Technical Ceramics Market Size, Share, Growth and Trend Analysis Report
by Susan Hill Business ConsultantThe
global technical ceramics market is expected to reach USD
134.58 billion by 2024, according to a new report by Grand View Research, Inc.
Rising product need in various end-use industries owing to their cost
effectiveness and increased life span, as opposed to their customary
counterparts, is expected to positively impact the market over the forecast
period.
Rising
automobile demand among consumers, particularly in Asia Pacific countries
including China and India, on account of rising disposable incomes and changing
lifestyles, is expected to fuel product demand over the forecast period. In
addition, rising product use as a substitute to plastics and metals in numerous
high-performance applications, in the medical and automotive sectors, is
expected to propel growth over the forecast years.
These
products have been gaining acceptance over the past few years on account of
growing awareness regarding their benefits such as biodegradability,
durability, and high tensile strength. Rising environmental concerns, coupled
with stringent regulations by governments in North America and Europe, are
expected to further propel product demand over the next eight years.
The global
industry is also expected to witness considerable growth over the next eight
years owing to their increasing product use in the electronic & electricals
industry. Rising electronic devices demand among consumers, most notably in the
Asian continent, is expected to have a positive impact on the product demand
over the forecast period.
The
extensive use of coated machinery components, coupled with shifting preference
among consumers to technical coatings and breakthroughs in deposition
processes, are expected to open new market opportunities for the products over
the forecast period. Key factors expected to challenge industry growth include
regulatory as well as environmental issues, and competition from alternative
materials.
Further key
findings from the report suggest:
- The global
technical ceramics market was valued at USD 56.70 billion in 2015 and is
expected to grow at a CAGR of over 10.2% from 2016 to 2024
- Titanates are
expected to be the fastest-growing segment from 2016 to 2024, at a CAGR
over 11.5% in terms of revenue, owing to their increasing use as
capacitors.
- The monolithic
ceramics segment was estimated at over USD 45 billion in 2015. The product
is employed in numerous insulation and lining applications, as they are
resistant to thermal shock and can withstand tremendously high
temperatures
- The bioceramics
application segment was valued at over USD 2 billion in 2015 and the
segment is expected to grow at a fast pace over the next eight years, on
account of its rising use in joint and hip replacements
- Medical sector
demand for the product was estimated at above USD 6 billion in 2015, on
account of Increasing need from this industry in various applications,
such as dental implants and bone & tissue replacements
- North America
was one of the largest markets for the product and is expected to grow at
a CAGR of over 9.5% from 2016 to 2024, in terms of revenue. Stringent
environmental regulations have led to increased product use as it aids in
controlling pollution.
- In November 2015, Oerlikon Metco signed an agreement with Laser Cladding Services, LLC to acquire its traditional ceramics business. In July 2015, Morgan Advanced Materials invested in the semiconductor market in order to improve its production capabilities
Access full
research report on global technical ceramics market:
www.grandviewresearch.com/industry-analysis/technical-ceramics-market
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Created on Oct 30th 2019 04:52. Viewed 473 times.