Global ceramics market will witness significant growth over the next seven years on account of its rising demand from the construction sector. The industry was estimated over USD 250 billion in 2014 and is projected to grow at a CAGR of over 6.5% from 2015 to 2022. Rising investments for innovative product developments, high-quality manufacturing processes, and fast delivery logistic systems are expected to have a positive impact on the industry over the next seven years.
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Ceramics are non-metallic and inorganic materials that find application construction and infrastructural development. Rising government funding for large-scale infrastructure projects in China, India, Myanmar, Philippines, Malaysia and Indonesia and China is expected to propel growth over the next seven years. Furthermore, strong economic growth coupled with removal of barriers for foreign investments in India is expected to spur construction growth which in turn will propel ceramics demand over the forecast period.
In terms of type the global market can be segmented into two advanced and traditional ceramics. Advanced type is the largest segment comprising over 50% of the global share. Growing use of the product in various applications such as engine parts, medical products and membranes on account of superior properties such as durability, high strength, flexibility and toughness is expected to have a positive impact on the industry over the forecast period.
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However, low raw material availability coupled with high energy costs is expected to challenge demand over the forecast period. Additionally, high cost production on account of high labor costs will restrain growth over the next seven years.
The market can be further divided based on products into sanitary ware, table & ornamental ware, abrasives, technical ceramics, bricks, roof tiles & pipes, refractories, ceramic tiles, decorative tiles, and packaging. Ceramic tiles form the largest application segment accounting for over 15% of the total market. They are employed for numerous purposes such as wall & floor fittings, protection from moisture, rain and other environmental hazards are expected to have a positive impact on the industry over the forecast period. Rising R&D focus to introduce environment friendly products at competitive prices is expected to offer new opportunities over the forecast period.
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