K-Feldspar or Potassium feldspar is a naturally occurring mineral compound and a significant component of many felsic igneous rocks used as decorative building stones. However, K-Feldspar finds its larger application as aggregate in concrete & asphalt, in the manufacture of glass, and enamel & scouring powder. Also, a bi-product of K-Feldspar ‘microcline’ is extensively used in the production of ceramics & ceramic glazes.
Microcline is used to form a wide range of ceramic & porcelain products, including fine pottery & dinnerware, sinks, bathtubs, electrical insulators, and floor tiles. In addition, some varieties of K-Feldspar have significant value as gemstones, such as a glassy sanidine crystal known as moonstone and a variety of microcline Amazonstone that is used as jewelry or as ornamental stones.
Middle-Eastern populaces are always known for their fascination for gemstones. Due to its diverse & important application areas, such as the building & construction industry and ceramic & porcelain products, K-Feldspar garners a colossal market prominence throughout the year. Moreover, the prominent end-use of K-feldspar such as the glass industry and enamel & frits support its market growth to an extent.
According to Market Research Future (MRFR), the Middle East K-Feldspar market is projected to create a valuation of over USD 191 MN by the end of 2022. In its recent study report, MRFR also asserts that the market is estimated to register a 4.2% CAGR throughout the forecast period (2016-2022). Similarly, in terms of volume, the Middle East potassium feldspar market is estimated to witness approximately 1069.9 ‘000 tonnes of production of K- feldspar, with a CAGR of 3.9% over the forecast period.
The augmenting demand and consumption of K-Feldspar is a key driving force behind the growth of the market. The increasing consumption of K-Feldspar in construction applications and growth in the automotive sector & automotive glass manufacturing, drive market growth significantly. Also, rising demand for K-feldspar from abrasives & electrode manufacturers, ceramic industry, dentistry, and other industrial manufacturing fosters the ME K-Feldspar Market.
Construction and automotive glass manufacturing are the largest end-user industries of K-feldspar. Resultantly, the recent spurting growth, especially in automotive production, has spurred the market demand. Furthermore, the increase in the industrial manufacturing sector offers lucrative growth opportunities.
On the other hand, the presence of alternatives substrates, which have similar strength and other physical properties as K-feldspar, is estimated to obstruct the market growth during the review period. Also, the relatively higher production cost is a key factor limiting the growth of the ME K-feldspar market.
ME K-Feldspar Market - Competitive Analysis
Highly competitive, the ME K-Feldspar market appears to be diversified with the presence of many internationally acclaimed players. To sustain their market positions, these players invest heavily in R&D, footprint expansion, advanced technologies, and product launches. They focus on optimized situational awareness for commercial customers to ensure their mission success. Manufacturers tap emerging markets for expansions and strive to deliver the finest and most reliable products to drive customer-centric growth.
Players leading the MEA K-Feldspar market include The Quartz Corp, United Mining Investments Co., Sisecam Group, Polat Maden Sanayi Ve Ticaret AS, Kaolin Industrial Minerals San. And Tic. Inc., Imerys Seramik Hammaddeleri San.Ve Tic.A.Ş., Gensa Kimya Sanayi Ve Ticaret AS, and Kalemaden Endustriyel Hammaddeler San.Ve Tic.A.S., among others
Middle East K-Feldspar Market - Segmentation
By Country/Regions wise, the report is segmented into Israel, Turkey, GCC, and the rest-of-the Middle East.
Middle East K-Feldspar Market - Country-wise Analysis
Turkey is the largest producer & consumer of K-Feldspar across the Middle East. The country is estimated to account for more than 70% consumption in overall ME feldspar consumption. Turkey is projected to retain its dominance over the ME K-Feldspar market, registering around 3.2% CAGR throughout the anticipated period.
GCC K-Feldspar market follows the Turkey market closely in terms of the growth rate. Noteworthy growth rate of GCC K-feldspar market attributes to the increasing automotive production of countries such as Saudi Arabia and Qatar. GCC country market is anticipated to be the fastest-growing market over the assessment period.
On the other hand, Israel and rest-of-the-Middle East markets are estimated to witness relatively low CAGR over the forecast period.
Industry/ Innovation/ Related News:
December 04, 2019 ---- New Pacific Metals Corp. (Canada), announced that its wholly-owned subsidiary had signed an agreement with Bolivian Corporation (Canada) to acquire a 98% interest in the Silverstrike project. As per the contract terms, New Pacific will cover 100% of the future expenditures of exploration, mining, development, and production activities for the next thirty years. Along with the silver mining dumps, the Silverstrike project contains an extraction of Ag-Pb-Zn Mineralization in quartz and K-feldspar phenocryst rhyolite.
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