The global feldspar market was valued at 30,200.9 kilotons in 2020, according to Feldspar Market Report, by Type (Plagioclase Feldspar, and K-Feldspar), by End-use (Glass, Ceramics, Fillers, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
The global feldspar market is expected to surpass 39,771.2 Kilotons by 2028, exhibiting a CAGR of 3.8% during the forecast period (2020-2028). The rising demand for ceramic tiles around the world, the increasing use of feldspar in automobile glass, and the expanding construction industry in developing nations are all factors that will likely boost the feldspar market's growth in the forecast period. On the other hand, increasing levels of investment in residential and commercial building will help to fuel a variety of opportunities for the feldspar market to expand during the forecast period of 2021-2028. Feldspar is a key component in the production of several types of glass. The use of feldspar as a fluxing agent lowers the melting temperature of quartz and aids in controlling the viscosity of glass. The alkali component in feldspar acts as a fluxing agent, which, in turn, lowers the temperature of the glass, thus making it a great melting agent.
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Key Trends and Analysis of the Feldspar Market:
- Among regions, APAC is estimated to be the fastest-growing market for feldspar during the forecast period with CAGR of 5.1% during 2021-2028, due to rising demand for feldspars from the region’s glass and ceramics industries. China is the largest and the fastest-growing feldspar market in this region. India, Thailand, South Korea, and Malaysia are the other key feldspars markets in APAC. Increasing population, growing urbanization, and rising investments in infrastructure projects are expected to drive the region’s overall industrial growth, thereby increasing the demand for feldspars. The “Make in India” initiative of the Indian government will also increase the demand for feldspar from local glass and ceramic manufacturing industries.
Key Takeaways of the Feldspar Market:
- Among End-use, Glass segment is dominating the market with share of 56.4% in terms of volume. The segment growth is largely influenced by the dynamics of the automotive, construction, and packaging industries. Glassmaking in the Asia Pacific region flourished owing to the steady demand from the aforementioned end-use sectors, especially in countries such as India and China. For instance, owing to the steady development in the production of automotive vehicles, the glassmaking sector of India observed the growth of nearly 3.5% from 2016 to 2018, thereby positively influencing the growth of the feldspar market space in India.
- Various brands from across the globe are focused on introducing their products in China through online portals. Major players operating in the global feldspar market include I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals.
- Key players operating in the feldspar market are investing in expanding feldspar production capacity and entering into strategic agreements in order to strengthen their position in market. For instance, in December 2020, Skyharbour signed a definitive agreement with Pitchblende Energy and Valor Resources in order to obtain 80% of the North Falcon Point Uranium Property asset. This asset holds mineral resources such as uranium, feldspar etc. 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.
Global Feldspar Market - Impact of Coronavirus (Covid-19) Pandemic
- Following the advent of the COVID-19 epidemic, manufacturers have intensified their mining operations in order to stabilize their positions in the market. Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and affected manufacturing industries. Due to the pandemic some industries had to shut down due to shortage of raw materials, others had to halt their operations. Constructions and automotive industries have been affected the most and as a result of which feldspar market was hampered as the demand for end-use industry which is glass was reduced and affected the growth of the feldspar market.