Global Glass-ceramics industry is projected to register a CAGR of 5.86% to reach USD 1,376,848.3 Thousand by the end of 2028.
Market Dynamics
Glass-ceramics are increasingly being used in the production of home items such as cooktops, stoves, microwave and fireplace doors, cookware, and bakeware, to name a few. Glass-ceramics' qualities, such as strong mechanical strength, temperature stability, low heat conduction coefficient (stays cool outside the cooking area), and outstanding aesthetic appeal, have increased its use in household equipment. The increasing use of glass-ceramics in the manufacturing of household items, as well as rising demand for the product in the building construction industry, are driving the worldwide Glass-ceramics industry forward. This material is widely utilized in the commercial and industrial sectors since it reduces noise and is less expensive than other options.
Furthermore, over the forecast period, continuing research and development as well as clinical studies for incorporating glass-ceramics in the medical industry are likely to provide attractive potential possibilities for competitors in the worldwide Glass-ceramics industry. Glass-ceramics-based household items are becoming more popular around the world as per capita income rises, consumer purchasing power rises, lifestyles change, and awareness rises. As a result, the expanding use of glass-ceramics in the manufacture of kitchenware, as well as their rising demand, are likely to propel the global market forward over the assessment period.
During the forecast period, however, the high cost of energy due to the high heating requirements during the glass-ceramics manufacturing process is expected to hinder the worldwide Glass-ceramics industry's growth. The high cost of energy utilized in production is one of the market's significant problems. The manufacturing of these materials is affected by price fluctuations in critical energy resources such as crude oil.
Analytical Segmentation
Composition, Application, and Region are the segments analysed in the global Glass-ceramics industry.
The global market has been segmented into LAS, ZAS, MAS, and others based on composition. Due to its extensive use and remarkable set of properties, the LAS system segment accounted for the biggest share of 50.9 percent in 2018.
The global market has been classified into four categories based on application: home appliances, building construction, medical, and others. Because of its excellent aesthetic appeal, high thermal stability, low heat conduction coefficient, high strength, machinability, and ease of cleaning characteristics, glass-ceramics-based kitchen utensils such as cooktops; induction stoves; and cookware, bakeware, and storage containers accounted for the largest share in 2018. During the forecast period, the segment is predicted to have the highest CAGR of over 5%.
Analyses by Region
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the global Glass-ceramics industry.
In 2018, the Asia-Pacific region dominated the worldwide Glass-ceramics industry. With expanding demand for building and construction, as well as a developing aerospace manufacturing industry and manufacturing activities, the Asia-Pacific region controlled the global market share. Due to their large populations, rising per-capita income, expanding consumer buying power, and rapid industrialization and urbanization, nations like China, India, and Japan are seeing increased demand for new household appliances and construction items. Ceramic inks are in high demand in China due to the country's huge construction industry. During the projection period, the regional market is expected to grow at a CAGR of about 6.5 percent. The largest market is China, which is also seeing tremendous growth in the building industry. The Beijing International Airport in China is an example of a significant construction project. Glass-ceramic is widely employed in the construction of more inexpensive flats and housing for everybody. As a result of the rising demand from various application segments, the Glass-ceramics industry in the area is likely to rise at a faster rate during the forecast period.
In the year 2018, Europe had the second-largest market share in the worldwide Glass-ceramics industry. In 2018, the regional market was worth USD 179,324.1 thousand. Due to the country's diverse customer needs and huge base of glass-ceramics manufacturers, distributors, and retailers, Germany owned the biggest market share of the regional market.
Competitive Analysis
Some of the key players operating in the Global Glass-ceramics industry are SCHOTT AG (Germany), EuroKera (France), Nippon Electric Glass Co., Ltd. (Japan), Corning Incorporated (US), ILVA Glass SpA (Italy), Ohara Corporation (Japan), Kanger Holdings (China), Kedi Glass-Ceramic Industry Co., Ltd (China), Elan Technology (US), Huzhou Tahsiang Glass Products Co., Ltd (China), Jingniu Glass Ceramics Group Co., Ltd (China), and Far East Opto-Electronics Co., Ltd (China).
Read More: https://www.marketresearchfuture.com/reports/glass-ceramics-market-8773
