The global non-stick cookware market witnesses moderate competition. However, in response to the rising demand worldwide, the competition prevailing in the market is likely to intensify further in the coming years, finds Transparency Market Research (TMR) in a new study. Besides innovating designs and directing efforts to offer more durable products, the market players are experimenting with diverse strategies to emerge at the market’s fore. In an effort to strengthen their hold, several companies have forged strategic alliances with their peers.
For instance, in November 2016 GMM Group was acquired by Showa Denko K.K. The former is one of the key suppliers of non-stick coating chemicals primarily in India and China. Through this acquisition, doors to capitalize on opportunities existing in these nations got open for Showa Denko K.K. In the coming years, the market will witness more strategic collaborations, which will have considerable influence on its prevailing trends.
According to TMR, the global nonstick cookware market is likely to reach US$23.03 bn by the end of 2025. Between 2017 and 2025, the market is forecast to exhibit a CAGR of 4.1%. Based on material used, the market is likely to witness increasing demand for Teflon coated nonstick cookware. Regionally, Europe held dominance in the global nonstick cookware market, trailed by Asia pacific.
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While the household sector remains a leading user of nonstick cookware, the market is witnessing a gradual rise in demand in the commercial segment. Growth experienced by the market is thus primarily influenced by the rising demand for fast and more convenient methods of cooking. Besides this, the rising focus on safety and the expanding demography of novel customer base will augur well for the market in the coming years. As the demand for nonstick cookware rises, the market players are looking to woo customers by offering more innovative designs and promise of improved quality. Furthermore, TMR foresees a spike in the demand for Teflon and ceramic coated nonstick cookware in the coming years, which is expected to enable the market gain momentum.
With key players focusing on the manufacture of safer and easier to use products, the market is likely to witness application of advanced technologies. Besides this, several companies are already engaged in developing newer coating materials to ensure better durability of products without compromising on their design or quality. Furthermore, these materials are touted as more eco-friendly alternatives to popular coating materials. Since world today is more inclined toward organic and eco-friendly consumer goods, such strategies adopted by the players are bound to have a positive impact on the overall nonstick cookware market.