Global Technical Ceramics Market - Segmented by Material, Product, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global technical ceramics market is expected to register a CAGR of around 6% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017is expected to register the fastest growth during the forecast period as well.
Increasing Demand from Medical Industry
Technical ceramics are used in a wide range of medical devices, such as lithotripters and ultrasonic cleaners – or in dental ceramics in the field of dentistry. Another major application of technical ceramics is in bio-ceramics, where it is used in artificial organ implants, especially hip joints. Replacement of chemotherapy with radioactive glass microspheres for liver cancer patients, ceramic-based orthodontic braces, biocompatible coatings, and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, and composite layers for gene therapy, are some other developing applications of technical ceramics. The rising prevalence of chronic diseases, coupled with the rapidly aging population, worldwide, is set to increase the demand for medical implants. The advancement in medical technology and increasing population, (specifically population above 65 years of age) are increasing the demand for technical ceramics in the medical industry.
Electrical & Electronics to Dominate the Market
Technical ceramics have a wide range of electrical properties, including insulation, semi-conducting, superconducting, piezoelectric, and magnetic. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for semiconductors, capacitors, and other technical ceramics-containing electronic components. Technical ceramics reinforce the electronics industry; the average aircraft is packed with electronics. Gradually, these electrical components, such as sensors, antennas, capacitors and resistors, are getting smaller and more capable. Therefore, this is a major area of development for technical ceramics. The growing electrical & electronics industry is estimated to boost the demand for technical ceramics over the forecast period.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is the largest market for technical ceramics accounting for more than 40% of the global market. China was the leading consumer of technical ceramics in the region. The Chinese manufacturing industry is currently the largest in the world. The manufacturing industry in the country is supported by low labor and material costs, during its initial growing phase, and better infrastructure and favorable policies in the recent times. The country has the largest semiconductor manufacturing market, which accounted for around 30% of the global market share, in 2016. The Chinese automotive manufacturing industry is the largest in the world. The automotive industry is growing steadily, with high production & demand for passenger cars. The aviation industry, where the use of technical ceramics tends to be high, is said to be adding 6,020 new airplanes between 2014 and 2033. The country’s industrial production growth too has been enjoying a steady growth through the years, which will increase the consumption of technical ceramics in the country over the forecast period.
Key Developments in the Market
April 2017: CeramTec had announced that it had successfully completed the acquisition of Morgan Technical Ceramic’s UK Electro-Ceramics businesses.
Major Players: 3M, CeramTec GmbH, KYOCERA Corporation, CoorsTek, Inc., Morgan Advanced Materials, Saint-Gobain, Rauschert GmbH, and Dyson Technical Ceramics, amongst others.
Reasons to Purchase the Report
Analyzing how the growth of industrial & infrastructural activities in developing economies will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type, product, and application that are expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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