According to a research report released by China International Capital Corporation (CICC), based on expectations from WICA and WSTS, the global high-end quartz materials market may reach USD 3.5-4 billion in 2025-2026. The market focus and industry logic of high-purity quartz sand are changing with the switching of downstream demand. After the supply-demand gap for photovoltaic-grade high-purity sand is resolved, prices have fallen: as of early June 2025, the inclusive average price of inner layer/middle layer/outer layer sand reached CNY 65,000/38,000/21,000 per ton. In addition, it has been found that domestic leaders are gradually increasing the sales of semiconductor quartz glass materials and the proportion of raw material supply. In terms of targets, it is recommended to pay attention to PACIFIC QUARTZ (603688.SH), FEILIHUA (300395.SZ), and TSTC (600552.SH).
<h2>CICC's main viewpoints are as follows:</h2>
The high-end quartz chain has strong resource attributes and high technical barriers, jointly building entry thresholds
Firstly, the high-end quartz chain has high requirements for raw materials, such as the sand used in the high-end semiconductor field needing to meet: ① purity of 6N or even higher; ② total content of conventional impurity elements less than 1ppm; ③ more uniform particle size distribution, etc. On one hand, companies need to find stable and high-quality quartz ore sources for matching; on the other hand, there are barriers to supporting purification and processing capabilities. Currently, global suppliers of semiconductor-grade high-purity sand include Silica, Norway's TQC, PACIFIC QUARTZ, and Zhongqi New Materials. For semiconductor-grade quartz glass materials, the main global suppliers are overseas companies like Merck and Heraeus, while domestic PACIFIC QUARTZ and FEILIHUA have been certified by mainstream semiconductor equipment manufacturers (such as Tele and Lam Research), possessing first-mover advantages.
Semiconductor quartz products: Certification difficulty exists, and domestic manufacturers may enhance supply share through high cost-performance
According to CICC's expectations from WICA and WSTS, the global high-end quartz materials market may reach USD 3.5-4 billion in 2025-2026. It is estimated that domestic leaders, such as PACIFIC QUARTZ, will have a market share of less than 5% in this field by 2024. Additionally, due to ① high cost-performance, it is estimated that under the current price difference between domestic and imported sand, if the proportion of domestic sand supply increases to 25%, it could bring a 14% cost reduction for quartz glass materials. ② A full range of product types and strong comprehensive supply capabilities, as domestic companies' supplied product types gradually include quartz tubes, quartz rods, quartz cylinders, and other fields, providing comprehensive solutions.
Photovoltaic-grade high-purity sand: Prices have fallen from cyclical peaks, and the investment enthusiasm of enterprises is weakening marginally
CICC believes that the future focus of photovoltaic-grade high-purity sand is concentrated on the change in the replacement rate of imported sand by domestic leaders. If we refer to PACIFIC QUARTZ's unit cost of high-purity sand in 2024, under the quotation levels of middle and outer layer sand in June 2025, the industry's profit margin has been significantly compressed, and the enthusiasm of new entrants for production may weaken marginally.
Risk factors
Photovoltaic demand falling short of expectations, semiconductor product order releases falling short of expectations, unstable supply of imported raw materials, and risks of raw material price fluctuations

300395

603688

600552

CICC released a research report indicating that the global high-end quartz materials market is expected to reach USD 3.5-4 billion in 2025-2026. With the resolution of the supply-demand gap for photovoltaic-grade high-purity sand, prices have declined. Domestic leading enterprises are gradually increasing the sales of semiconductor quartz glass materials, and it is recommended to pay attention to PACIFIC QUARTZ, FEILIHUA, and TSTC. The high-end quartz chain has high technical barriers and resource attributes, and domestic manufacturers are expected to increase market share through high cost-performance

Zhitong

FEILIHUA

PACIFIC QUARTZ

TSTC

SINOSTONE

Semiconductor

CICC: The domestic evolution of the high-end quartz chain is underway, and performance may gradually be realized