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ePaper created 2015-05-06, 08:22:31 | version 1.38.0
33HERAEUS | FINANCIAL REPORT 2014 | GROUP MANAGEMENT REPORT In newer markets, such as India, further growth is expected next year. In 2014, Heraeus laid the groundwork for enter- ing the Indian market for catalysts used in dentistry and other specialist applications, and so additional business is expected from here from 2015. A trend that looks set to continue in the coming years, albeit at a slower pace, is the reduction in market prices in the photovoltaics sector due to aggressive market strategies. To counteract this development and secure long-term growth, Heraeus will increasingly focus on products for new solar-cell technologies and on expanding its product portfolio in this area. In the contact materials segment, Heraeus is cautiously optimistic about the future despite precious metal prod ucts being substituted for products that contain no precious metals. The market for sinter pastes and solder materials is another in which measures to raise competitiveness will have a positive impact on margins and therefore earnings, ensuring further strong growth. Momentum will also be provided by continued high demand for sensors within the automotive industry. In sales of quartz glass products for the semiconductor market, a further moderate recovery is expected from the second quarter of 2015. The cyclicality of the previous years appears to fade away, coupled with the persistently volatile nature of the markets. Further stable demand in 2015 as a whole and in subse- quent years is expected in the telecommunications industry. However, the volume growth will be almost entirely offset by price reductions. The World Steel Association (WSA) predicts that global steel consumption will rise by around 2 percent in 2015. The growth is mainly driven by developing markets, for example in the BRIC states, where per capita steel con- sumption will continue to increase. The market launch of various new products will also help to consolidate the market position. The global market for bone cement and biomaterials for orthopedics and traumatology will continue to grow. This is being driven by demographic change, higher expectations of quality of life and mobility, medical advances, and prod- uct innovations. In addition, market share is expected to grow in countries where sales have previously been weak. Heraeus will capitalize on these opportunities for growth through its attractive product portfolio and its excellent sales structures. The growing sales potential in the healthcare market will also benefit the business with components for medical equipment. The now fully qualified site in Singapore is expected to provide further positive momentum in this sector. The persistent uncertainty in the business and investment climate in the industrial sector will, in the production of specialty light sources, be counteracted by ongoing efforts to become a provider of solutions for photon-assisted process challenges.