The global ceramic market size will grow remarkably owing to the increasing demand from the building and construction segment worldwide. A report by Fortune Business Insights™ titled, “Ceramics Market Size, Share & Industry Analysis, By Type (Traditional, Advanced), By Application (Tiles, Sanitary Wares, Abrasives, Pottery, Bricks & Pipes, Others), By End-Use Industry (Building & Construction, Industrial, Medical, Others) and Regional Forecast, 2019-2026,” states that the market was worth USD 133.20 billion in 2018 and is expected to reach USD 243.12 billion by the end of 2026. Furthermore, the rising popularity of ceramics will help the market witness a CAGR of 8.0% within the forecast period of 2019 to 2026. As per current trends, the building and construction segment will emerge dominant in the market on account of increasing demand for concrete-making products such as tiles, bricks, and others made out of ceramic.
Efficient Raw Material Prices of Ceramics to Help Asia Pacific Emerge Dominant
Taking into account the geographical segmentation, the ceramic 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 ceramic market share and is likely to continue dominating the global market in the coming years as well. This is attributable to the ease of availability and efficient pricing of raw materials required for manufacturing ceramics. 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 Europe market will witness remarkable growth on account of the rising demand for electrical ceramics from the electronic industry.
Mergers and Acquisition Strategies Adopted by Manufacturers to Prove Beneficial for Players
One of the leading players of the ceramics 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 to the market. Ceramic market manufacturers are also adopting mergers and acquisition strategies to gain a competitive edge in the market and rise dominant.
Information source: https://www.fortunebusinessinsights.com/industry-reports/ceramics-market-101916