Non – Metallic Minerals Market Will Reflect Significant Growth Prospects during | 2016 – 2024
Non-metallic minerals, also known as industrial materials have no metallic luster, break easily and are non-malleable. Some such non-metallic minerals are limestone, magnesite, silica sand, dolomite, talc, quartz, phosphorite, gemstones, clay, mica, and decorative and dimension stones.
The global market for non-metallic minerals is characterized by the presence of numerous small and large manufacturers and suppliers, making the competitive landscape highly fragmented. Competition in intense among the different players in the market, with most bigwigs outsmarting smaller regional rivals with better products and robust distribution network. Another common trend in the market is vendors leveraging pricing, product differentiation, customization, and maintenance services to grow their market share. Developed markets in North America and Europe have higher degree of competition. Going forward, competition in the market is slated to increase further with more players entering the fray.
A report by Transparency Market Research studies the global market for non-metallic minerals in-depth and presents a qualitative analysis of the different growth drivers and restraints in it. It sheds light on the size of the market and predicts its future trajectory. It also leverages market-leading analytical tools to uncover the opportunities and threats awaiting players in the market in the near future.
Global Non-Metallic Minerals Market: Drivers and Restraints
A lot of factors are helping to bring about growth in the non-metallic minerals market. One of them is the burgeoning real estate sector and growing interest in people in home decoration. Besides, manufacturers focusing on improving their market share through decorative glass and glass based products to cater to demand from residential end-users is also bolstering the market. This demand for decorative glass and glass based products is primarily a result of rising GDP and the consequent rising disposable incomes across developing economies in the world.
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Other factors stoking the growth in the global market for non-metallic minerals are rising awareness about the product and higher demand for efficient products such as solar control glass. In addition, automotive manufacturers are also responsible for driving up demand on account of growing adoption of smart glass in production of automobiles.
The different types of non-metallic minerals available in the market are glass and glass-based products, clay-based building materials, porcelain and ceramic products, stone-based products, and refractory products. Among them, the glass and glass-based products have been pulling in maximum revenue and in the near future too would continue doing so, predict experts.
Global Non-Metallic Minerals Market: Geographical Segmentation
Geographically, the key segments of the global non-metallic minerals market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America, of them, is a key region on the back of a robust commercial and residential use of non-metallic minerals in different sectors. At the forefront of driving growth in North America is the U.S due to the high concentration of different industries in the country. Further, North America market for non-metallic minerals is primarily driven by better technological infrastructure and higher uptake of innovative non-metallic mineral products.