PUBLISHER: Grand View Research | PRODUCT CODE: 1376135
PUBLISHER: Grand View Research | PRODUCT CODE: 1376135
The global technical ceramics market size is expected to reach USD 145.14 billion by 2030, registering a CAGR of 5.6% from 2023 to 2030, 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.