Global ceramics market is expected to reach USD 287.06 billion by 2022, according to a new report by Grand View Research, Inc. Rising government funding for large-scale infrastructure projects in China, India, Myanmar, Philippines, Malaysia and Indonesia and China is expected to propel construction industry growth which in turn will have a positive on product demand over the next seven years.
Retail industry growth along with increasing acceptance of supermarket culture in emerging economies of Asia Pacific and strong export scenario is 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 expected to have a positive impact on the industry over the next seven years. Furthermore, strong economic growth coupled with removal of barriers for foreign investments in India is expected to spur construction sector which in turn will propel ceramics demand over the forecast period.
North America and Europe are expected to witness considerable rise in light of rising R&D expenditure for introduction of eco-friendly products. However, raw material price volatility is expected to challenge the industry over the next seven years.
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Further key findings from the report suggest:
- Advanced ceramics are expected to be the fastest growing segment in terms of volume at a CAGR of over 9.0% 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 tiles dominated the industry with demand estimated at over 70.0 million tons in 2014. Growth and development of construction industry is expected to be the primary driver of this market over the forecast period owing to urbanization, higher per capita income, population rise and economies.
- Housing and construction was the largest application segment valued over at USD 65.00 billion in 2014. Aesthetic and durability advantages of these products are expected to drive its demand in civil construction sector over the next seven years.
- Asia Pacific was the largest market, estimated at over 110.0 million tons in 2014. China was the largest regional market on account of its booming automobile industry, coupled with high infrastructural investment to meet the housing needs of the country.
- Global market is fragmented on account of presence of numerous companies. These companies invest highly in R&D to introduce innovative environmental friendly products. However, presence of large unorganized market mainly in China and India pose constant threat to these manufacturers in terms of their quality and price offerings.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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