The global market for chondrodite has been witnessing average growth over the past few years. Key manufacturers involved in the industry are increasingly globalizing their business portfolio, with a number of acquisitions and mergers occurring in recent years. Since the global economic slow-down in 2008-09, the downturns in the global economic activities over the past few years have led to lower than anticipated growth in the silica industry, particularly in matured economies and regions such as United States and Europe. Moreover, reduced demand in addition to increasing raw materials and energy costs has negatively impacted the growth of the silicate market. Lower costs of production in Southeast Asian countries such as China have also led to closures of a number of plants in developed economies. Although the industry for silica has been experiencing a decline in demand for semiconductor applications, certain industries have been relatively impervious to the global recession such as rubber for footwear and personal care products such as toothpaste. These industries have helped contribute towards the growth of the silica market, thereby leading to growing demand for chondrodite.
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Chondrodite shares a wide application scope in the manufacturing of gems and are also used in making jewelry. The market for jewelry and gems has been noticing a significant increase disposable income of the individuals coupled with growing usage of ornaments in ceremonies in Asian economies. Consumers in emerging economies such as Asia Pacific are slowly drifting away from the conventional unorganized jewelry and inclining towards organized branded products in order to protect themselves from counterfeit products. Moreover, rising awareness regarding the benefits of shopping from organized retail by implementing various promotional strategies and advertisements has also led to increasing consumption of gems and jewelry which has further contributed towards the demand for chondrodite in Asia Pacific and other regions.
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Increasing demand for jewelry as well as inclusion of gems in jewelry products owing to increasing spending of the consumers as well as changing lifestyle is expected to drive the demand for jewelry products over the forecast period thereby increasing the demand for chondrodite. In addition, increasing use of gems as an individual feature for decoration purposes is also expected to contribute towards the growing consumption of chondrodite in gems. However, factors such as rising labor charges as well as inflation impacting the prices of jewelries are thereby expected to negatively affect the growth of its raw materials such as chondrodite. Focus on research and development activities towards developing innovative products as well as focus on market expansion in emerging region such as Latin America and Asia Pacific is expected to provide new opportunities for the growth of the market. Hafiz gemstones and minerals among others is one such manufacturer of chondrodite present in the industry.
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