Ceramic sanitaryware products are used in bathrooms and other sanitary fittings such as toilets, wash basins, bathtubs, and others. Ceramic sanitaryware offers excellent glazing, sleek shapes, and high-gloss texture as compared to other alternatives. It is water resistant, hygienic and easier to clean which makes it suitable for places like hotels, institutions, and high-end homes. Rising urbanization and growing awareness of health and hygiene have increased demand for such products in India.
The global India Ceramic Sanitaryware Market is estimated to be valued at US$ 5006.12 Mn in 2023 and is expected to exhibit a CAGR Of 5.2% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising disposable income levels and rapid urbanization in India are creating significant opportunities in the country's ceramic sanitaryware market. With more people migrating to cities and having increased spending power, demand for sophisticated bath fittings and premium home items is on the rise. According to a survey, per capita income in India is projected to grow at over 7% annually until 2030. This robust income growth is enabling more consumers to invest in hygienic and branded ceramic sanitaryware products. Leading manufacturers are launching new attractive and durable designs tailored for urban lifestyles. They are also expanding distribution channels to tap into the large opportunities arising from India's demographic and economic transformation.
Porter's Analysis
Threat of new entrants: The Indian ceramic sanitaryware market faces low threat from new entrants due to high initial investments required for setting up plants, stringent regulations, and established brand presence of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various product options at competitive prices from domestic as well local players. Buyers can negotiate on price and demand innovative designs.
Bargaining power of suppliers: Ceramic raw materials constitute a major part of production costs. Established suppliers have a better bargaining power due to their large scale of operations and long-term relationships with manufacturers.
Threat of new substitutes: Substitute products include plastic sanitaryware, which offer an affordable alternative. However, ceramic sanitaryware has established demand due to durability, affordability, and aesthetic appeal.
Competitive rivalry: The market has the presence of large global players along with domestic manufacturers. Intense competition exists based on product quality, design, branding, and pricing.
SWOT Analysis
Strengths: Wide product portfolio, strong distribution network, brand reputation, and established relationships with buyers.
Weaknesses: Rising raw material prices, high dependency on seasonal demand, energy-intensive manufacturing process.
Opportunities: Growing housing sector, increasing focus on hygiene and sanitation, rural market expansion.
Threats: Substitutes such as plastic variants, dumping of cheap imports, macroeconomic slowdowns.
Key Takeaways
The Global India Ceramic Sanitaryware Market Demand is expected to witness high growth due to the rising construction activities, focus on hygiene and sanitation, and rapid urbanisation. The global India Ceramic Sanitaryware Market is estimated to be valued at US$ 5006.12 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regionally, Southern India dominates the ceramic sanitaryware market with States such as Tamil Nadu, Karnataka and Andhra Pradesh accounting for sizeable shares. This is attributed to the high disposable incomes, booming real estate sector, and increasing population in these States.
Key players operating in the India ceramic sanitaryware market are BASF SE, AkzoNobel N.V., Henkel AG & Co.KGaA, Solvay SA, Huntsman Corporation, Eastman Chemical Company, Lonza Group Limited, Procter & Gamble Co., Croda International Plc., The Dow Chemical Company, Betco Corporation, Sealed Air Corporation and Ecolab Inc. These established market participants provide wide arrays of technologically advanced products and solutions catering to diversified customer segments.
Get more insights on this topic :
