Glass Ceramics Market

The global glass-ceramics market is projected to witness significant growth during the forecast period, 2019–2028. The market was valued at USD 779,413.3 thousand in 2018 and is projected to register a CAGR of 5.86% to reach USD 1,376,848.3 thousand by the end of 2028. In terms of volume, the market was sized at 247,195.7 tons in 2018 and is likely to exhibit a CAGR of 5.04% to reach 404,109.0 tons by the end of 2028. The factors driving the growth of the global glass-ceramics market are increasing application of glass-ceramics in the manufacturing household utensils and growing demand for the product in the building & construction industry. Furthermore, the ongoing research & development and clinical trials for incorporating glass-ceramics in the medical industry are expected to create lucrative growth opportunities for players operating in the global glass-ceramics market during the forecast period. However, the high cost of energy due to the high heating requirements during the glass-ceramics manufacturing process is projected to restrain the growth of the global glass-ceramics market during the forecast period.

According to Wantstats analysis, the global glass-ceramics market has been segmented based on composition, application, and region. Based on composition, the global market has been divided into LAS, MAS, ZAS, and others. The LAS system segment accounted for the largest share of 50.9% in 2018 due to its widespread use on account of its outstanding set of properties. The segment was valued at USD 396,615.3 thousand in 2018; it is expected to register a CAGR of 6.37% to reach USD 735,176.4 thousand by the end of 2028. In terms of volume, the segment was sized at 121,405.8 tons in 2018 and is projected to exhibit a CAGR of 5.64% to reach 210,103.5 tons by the end of 2028.

Based on application, the global market has been divided into household appliances, building & construction, medical, and others. The household appliances segment accounted for the largest share of 41.7% in 2018 due to the growing demand for glass-ceramics-based kitchen utensils such as cooktops; induction stoves; and cookware, bakeware, and storage containers due to its excellent aesthetic appeal, high thermal stability, low heat conduction coefficient, high strength, machinability, and ease in cleaning characteristics. The segment was valued at USD 325,302.3 thousand in 2018; it is expected to register a CAGR of 5.54% to reach USD 557,645.8 thousand by the end of 2028. In terms of volume, the segment was sized at 103,965.7 tons in 2018 and is projected to exhibit a CAGR of 4.74% to reach 165,109.2 tons by the end of 2028.

The Asia-Pacific market held the largest share of 38.7% in 2018 due to the growing economy and rapid industrialization and urbanization. The market was valued at USD 301,437.2 thousand in 2018 and is expected to exhibit a CAGR of 6.75% to reach USD 579,262.8 thousand by the end of 2028. In terms of volume, the regional market was sized at 103,227.8 tons in 2018 and is projected to register a CAGR of 5.83% to reach 181,921.8 tons by the end of 2028.