Yahoo Finance Ceramics Market to Cross USD 348 Billion by 2028, with CAGR of 4.5% from 2022-2028 owing to Surge in Rising Construction Activities Globally
The most recent report on the ceramics market provides detailed information on market estimates, growth dynamics, industry trends, and attractive business opportunities. SkyQuest used a cutting-edge methodological approach to compile the report, which included SWAT analysis, technological assessment, economic evaluation, product benchmarking, recent advances, and trustworthy forecasts.
Westford, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Asia Pacific is projected to take a huge leap in terms of revenue share due to major steps by several governments to boost smart city projects. The growth of the building and construction industry, where ceramics are widely utilized in bricks, sanitary ware, and tiles, is predicted to be the main driver of the ceramics market. In addition, ceramics are also in demand in sectors including the automobile and healthcare industries. Biocompatible ceramics, often known as bio-ceramics, are applicable in the medical industry for tooth replacement, surgical bone implants, and bone reconstruction.
SkyQuest's global research shows ceramic witnessed a dollar sales growth of 8.4% to $3.245 billion (excluding flooring) in 2021 from $2.728 billion in 2020. Over the projected year, the range of ceramics applications in numerous sectors is anticipated to fuel market growth.
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Ceramics are non-metallic, inorganic solids generated through heating and cooling, similar to glass creation. Some materials are considered glass and ceramic because of their amorphous or non-crystalline nature. Like other materials, the kinds of atoms present, their types, and their configurations in the substance define the properties of ceramic materials. Materials from the mining and chemical sectors are used to make components, consumer goods, specialist industry and research materials, and construction materials.
Prominent Players in Ceramics Market
Kyocera Corporation (Japan)
Coors Tek Inc. (US)
CeramTec GmbH (Germany)
Morgan Advanced Materials Plc (UK)
Saint-Gobain Ceramic Materials (US)
Ceradyne, Inc. (US)
McDanel Advanced Ceramic Technologies (US)
Murata Manufacturing Co., Ltd. (Japan)
Rauschert Steinbach GmbH (Germany)
ENrG Inc. (US)
Mantec Technical Ceramics Ltd. (UK)
Central Electronics Limited (India)
Maruwa Co.Ltd. (Japan)
Sensor Technology Ltd (UK)
PI Ceramics (Germany)
APC International Ltd. (US)
Sparkler Ceramics Pvt. Ltd. (India)
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Traditional Segment to Register Higher Growth Rate Thanks to Its Increasing Application Scope
The traditional category led the ceramics market with around 54.5% of the overall revenue in 2022. With the increased usage of traditional ceramics in producing clay bricks, tableware, and porcelain tiles, the segment has experienced rapid expansion in recent years. It is predicted to continue dominating the market throughout the projection period. Clay, feldspar, and silica (quartz) are the typical materials used to make ceramics. In various combinations, these minerals are utilized to manufacture ceramic tiles and other final ceramic goods.
Asia Pacific led the market in 2022, accounting for the dominant share in the ceramic market, thanks to increasing product penetration in the construction sector. Product demand in the region is expected to rise due to technological improvements in this industry and the growing need for better designs. China accounted for a major market in the Asia Pacific, owing to changing customer preferences for residential renovations and greater adoption of interior materials in commercial buildings such as business centers, malls, clubs, and restaurants.
Tiles Segment to Drive Substantial Revenue due to Huge Utilization in Commercial Projects
In terms of revenue, the tiles category dominated the market and accounted for 43% of it in 2022. Such growth can be attributed to rising commercial building construction activity globally. Ceramics are frequently used in medical hallways, corridors, operating rooms, health facilities, clinics, and other commercial settings like hospitality, healthcare, and retail. Typically, these tiles are employed to enhance commercial and cultural facilities' aesthetics and acoustic and thermal insulation.
North America is anticipated to grow substantially at a CAGR of 17.3% owing to rising consumer disposable income in several emerging nations in the region, which leads to the adoption of new construction technologies. In addition, urbanization, population growth, and remodeling projects in commercial and cultural districts to improve their acoustics are projected to boost product demand throughout the forecast years.
The value chain analysis of the ceramics market is extensively included in the market study, which vendors can use to their advantage during the forecast period. It is essential to comprehend the value chain from start to finish to maximize profit margins and assess business strategy. Additionally, the trustworthy information offered in our value chain analysis sector can help vendors save costs and enhance customer service.
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Key Developments in Ceramics Market
A worldwide renowned company known for its expertise in the ceramics and related products segments, Somany Ceramics Limited, is regarded as a leader in design and innovation. With the opening of its SOMANY Duragres Lounge in Rishikesh, Uttarakhand, the company, which is a pioneer in the sector and is present throughout India, is starting to expand there (Saraswati Marble).
The acquisition of Technology Assessment and Transfer, Inc. by SINTX Technologies, Inc., an original equipment manufacturer of advanced ceramics, will further expand SINTX's capabilities in the aerospace, defense, and biomedical markets. The company's technology and goods include sophisticated fiber-reinforced ceramic-matrix composites, various technical ceramics, chemical vapor infiltration and deposition, and 3D printing of ceramic medical equipment and heat exchangers.
Momentive Technologies, a global supplier of advanced materials with its headquarters in Strongsville, Ohio, USA, announced that it has successfully acquired the crucibles division of CoorsTek. With the help of this acquisition, Momentive Technologies will be able to offer a full spectrum of crucible sizes to its semiconductor wafer and fabrication customers to meet their needs for advanced materials. Materials are melted and processed in crucibles at extremely high temperatures. For example, silicon material is carefully processed in quartz crucibles to create single- or poly-crystalline silicon ingots, which are eventually transformed into semiconductor wafers.
The Spanish Ceramic Tile Manufacturer's Association has announced intentions to introduce its region-focused ceramic tile brand, Tile of Spain, throughout the GCC. So it is with the response to rising demand for environmentally friendly living and working spaces in the area. The regional interior design market is developing as a growth driver, driven by a recovering economy and a growing need for sustainable living and working places.
Key Questions Answered in Ceramics Market Report
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