ASEAN Ceramics Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on December 23rd, 2020 The ASEAN ceramics market size is anticipated to reach a market size of USD 69.08 billion by 2025, expanding at a CAGR of 8.2%, according to a new report by Grand View Research, Inc. The growing construction industry and rising government spending on infrastructural development are expected to have positive impacts on the market growth over the forecast period. The rising need for ceramic tiles in restaurants, offices, malls, and resorts will augment product demand growth over the next eight years. The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor. Traditional and advanced ceramics are the two product categories of ceramics. The traditional product segment is growing on account of its increasing application in the manufacturing of clay bricks, tableware, and porcelain tiles. The advanced product segment is expected to grow over the forecast years mainly on account of their capability of performing under extreme conditions. These materials exhibit a very high degree of industrial efficiency, which has resulted in rising demand for the product from various industries, including heavy machinery, automotive, energy, cutting tools, and defense. Ceramic tiles were the largest application segment for ASEAN ceramics, accounting for 25.5% of the ASEAN ceramics industry revenues in 2016. The number of construction projects are on the rise owing to the demand for residential infrastructure and renovation of existing buildings, most notably in rapidly-emerging countries such as Indonesia and Malaysia. This is proving to be a major driver for ceramic tile manufacturers in the region. Further key findings from the report suggest:
The ASEAN ceramics market size was estimated at USD 33.98 billion in 2016. The considerable growth in construction and infrastructure development activities, primarily in fast-emerging economies of the region such as Indonesia and Malaysia, is expected to drive product demand over the forecast period. The growth in the sanitary ware sub-segment will augment the product demand over the forecast period. Ceramic materials help meet hygiene requirements and ensure the durability of products in application areas such as bathrooms. These products require very little maintenance, have high resistance to environmental conditions, and are extremely cost-effective. The industry is mainly driven by the demand from these segments and this trend is expected to continue over the forecast period, further driven by the improving construction and industrial sectors in the region. The Indonesia ceramics market was estimated at USD 9.25 billion in 2016 and is anticipated to grow at a CAGR of 8.9% from 2017 to 2025. Ceramics are increasingly being used in the country, for construction and industrial applications. They are, in particular, being employed in roofing applications as well as for the manufacturing of floor and wall tiles. In developing countries, these products have been replacing metal products in roofing applications on account of their high-strength properties. Indonesia and Thailand markets are expected to show substantial growth in the construction sector as a result of increasing disposable incomes and rising government spending on large infrastructural projects. Indonesia’s sustained demand for industrial, residential, and infrastructural expansion has generated requirement for new construction projects. Strong economic growth is expected to further spur the construction demand over the next eight years. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/4786/ibb Ceramic coatings are also widely being used for drug release applications. Over the last few years, there has been significant increase in the use of ceramic materials for manufacturing implant devices. Superior properties of zirconium-based products, such as toughness and strength, together with low wear rates and bio-inert properties, will augment their demand in applications such as femoral heads for total hip replacements. Grand View Research has segmented the ASEAN ceramics market on the basis of product, application, end use: ASEAN Ceramics Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2025)
ASEAN Ceramics Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2025)
ASEAN Ceramics End Use Outlook (Volume, Million Tons; Revenue, USD Billion, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it!More by this author |