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LONDON, Nov. 17, 2022 /PRNewswire/ -- Increasing demand for automotive vehicles is expected to propel the growth of the feldspar market going forward. The automotive industry is the production and sales of vehicles. Feldspar is used for automotive glass manufacturing which is crucial in the automotive industry, as a result, the demand for feldspar increases with the demand for the automotive industry. For example, 2021, according to the European Automobile Manufacturers Association, Belgium-based European Union, in the first three-quarters of 2021, car registrations across the EU climbed 6.6% and are expected to reach 7.5 million units in the coming years. Therefore, increasing demand for automotive vehicles is driving the feldspar market.
The global feldspar market size is expected to grow from $1.14 billion in 2021 to $1.24 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The global feldspar market growth is expected to reach $1.49 billion in 2026 at a compound annual growth rate (CAGR) of 4.6%.
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3D Mine Visualizer - A Key Trend In The Feldspar Market
The feldspar market companies are using 3D mine visualizers to obtain a real-time digital model of a mine. A 3D mine visualizer generates a three-dimensional model of the mine layout and transfers it directly to the operator. With a web-based interface, information about the model is available with any connected device. It offers a full record and playback capabilities in 3D, allowing operators to review and analyze historical data to improve productivity and identify best practices. 3D mine visualizers significantly enhance the productivity of large mining environments. It is a valuable tool in operations planning, analyzing problematic areas, and tracking mine development over time.
Feldspar Market Segments
The global feldspar market is segmented -
- By Type: Plagioclase, and Potassium
- By Mining Type: Underground Mining, Surface Mining
Western Europe Was The Largest Region In The Feldspar Market In 2021
As per the feldspar market forecast, Western Europe was the third largest region in the feldspar market and was worth $520.8 million in 2021. The market accounted for 2.70% of the region's GDP. In terms of per capita consumption, the market accounted for $1,228.0, $751.0 higher than the global average. The Western Europe feldspar market accounted for 2.6% of the region's general minerals market in 2021.
The feldspar mining market in Western Europe is supported by the increasing investment in the construction sector. According to the European Construction Industry Federation, construction investment climbed by 5.2% in 2021 to reach €1.6 trillion ($1.6 trillion), or 11.1% of EU GDP.
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