Market Trends of Glass Ceramics Industry
This section covers the major market trends shaping the Glass Ceramics Market according to our research experts:
Growing Demand from the Building and Construction Sector
- The building and construction sector accounted for the largest share among all the applications, in terms of revenue. Glass ceramics are primarily used in buildings and construction for tiles and other fittings.
- In various applications, conventional materials are being replaced by glass ceramics due to their superior technical properties such as heat resistance, lightweight, and low cost.
- In November 2021, India, the United States, Israel, and the United Arab Emirates established a new quadrilateral economic forum to focus on infrastructure development projects in the region.
- In the United States, around USD 1639.9 billion was the value spent on construction in December 2021, which was a huge amount and 9% higher compared to December 2020. It clearly indicates the upward trend for buildings and construction in the region.
- According to the India Brand Equity Foundation, in the Union Budget 2021, the Indian government allocated USD 32.02 billion to enhance the transport infrastructure sector. The government further expanded the National Infrastructure Pipeline(NIP) to 7400 projects. Through NIP, the government has invested USD 1.4 trillion in infrastructure development as of July 2021.
- All the aforementioned factors are expected to support the growth of the building and construction sector in the near future. This is expected to drive the demand for glass ceramics during the forecast period.
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Asia-Pacific is Expected to Dominate the Market
- The Asia-Pacific region dominated the global market, with the growing demand for buildings and construction, the growing aerospace manufacturing industry, and manufacturing operations.
- In FY21, in India, the infrastructure activities accounted for a 13% share of the total FDI inflows of around USD 81.72 billion. Also, between April 2020 and September 2021, the FDI for construction (infrastructure) stood at around USD 25.95 billion. This shows that companies are investing huge capital in building infrastructure in populated countries like India, which makes Asia-Pacific the dominating region for this market.
- China's massive construction sector has generated significant demand for the use of ceramic inks. The Chinese government has projected the capital expenditure on construction at over 7%, which is higher than the previous year. China is the largest market and is experiencing significant growth in the construction sector. The major construction projects include the Beijing International Airport of China.
- The growing usage in major developing nations such as India, China, and Indonesia is fueling the demand for glass ceramics in the Asia-Pacific region.
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