Market Trends of Ceramic Inks Industry
Ceramic Tiles is the Fastest Growing Segment
- The fastest-growing application of the ceramic ink market is ceramic tiles. There is a need to improve the aesthetics of buildings to address the functional requirement of the customers.
- Ceramic tiles became the most popular materials that are being used, owing to properties such as high durability, resistance to wear, color permanence, etc.
- Over the past few years, there is a significant increase in residential construction spending, owing to which there is a rise in the demand for ceramic tiles across the globe. For instance, according to a study by the Institution of Civil Engineers (ICE), the global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by China, India, and the United States. Therefore, the growing construction industry is expected to include an upside demand for ceramic tiles which further will boost the demand for ceramic inks market in the coming years.
- India is anticipated to remain the fastest-growing G20 economy in the Asia-Pacific region. The Indian government announced a target of USD 376.5 billion in infrastructure investment over three years (2023-2025), including USD 120.5 billion for developing 27 industrial clusters and USD 75.3 billion for road, railway, and port connectivity projects.
- Furthermore, Saudi Arabia is working on many commercial projects, likely leading to more commercial buildings. The USD 500 billion futuristic mega-city "Neom" project, the Red Sea Project - Phase 1, is expected to be completed by 2025 and includes 14 luxury and hyper-luxury hotels with 3,000 rooms spread across five islands and two inland resorts. The resorts include Qiddiya Entertainment City, Amaala - the uber-luxury wellness tourism destination, and Jean Nouvel's Sharaan resort in Al-Ula. Therefore, increasing investments in commercial constructions is expected to create an upside demand for the ceramic inks market.
- These ceramic tiles gained huge demand in the market, especially in developing economies with the changing lifestyle trend and increasing population income. As a result of this, consumers are preferring ceramic tiles over other flooring and wall decoration options.
- It, in turn, is expected to drive the demand for ceramic inks over the forecast period.
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The Asia-Pacific Region is Expected to Lead the Ceramic Inks Market
- The Asia-Pacific region dominated the global market share. With growing investments in residential and commercial construction in the countries such as India, China, the Philippines, Vietnam, and Indonesia, the market for ceramic inks is expected to grow in the coming years.
- China's massive construction sector generated significant demand for ceramic inks. Moreover, China is a huge contributor, as it is one of the leading investors in infrastructure worldwide over the past few years. For instance, according to the National Bureau of Statistics (NBS) of China, in 2022, the output value of construction works in China amounted to CNY 27.63 trillion (USD 4108.581 billion), an increase of 6.6% compared with 2021.
- Moreover, the residential sector in India is on an increasing trend, with government support and initiatives further boosting the demand. According to the India Brand Equity Foundation (IBEF), the Ministry of Housing and Urban Development (MoHUA) allocated USD 9.85 billion in the 2022-2023 budget to construct houses and create funds to complete the halted projects.
- The food printing sector in India includes a large market that involves packaging for the storage and transportation of food. Ceramic inks are widely used in food container printing, glass printing, etc. For instance, according to India Brand Equity Foundation (IBEF), the Indian food processing industry grew rapidly, with an average annual growth rate of 8.3% in the past 5 years.
- Moreover, in 2023, the food-processing market will generate USD 963 billion in revenue, and the market is anticipated to expand at a CAGR of 7.23% between 2023-2027. Therefore, this is expected to create an upside demand for the Ceramic inks market from food packaging.
- Hence, with the increasing demand from the various application segments, the ceramic inks market is expected to grow more in the region during the forecast period.
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