Global Ceramics Market Set For 4.8% Growth, Reaching $150.37 Billion By 2028
Ceramics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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A notable expansion can be seen in the ceramics market size in recent years. The market is projected to grow from $118.81 billion in 2023 to $124.75 billion in 2024, ensuing a compound annual growth rate CAGR of 5.0%. This dwarfing growth during the historical period can be primarily attributed to artisanal heritage and tradition, technological advancements in production, historical architectural integration, cultural and artistic significance, and historical trade and globalization.
So, what is the growth projection for the ceramics market in the coming years?
The ceramics market is forecasted to see a steady growth in the upcoming years. It is projected to reach $150.37 billion by 2028 at a compound annual growth rate CAGR of 4.8%. The augmentation in the forecast period can be attributed to the rising demand in construction, sustainability process, eco-friendly solutions, shift in consumer preferences, medical and healthcare sector growth, and global urbanization trends. The major forecast period trends include cross-industry collaborations, ceramics in energy solutions, artistic expression, market expansion in developing regions, and healthcare and bioceramics.
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What are the primary factors propelling the growth of the ceramics market?
An ascension in the construction industry is poised to act as the primary catalyst in propelling the growth of the ceramics market. Rapid urbanization leading to a surge in construction activities both in developed and developing countries has bolstered the demand for ceramics and ceramics-related products. Between April 2000 and March 2021, India's urban development and construction activities totaled $26.08 billion and $24.72 billion respectively, as per Invest India. Echoing this growth, the global construction review report published in 2021 underlines that construction will be a driving force in global economic growth in the decade leading up to 2030, with output estimated to be 35% greater than in the previous decade leading up to 2020. Hence, a proliferation in the construction industry bolsters the growth of the ceramics market.
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So, which industry heavyweights are steering the growth of the ceramics market?
Leading companies operating in the ceramics market include Saint Gobain, Minnesota Mining and Manufacturing Company, Kyocera Corporation, Corning Inc., Murata Manufacturing Co. Ltd., Mohawk Industries, Mohawk Industries Inc., Caesar, McDanel Advanced Ceramic Technologies, Sisecam Group, Imerys Ceramics, Materion Corporation, Morgan Advanced Materials, China Glass Holding, SCHOTT AG, CoorsTek, American Standard, CeremTec, Kajaria Ceramics Limited, Momentive Performance Materials Inc., Momentive, Blasch Precision Ceramics Inc., RAK Ceramics, Du-Co Ceramics Company, Unifrax, Applied Ceramics Inc., AGC Ceramics Co. Ltd., Rauschert GmbH, Ceramiche Caesar, and Thermal Ceramics UK.
What are the emerging trends to watch in the ceramics market?
A key development gaining traction in the ceramics market is technological advancement. For instance, CeramTec, a Germany-based ceramic products manufacturer, developed a new 3D printing process named ROCAR 3D in February 2021. This process creates construction elements from technical ceramic material. The new technology combines the unique features of silicon carbide SiSiC with a swift, cost-effective 3D printing technique. This enables the development of components that can be produced in a large series in a notably cost-effective and innovative manner.
How is the ceramics market segmented?
The ceramics market, according to this report, is segmented:
1 By Type: Traditional, Advanced
2 By End User: Building And Construction, Industrial, Medical
3 By Application: Tiles, Sanitary Wares, Abrasives, Pottery, Bricks and Pipes, Other Applications.
Which region holds the largest share in the ceramics market?
Asia-Pacific was the largest region in the ceramics market in 2023 and is anticipated to be the fastest-growing region in the forecast period. The report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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