by Feldspar is an essential raw material used in the production of glass, ceramics, and enamelware. It is used as a flux in the manufacturing of pottery, helping lower the melting point of other ingredients. Feldspar is used extensively in the production of ceramic tiles, sanitaryware, tableware, and technical ceramics. The global ceramics industry has been witnessing significant growth owing to the rising construction activities worldwide and expanding clean energy industry. Ceramic tiles are widely used in construction for flooring and wall décor purposes due to their durability, easy maintenance, water resistance, and aesthetic appeal. Moreover, growing solar energy sector is propelling the demand for photovoltaic cells which utilize ceramic materials.
The global feldspar market is estimated to be valued at US$ 728.73 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Demand from Ceramics Industry: As mentioned in the market overview, ceramics have wide applications in construction as well as solar energy industries. The global construction industry has been growing annually owing to rising infrastructure development projects worldwide. Moreover, expanding clean energy sector is propelling the installation of solar PV modules which utilizes glass and ceramics. Thus, growing end-use industries are augmenting the demand for feldspar from ceramics manufacturers.
Rising Urbanization and Construction Activities: Rapid urbanization along with growing populations is fueling the number of construction projects including residential, commercial, and industrial structures globally. This is positively impacting the sales of construction materials like ceramic tiles, sanitaryware, and tableware which utilize feldspar. According to United Nations report, approximately 68% of the global population is expected to live in urban areas by 2050. Thus, increasing construction activities will continue driving the feldspar market during the forecast period.
Segment Analysis
The global feldspar market is broadly segmented into four types – potassium feldspar, plagioclase feldspar, sodium feldspar and others. Among these, the potassium feldspar segment holds more than 40% share of the overall market and is dominating the market currently. This is because potassium feldspar finds wide applications in glass and ceramics industries where it is used as a fluxing agent and opacifier.
PEST Analysis
Political: The regulations regarding mining of feldspar is minimal in many parts of the world. However, increasing environmental concerns may led to stricter mining norms impacting supply.
Economic: The growth of end-use industries like glass, ceramics and others is positively impacting the feldspar market. Additionally, infrastructure growth in developing nations is fueling market demand.
Social: There is increasing popularity of aesthetic and decorative products like tiles, tableware etc. which utilize ceramic materials incorporating feldspar. This is driving social change in consumption patterns.
Technological: New production technologies are helping players reduce costs and improve efficiencies. Also, development of substitutes may impact the market ongoing the forecast period.
Key Takeaways
The Global Feldspar Market Size is estimated to be valued at US$ 728.73 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Regional analysis comprises- The Asia Pacific region currently dominates the market and is expected to grow at the fastest pace due to presence of emerging economies like India and China. These countries are witnessing immense infrastructure growth and expansion in end-use industries which is driving feldspar consumption.
Key players related content comprises- Key players operating in the feldspar market are Sibelco, Imerys, Sun Minerals, Quartz Corp and others. Key players are focusing on capacity expansions to cater to increasing demand and exploring opportunities in emerging markets with high potential.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
