August 16, 2022 08:18 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global ceramics market size is expected to grow from USD 130.19 billion in 2021 and reach USD 219.12 billion by 2028, exhibiting a CAGR of 7.7% during the forecast period. The inflated demand for building and construction will have an excellent impact on the ceramics market growth, states Fortune Business Insights, in a report, titled “Ceramics Market, 2021-2028.” The market size stood at USD 123.08 billion in 2020.
The Report Lists the Key Companies in the Market:
• Kyocera Corporation (Japan) • Corning Inc. (U.S.) • Murata Manufacturing Co. Ltd. (Japan) • Morgan Advanced Materials (U.K.) • CoorsTek (U.S.) • CeramTec (Germany) • Saint Gobain (U.S.) • 3M (U.S.) • Applied Ceramics Inc. (U.S.) • Materion Corporation (U.S.) • McDanel Advanced Ceramic Technologies (U.S.) • Momentive Performance Materials Inc. (U.S.) • Rauschert GmbH (Germany) • Imerys S.A. (France)
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Report Scope & Segmentation:
COVID-19 Impact: The market experienced a massive blow during the global pandemic. The building and construction operations were halted due to lockdown laws imposed by various governments throughout the world. The product's demand has been further reduced by the closure of production sites across the world. According to data released in the Ceramic World Review, worldwide tile output fell to 12,673 million sq.m. in 2019 and fell further to 11,600 sq. m. in 2020. The construction industry's demand declined as a result. Furthermore, the market was badly impacted by economic slowdowns in the steel, automobile, electronics, and aerospace industries. By 2022, however, the market is likely to restore its strength.
Market Segments: Based on application
As per the end-use industry
The industrial segment is expected to rise exponentially during the forecast period due to the high consumption of electro-ceramics.
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Increasing Demand from Medical Industry to Augment Growth Ceramics is gaining popularity by the day as it is being utilized as an alternative to plastic and metal substances. The medical industry is also using ceramic for bone implants, fracture casts, tooth replacements, and others. Furthermore, ceramic can also be used for making electrical and mechanical components, coupled with automotive components such as catalytic converter substrates, sensors, and others. Thus, the rise in demand from the industries mentioned above is likely to help increase the market revenue in the near future. All the above factors indicate that the forthcoming years will prove to be beneficial and attract high revenues. Furthermore, the advent of ceramic for home appliances is also a major strategy adopted to help increase the overall ceramics market size in the coming years.
Efficient Raw Material Prices of Ceramics to Help Asia Pacific Emerge Dominant Taking into account the geographical segmentation, the market is categorized into five major regions. These regions include the Middle East and Africa, Europe, South America, Asia Pacific, and North America. Among these, Asia Pacific is holding a prominent ceramics market share and is likely to continue dominating the global market in the forthcoming years. This is attributable to the high availability and affordability of raw materials for the manufacturing of the product. Apart from this, governments of various nations are supporting the growth of ceramics by launching policies to improve sanitation and promote the use of ceramic products instead of plastic and metal. On the other side, the European market will witness remarkable growth because of the rising demand for electrical ceramics from the electronic industry.
Mergers and Acquisition Strategies Adopted by Manufacturers to Prove Beneficial One of the leading players of the market is Morgan Advanced Materials, having 109 operational sites and the capability of compaction pressing up to 500 tons. Manufacturers are emphasizing on introducing new products for attracting high revenues. The manufacturers are also adopting mergers and acquisition strategies to gain a competitive edge in the market and remain dominant.
Notable Development: January 2021: CeramTec purchased Dentalpoint AG, a specialist in ceramic dental implants. The acquisition will help the company expand its portfolio in the medical segment.
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