Feldspar is an essential raw material used in the production of glass, ceramics and ceramic tiles. It imparts properties like high-temperature stability and durability to finished products. Rising construction activities across the globe have boosted the demand for ceramic tiles, significantly propelling the feldspar market growth. Ceramic tiles find wide usage in flooring, wall coverings and other construction applications due to their aesthetic look and easy maintenance. The growing residential and commercial construction sector is thus the primary consumer of feldspar-based ceramic tiles.
The global Feldspar Market is estimated to be valued at US$ 728.73 Bn in 2024 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 key trends:
One of the key trends witnessed in the feldspar market is the increasing preference for engineered stones. Engineered stones such as quartz have emerged as popular alternatives to natural stones and granites for kitchen countertops, wash basins, and flooring materials. Feldspar is a vital raw material used in the manufacturing of engineered stones. The production of engineered stones consumes around 20-30% more feldspar as compared to traditional ceramic applications. This transition from natural stones to engineered composite surfaces has considerably augmented feldspar consumption. Changing consumer tastes and preferences for durable and low maintenance surfaces in the residential sector have propelled the demand for engineered stones, thereby boosting the feldspar market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the feldspar market is moderate. Feldspar mining requires significant capital investments and obtaining mining licenses can be a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as feldspar has applications in many end-use industries such as glass, ceramics and paints. Buyers can negotiate on price and demand discounts for bulk purchases.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high. Major feldspar miners have geographic monopolies and control supply from a region. Buyers have limited options in sourcing from alternative suppliers.
Threat of new substitutes: The threat of substitutes for feldspar is low. Other minerals like nepheline syenite are used in some applications but feldspar has unique properties and irreplaceability in major end-use industries.
Competitive rivalry: The competitive rivalry in the market is high. Major players compete on pricing, quality, reliability of supply and expanding production capacities.
Key Takeaways
The Global Feldspar Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 728.73 Bn by 2024 growing at a CAGR of 8.6% during the forecast period.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to large production bases and rapidly expanding end-use industries in China and India. North America and Europe are other major regional markets.
Key players: Key players operating in the feldspar market are Sibelco, Imerys, The Quartz Corporation, Sun Minerals, Mahavir Minerals, Eczacibasi Esan and other global and local players. Major players are focusing on capacity expansions and strategic partnerships to meet the growing demand and gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
