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.
Increasing Demand from Medical Industry to Augment Growth
Ceramics is gaining popularity by the day as it is being utilized as an alternative to plastic and metal substances. The medical industry is also using ceramic for bone implants, fracture casts, tooth replacements, and others. Ceramic can also be used for making electrical and mechanical components, coupled with automotive components such as catalytic converter substrates, sensors, and others. Thus, the rise in demand from the industries mentioned above is likely to help increase ceramic market revenue in the near future. All the above factors indicate that the forthcoming years will prove to be beneficial and attract high revenues. Furthermore, the advent of ceramic for home appliances is also a major strategy adopted to help increase the overall ceramic market size in the coming years.
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.