Published On : 12 Sep 2018
Nonstick cookware are a must-have in kitchens these days. This means, the cooking utensils will likely see their demand supported in the near term. This despite concerns that they are carcinogenic – it has been said that the polytetrafluoroethylene coating, known as Teflon, emanates toxic fumes when heated. However, it has also been proven that inhaling small amounts of those is not harmful for human health. Hence, the global nonstick cookware market is predicted to march forward in the next couple of years with soaring revenues.
Numerous factors are serving to push up demand in the global nonstick cookware market. Foremost among those is the rising incomes of people which allows to them to buy better types of cookware. Besides, reduced time for cooking and dishwashing, has also propped up demand for the product.
As per a report by Transparency Market Research, the global nonstick cookware market would likely rise at a steady 4.1% CAGR over the course of the forecast period starting from 2017 and ending in 2025. At this pace, the market is projected to clock a value of US$23.03 bn by 2025-end.
As Market Gets More Competitive, Product Innovation Would Result
At present, the competition in the global nonstick cookware market is not so robust. This is because the market is somewhat saturated. But going forward, with increasing demand, the competition will likely intensify. Players will focus hard on improving the features and functionalities of their new products. They are already seen emphasizing on developing better materials for coating.
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Besides innovating designs and channelizing efforts towards building more durable products, savvy companies in the global nonstick cookware market are also going for carefully-considered alliances with other related companies. Take for example Showa Denko K.K.’s acquiring of GMM Group in 2016. It would now enable the chemical giant access the market in India and China where GMM Group is a key supplier of nonstick coatings.
Household Applications Main Demand Driver
At present, household applications are at the forefront of driving demand in the global nonstick cookware market. This is because of the increasing usage of convenient products for easy home cooking. Meanwhile, the commercial uses are not that high. In the near future, as manufacturers come up with more sophisticated products that are far safer to use, distribute heat easily, and suited for induction heaters, the demand from the residential sector is predicted to rise further.
North America, Europe, and Asia Pacific Main Markets
North America and Europe are main nonstick cookware markets. The substantial spending capacity of people, superior products, and continued focus on product development have had a solid positive impact on the market. In the near term, however, Asia Pacific is predicted to spell maximum opportunity in the market because of the rising consumerism on the back of increasing incomes of people.
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