Glass Ceramics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The market for glass ceramics is anticipated to register a CAGR of over 6% during the forecast period. Increasing demand from the building and construction sector is driving the market globally.

• The building and construction sector is expected to remain the largest application base for glass ceramics over the forecast period.
• Due to COVID-19, there was a slowdown in the building and construction industry in 2020 due to certain rules and regulations being imposed by countries. However, the industry witnessed a recovery in 2021, thus reviving the demand in the market studied.
• The increasing adoption of ceramics in electronics manufacturing processes is projected to act as an opportunity for the market in the future.
• Glass-based ceramics have a wide range of use in the aerospace industry as they are light in weight than metals and enable faster speeds and lesser fuel consumption for space vehicles. Thermal protection shield is also an application of glass ceramics in the aerospace industry. This application is considered one of the key trends in the glass ceramics market.

Scope of the Report

Glass ceramics are composed through the crystallization of base glass. They compose properties of both glasses and ceramics. Glass ceramics possess high strength, zero porosity, translucency, and low thermal expansion, which help them achieve high thermal stability. They have an added advantage in kitchen appliances like cooktops. The glass ceramics market is segmented by material, application, and geography. By material, the market is segmented into lithium, magnesium, and zinc. By application, the market is segmented into building and construction, electrical and electronics, healthcare, aerospace, optical, and other applications. The report also covers the market size and forecasts in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

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Key Market Trends

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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