Newark, NJ, Feb. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global glass ceramics market is expected to grow from USD 1.40 billion in 2017 to USD 2.22 billion by 2025 at a CAGR of 5.43% during the forecast period from 2018-2025.
The glass ceramics market has witnessed the rapid growth in the recent years. This is mainly attributed to the rising demand for glass ceramics in the construction sector across the globe. In addition to this, it is extensively used in the industrial and commercial sectors. It helps to reduce the sound and the overall cost of construction, as compere to other materials. There is also rising demand for glass ceramics in the medical industry. These materials have wide applications in eyeglasses, diagnostic instruments, chemical ware, thermometers, tissue culture flasks, and fiber optics for endoscopy in the medical industry. Thus, with this trend, many companies are highly investing in the research and development activities to develop the new product for the medical applications.
Glass-ceramics are fine-grained polycrystalline materials made of glasses with suitable compositions. These compositions are heated and molded with controlled crystallisation to the lower energy and crystalline state. The glass ceramic are widely used in medical, construction, and electrical applications.
Global glass ceramics market is expected to witness rapid growth over the forecast period, owing to rising government spending on infrastructural development. In addition to this, the key contributing factor for the market growth are increasing demand from housing & construction sector, and rising demand for glass ceramics in the aerospace industry. However, high cost of technologies may limit the growth of glass ceramics market. On the flip side, development of nano-phase ceramics and cost-effectiveness is expected to provide additional opportunities in the glass ceramics market over the forecast period.
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Key players operating in the global glass ceramics market include Corning (Eurokera), Schott, Nippon Electric Glass, ILVA Glass SpA, Ohara Corporation, Wenzhou Kanger Glass Glass-ceramic, Huzhou Tahsiang, Puning KEDI Glass-ceramic lndustrial, Fast East Opto, 3D Glass Solutions, Jingniu Crystallite, and Dongguan Hongtai among others. To enhance their market position in the global glass ceramics market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, For instance, in 2018, SCHOTT entered into partnership with Smart Skin Technologies to improve pharmaceutical glass packaging.
- In October 2019, Corning announced the partnership with the Lithoz, a ceramics 3D printing leader to develop glass-ceramic additive manufacturing workflow leveraging the material’s lower sintering temperatures and no need for polishing.
- In July 2019, 3D Glass Solutions, a company developing radiofrequency devices using glass-ceramics, has raised USD 12 million from investors in the Japan and United States.
Flat segment is anticipated to grow with highest CAGR 6.92% over the forecast period
Type segment is divided into flat, concave, and other. Flat segment is anticipated to grow with highest CAGR 6.92% during the forecast period owing to ease of use. The flat type of glass ceramic cooktops are simple to clean and used in construction applications.
Aluminum segment valued around USD 455.22 million in 2017
Material segment is segmented into aluminum, silicon, lithium, and zirconium. Aluminum segment valued around USD 455.22 million in 2017. Aluminum glass ceramic is also known as AIP3O9 glass-ceramics that are prepared by crystallization of glasses at 750–1100°C. Aluminum based nitride is used with ceramic in many industries such as electronics and aerospace industry.
Housing & construction segment held the largest market share of 27.98% in 2017
End user segment is categorized into aerospace, medical, housing & construction, electrical, optical, energy & power, and industrial. Housing & construction segment held the largest market share of 27.98% in 2017. The ceramic tiles and ceramic abrasives are extensively used in housing & construction for interior and exterior applications. The global housing and construction sector is increasing rapidly, with the rising population, increasing urbanization, and changing living standards across the globe.
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Regional Segment Analysis of the Glass Ceramics Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia-Pacific region held the largest market share of approximately 33.23% in 2017. This is mainly attributed to modernizing infrastructure in developing countries such as China and India, massive consumption of implantable devices, and growth in geriatric population are creating opportunity for the growth of the market. Furthermore, China’s massive construction sector has generated considerable demand for the glass ceramics, which is further boosting the growth of market in the Asia Pacific region. In addition to this, in India, the Government has initiated several programs such as smart cities, Pradhan Mantri Awas Yojana, Deendayal Antyodaya Yojana National Urban Livelihoods Mission, and North Eastern Region Urban Development Programme NERUDP, are fuelling the growth of construction sector in India, which results into increasing demand for the glass ceramics market in India. North America region held the second dominant position in the global glass ceramics market. Increasing government spending on infrastructural development, presence of major players, and rapid technological advancements are some of the factors that led to the growth of glass ceramics market in North America region.
About the report:
The global glass ceramics market is analysed on the basis of value (USD Billion), volume (K MT), imports (K MT) and exports (K MT). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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