Global Feldspar Market Overview –
Feldspar is the name given to a vast collection of silicate minerals that are used in the formation of rocks and account for more than fifty percent of the crust of the earth. In this category, you’ll find silicates of aluminum with either potassium, soda, or lime. The global feldspar market is a member of the mineral group that has been discovered to be the single most plentiful on Earth. Ceramics, glass, and tiles for bathrooms and buildings, as well as dinnerware and other tableware, are the most common applications for this material. Feldspar is interchangeable with other minerals that share comparable physical characteristics, such as pyrophyllite, clays, talc, and combinations of feldspar and silica (quartz). However, because feldspar is readily available in such large quantities, these alternatives will be unnecessary in the foreseeable future.
Market Analysis and Size –
Over the course of the past few years, the chemical industry has seen a significant amount of expansion. In addition, the dynamics of the glass and ceramics industries have a considerable impact on the expansion of the market. The product’s distinctive chemical components, such as potassium oxide, sodium oxide, and alumina, play a significant role in fostering the industry’s use of the substance in ceramics and glass production. As a direct consequence of this, it is anticipated that the market will make progress throughout the time under consideration.
The value of the global feldspar market was estimated to be 564.69 million US dollars in 2021, and it is anticipated that it will reach 899.36 million US dollars by 2029, showing a compound annual growth rate (CAGR) of 5.99 percent during the period of forecasting from 2022 to 2029. The team at Data Bridge Market Research has compiled a study on the market that includes in-depth expert research, an analysis of imports and exports, an analysis of pricing, an analysis of production and consumption, and a climate chain scenario.
COVID-19 Impact on Feldspar Market –
The recent outbreak of coronavirus had a negative impact on the feldspar market as it halted industrial operations throughout the country. The severe disruptions in various manufacturing, as well as the supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease, led to huge financial setback for the market. As a result, the key end-use sectors of the glass industry, such as construction and automotive, are expected to experience a downward trend. This is likely to limit feldspar market growth in the country in the short term.
However, despite a global pandemic, the country’s industrial activities resumed in the second quarter of 2020 as the individual regulatory bodies began to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
Market Dynamics –
It is predicted that the growing product demand by ceramic and glass sectors in emerging nations will boost the market in the approaching years.
Feldspar is most commonly employed as a flux in the production of ceramics and glass; this lowers the melting temperature of the glass or ceramic products when the flux is introduced to them. Over the course of the period covered by this projection, these factors are anticipated to drive the market for feldspar.
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In addition, the continued growth and improvement of the construction industry in the United States, particularly in the residential and commercial sectors, is a significant element that is projected to be a primary driver of the feldspar market in the years to come.
In spite of this, the feldspar market could be hampered over the predicted time period by the volatility of logistics and mining costs.
Key Market Players included in the report –
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Asia Pacific (APAC)
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