The global ceramics market size is expected to grow from USD 130.19 billion in 2021 and reach USD 219.12 billion by 2028, exhibiting a CAGR of 7.7% during the forecast period. The inflated demand from the building and construction will have an excellent impact on the market growth, states Fortune Business Insights, in a report, titled “Ceramics Market, 2021-2028.” The market size stood at USD 123.08 billion in 2020.
COVID-19 Impact:
The market experienced a massive blow during the global pandemic. Thebuilding and construction operations were halted due to lockdown laws imposed by various governments throughout the world. The product’s demand has been further reduced by the closure of production sites across the world. According to data released in the Ceramic World Review, worldwide tile output fell to 12,673 million sq.m. in 2019 and fell further to 11,600 sq. m. in 2020. The construction industry’s demand declined as a result. Furthermore, the market was badly impacted by economic slowdowns in the steel, automobile, electronics, and aerospace industries. By 2022, however, the market is likely to restore its strength.
The Report Lists the Key Companies in the Ceramics Market:
- Kyocera Corporation (Japan)
- Corning Inc. (U.S.)
- Murata Manufacturing Co. Ltd. (Japan)
- Morgan Advanced Materials (U.K.)
- CoorsTek (U.S.)
- CeramTec (Germany)
- Saint Gobain (U.S.)
- 3M (U.S.)
- Applied Ceramics Inc. (U.S.)
- Materion Corporation (U.S.)
- McDanel Advanced Ceramic Technologies (U.S.)
- Momentive Performance Materials Inc. (U.S.)
- Rauschert GmbH (Germany)
- Imerys S.A. (France)
due to the high consumption of electro-ceramics. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa
Competitive Landscape:
One of the leading players of the 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. The manufacturers are also adopting mergers and acquisition strategies to gain a competitive edge in the market and remain dominant.
Key Development:
January 2021: CeramTec purchased Dentalpoint AG, a specialist in ceramic dental implants. The acquisition will help the company expand its portfolio in the medical segment.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/ceramics-market-101916
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