The global technical ceramics market size is expected to value at USD 134.58 billion by 2024, during the forecast period. The market is subject to witness a substantial growth due to cost-effectiveness associated with the use of advanced ceramics products and longer life cycle, and growing competition in the market. Growing demand of the advanced ceramics or technical ceramics in the automotive sector is one of the key factor propelling the market growth in recent years.
The
adoption of the technical ceramics mainly in the developing countries along
with expansion of the automobile industry in the region owing to the recent
economic growth are spiraling the market demand for the technical ceramics
industry over the forecast period. The adoption of the technical ceramics as an
alternative to the plastics and metals in automotive and healthcare market
segment is attributing to the advancement of the market. Globally, the market
is predicted to grow at high CAGR in forecast period, providing numerous
opportunity for market players to invest for research and development in the
technical ceramics market.
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The
growing awareness about the benefits offered with the use of the technical
ceramics over the conventional products are driving the demand for the
technical ceramic market in coming years. The advantage associated with the use
of the technical ceramics are bio-degradability, durability, reliability, and
superior tensile strength. Most of technical ceramics are eco-friendly in
nature in comparison with conventional materials, and stringent governmental
regulation to limit environmental hazards with use of traditional materials
such as plastics is fueling the growth of the technical ceramics during the
forecast period. The application of technical ceramics has found its way in the
electronic and electrical industry as well. Growing use of the electronic
devices by consumers will further push market demand of technical ceramics.
Excessive
adoption of the coated machinery materials, along with shifting inclination towards
technical coatings by consumers and recent developments in various deposition
processes, are opening numerous potential opportunities for the technical
ceramics industry in coming years. Some of the critical factors associated with
market limitation are numerous governmental regulations in regards to the
environmental impact and growing competition from other types of materials.
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The
technical ceramics are also referred as engineering ceramics or industrial
ceramics or advanced ceramics. Technical ceramics are considered as
highly-sophisticated ceramics consisting of distinctive characteristics such as
mechanical, electrical, thermal and bio-chemical that are suitable for various
industrial applications.
The
highly-specific properties associated with technical ceramics are further
boosted and optimized to meet the required technical requirements during the
industrial applications. Combination of the mechanical, bio-chemical,
electrical and thermal properties to design and create advanced set of components
that are capable of performing required set of the task with high accuracy
makes it an ideal alternative to the traditional materials similar to metal and
plastic in the respective field of application. Technical ceramics are capable
of overcoming technical challenges remain unsolved with the use of traditional
materials.
Few
of the highly advanced properties associated with the technical ceramics are
wear resistance, high temperature resistance, erosion resistance, and
bio-compatibility. The distinct characteristics of the technical ceramics makes
it an ideal choice for various industry application such as automobile sector,
electrical industries, healthcare sector, power & energy industries and
mechanical engineering.
The
technical ceramics market is divided into regional market segment such as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the use in the environmental and
medical sectors and growing emphasis on research for new product development.
Asia-Pacific region is predicted to hold major market share in the technical
ceramics industry with massive growth in forecast period.
Countries
such as India, China and Singapore are leading the Asia-Pacific’s market with
growing competition in manufacturing, reduced costs, rising economic growth in
the region, and constant demand in the end-user industries. The key players in
the technical ceramics market are Kyocera Co., CeramTec Co., Morgan Advanced
Materials Inc., McDanel Co., and Saint-Gobain Ceramic Materials.
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