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Increasing Demand for Foundry & Metallurgy driving the cristobalite market growth during the forecast period.
HYDERABAD, TELANGANA, INDIA, October 19, 2022 / / -- IndustryARC, in its latest report, predicts that the size is forecast to reach US$48.2 million by 2027, after growing at a CAGR of 4.3% during 2022-2027. Major factors that are expected to boost the growth of the cristobalite market in the forecast period are the swiftly growing ceramic adoption, the increasing demand for cristobalite in the engineered stones market because it enhances the functionality of the stones, and the rise in the demand for paints, coatings, and sealants. Furthermore, it is projected that the bolstering construction and automotive industry will increase the demand for paints, coatings, cement, ceramic, and more, which will also contribute towards the market growth during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key Takeaways:
This IndustryARC report on the cristobalite market highlights the following areas -
Asia-Pacific dominates the cristobalite market, owing to the increasing demand for paints and coatings in the region. For instance, according to the Japan Paint Manufacturers Association (JPMA), in 2019, the total synthetic resin base paints and coating manufactured in Japan was 1,101,715 tons, which was about 1.2% higher when compared with 2018.
With the rising migration of people towards urban areas, there is a strong need to build a greater number of residential houses, which will have a positive impact on the cement industry and thereby accelerate the demand for the cristobalite market.
An increase in R&D in transparent ultrafine mineral filler technologies has opened doors for cristobalite in the artificial marble and paints and coatings industries.
Cristobalite-related products are often used in the foundry and metallurgical industry. Over the forecast period, the market is expected to be driven by the growing foundry and metallurgical industry.
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Segmental Analysis:
Cristobalite Market Segment Analysis – By Application: The paints & coatings segment held the largest share in the cristobalite market in 2021 and is forecasted to grow at a CAGR of 6.2% during 2022-2027.
Cristobalite Market Segment Analysis – By End-Use Industry: The building and construction segment held the largest share in the cristobalite market in 2021 and is forecasted to grow at a CAGR of 8.7% during 2022-2027, due to the increasing usage of cristobalite in the residential, commercial, industrial, and infrastructure sectors in the application areas such as paints, coatings, ceramics, cement, and more.
Cristobalite Market Segment Analysis – By Geography: Asia-pacific region held the largest share in the cristobalite market in 2021 up to 43%, owing to spiraling demand for cristobalite from the flourishing building and construction industry in the region. The building & construction sector is expanding in Asia-Pacific countries.
Competitive Landscape:
The top 5 players in the cristobalite industry are -
1. Sibelco
2. C.E.D. Process Minerals Inc.
3. Hoben International Limited
4. Goldstar Powders
5. Silmer SAS
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