The market for glass ceramics is anticipated to register a CAGR over 6% during the forecast period 2019 - 2024. Increasing demand from building and construction is driving the market of glass ceramics globally.
- Building & construction sector is expected to remain the largest application base for glass ceramics over the forecast period.
- Increasing adoption of ceramics in electronics manufacturing processes is projected to act as an opportunity for the market in future.
Key Market Trends
Growing Demand from Building and Construction
- The building and construction sector accounted for the largest share among all the applications, in terms of revenue, as of 2018. Glass Ceramics are primarily used in building and construction for tiles and other fittings.
- The global construction sector is growing rapidly owing to the growth in living standards, population, and urbanization in major developing countries globally.
- The building and construction sector of India is expected to experience the growth at an exceptional CAGR of 15.2% in the period of 2015-2028.
- In various applications, conventional materials are being replaced by glass ceramics owing to their superior technical properties such as heat resistance, light-weightiness, and low cost.
- All the aforementioned factors are expected to support the growth of the building and construction sector in the near future. This, in-turn expected to drive the demand for the glass ceramics during the forecast period.
Asia-Pacific to Dominate the Glass Ceramics Market
- Asia-Pacific region dominated the global market share in 2018 with the growing demand for building and construction, growing aerospace manufacturing industry and manufacturing operations.
- The growing usage in major developing nations such as India, China, and Indonesia are fueling the demand for glass ceramics in the Asia-Pacific region.
- China's massive construction sector has generated significant demand for the use of ceramic inks. The Chinese government has projected the capital expenditure in construction over 7% higher in 2019 than the previous year.
- China is the largest market and is also experiencing significant growth in the construction sector. The major construction projects such as the Beijing International Airport of China.
- The Indian government has a vision of making houses for all by 2022. To construct more affordable flats and housing for all, the glass-ceramic is extensively used.
- Hence, with the increasing demand from the various application segments, the glass-ceramics market is expected to grow at a higher rate in the region, during the forecast period.
The glass-ceramics market is partly fragmented. The major companies include Saint Gobain, Nippon Electric Glass Co., Ltd., Kedi Glass-Ceramic Industrial Co. Ltd., Corning Inc., and Schott AG.
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