The global ceramics market to grow at a CAGR of 6.91% during the period 2017-2021.
Global Ceramics Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increasing use of ceramics in medical applications. High-tech ceramics have been a significant part of modern medical devices; currently, they are used as acetabular cups and femoral heads for total hip replacement, restorations and dental implants, bone scaffolds and fillers for tissue engineering. The need for strong, tough, and stable bioinert ceramics should be met by either alumina and zirconia-based ceramics and composites, Nano-structured, or by non-oxide ceramics.
According to the report, one driver in the market is increased investment on the development of infrastructure. The global construction industry is growing rapidly with a major contribution from emerging countries. In 2016, the revenue generated by the global construction industry reached approximately $8.82 trillion from $7.91 trillion in 2012. The revenue is expected to reach approximately $14.98 trillion by 2025. The emerging countries accounted for 51.9% of the total construction industry in 2016 and are estimated to contribute approximately 62.5% by 2025. The governments of these regions are investing significantly in residential homes owing to the rapid urbanization in lieu of jobs, better lifestyle, and other amenities.
Further, the report states that one challenge in the market is high production cost. The fluctuation in the cost of raw materials is affecting the supply of ceramic products in the market, which is posing a challenge to the global ceramics market. Consequently, there has been an increase in the regional requirement and supply of ceramics, which creates a demand imbalance. The fluctuation in the price of vital energy resources, such as atomic and crude oil, is affecting the manufacturer of these materials, which hinders the growth of the market. The primary use of energy in the production of ceramic is for kiln firing and in the drying of intermediates or shaped ware.
Increasing use of ceramics in medical applications Increased expenditure on R&D for environment-friendly products Development of advanced ceramics
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be? What are the key market trends?