Multiple Factors Driving Growth in Global Ceramic Market Size; Advanced Ceramics to Advance 9% through 2022
The global ceramics market is expected to reach $287 billion by 2022, according to a recent report by Grand View Research, Inc. Rising government funding for large-scale infrastructure projects in China, India, Myanmar, Philippines, Malaysia, Indonesia and China is expected to propel construction industry growth, which will have a positive on product demand over the next seven years. Retail industry growth, along with an increasing acceptance of a supermarket culture, and strong exports in the emerging economies of the Asia-Pacific region are expected to have a positive impact on the ceramic packaging market over the forecast period. Rising investments for innovative product developments, high-quality manufacturing processes, and fast delivery logistic systems are also expected to have a positive impact.
North America and Europe are expected to witness considerable growth in light of rising R&D expenditure for the introduction of eco-friendly products. However, raw material price volatility is expected to challenge the industry over the next seven years.
Advanced ceramics are expected to be the fastest-growing segment in terms of volume at a compound annual growth rate (CAGR) of over 9% from 2015 to 2022. These products are expected to witness a substantial rise over the next seven years owing to their capability of performing under extreme conditions. Growing demand from various end-use industries including automotive, heavy machinery and defense is expected to have a positive impact on the market.
Ceramic tile dominated the industry, with demand estimated at over 70 million tons in 2014. Growth and development in the construction industry is expected to be the primary driver of this market over the forecast period, due to urbanization, higher per capita income, population increases and improving economies. Housing and construction was the largest application segment, valued over at $65 billion in 2014. Aesthetic and durability advantages of these products are expected to drive demand in the civil construction sector over the next seven years.
Asia-Pacific was the largest market, estimated at over 110 million tons in 2014. China was the largest regional market, due to its booming automobile industry, coupled with high infrastructural investments to meet the country’s housing needs.
The global market is fragmented due to the presence of numerous companies. These companies invest highly in R&D to introduce innovative environmentally friendly products. However, the presence of large unorganized markets, mainly in China and India, pose a constant threat to manufacturers in terms of their quality and price offerings.
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