ASEAN Ceramics Market Worth 69.08 Billion By 2025 | CAGR: 8.2%

The ASEAN ceramics market is anticipated to reach a market size of USD 69.08 billion by 2025, 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.

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.

To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/asean-ceramics-market

Further key findings from the report suggest:

The ASEAN ceramics market was estimated at USD 33.98 billion in 2016, and is expected to grow at a CAGR of 8.2% from 2017 to 2025, driven primarily by the increasing need for the products in housing, construction, and industrial applications.

The medical segment is slated to experience the fastest growth, in terms of revenue, projected to grow at a CAGR of over 8.5% during the forecast period, resultant from the increasing use of ceramics in the medical sector for orthopedic functions.

The traditional product segment was observed to be the largest revenue-accruing product segment in 2016, and is estimated to grow at a CAGR of about 8% till 2025. The advanced product segment is projected to witness higher growth during the forecast period, owing to increasing application scope in high-performance applications.

The industry in Indonesia is projected to witness substantial growth over the next eight years owing to significant growth of the medical and housing & construction industries. In terms of revenue, the market in Indonesia is expected to grow at a CAGR of 10.5% during the forecast period.

Acquisitions accounted for the highest share among strategic initiatives undertaken by players involved in the ASEAN ceramics industry. For instance, in July 2017, Saint-Gobain acquired Kirkson Industrial Reinforcements GmbH, with the objective of consolidating their position in the high-performance solutions segment for the housing & construction end-use vertical.