opportunity to market players.
Feldspar Market - Key Driving Factors
- Increasing usage of glass and ceramics in the automotive, electronics, and construction industries will continue to catapult the demand for feldspar.
- Robust developments in the residential and commercial construction sectors will accelerate the sales of feldspar
- Demand from manufacturers of ceramic tiles and other ceramic titles would remain the key growth driver for feldspar market.
- Application as a fluxing agent in manufacturing of glass products continues to bolster demand for feldspar in global marker.
Feldspar Market - Key Restraints
- Mining cost, recycling of glass and ceramics, and volatile logistics are some of the major restraints that are poised to hamper the growth of the market.
- Stringent environmental regulations on mining of feldspar are expected to hinder the growth of the feldspar market.
The feldspar market is extremely consolidated. Major frontrunners are focusing on increasing the mining of feldspar and their export to other countries where the demand for manufacturing of glass and ceramics is high. To stay ahead of the line, manufacturers are targeting to change pricing strategies. For instance, in 2019, QUARTZ Corp's declared that they would increase the prices of feldspar by 5% to 10% since 1st January 2020.
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Press-Release Source – https://www.accesswire.com/582251/Feldspar-Market-Poised-for-a-Promising-55-CAGR-During-2019-2029-Demand-Majorly-Buoyed-by-Application-in-Glass-and-Ceramics-Says-a-New-FMI-Study
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