The technical ceramics market is expected to grow at a CAGR of over 9% during the forecast period. The market is driven by factors, such as increasing demand from the medical industry.
- The growth in end-user applications in electronics and automotive industries is expected to drive the demand for the market during the forecast period.
- High capital cost is likely to hinder the market growth.
- Increased demand for industrial applications (metallurgy and industrial machinery) is projected to act as an opportunity for the market in future.
Key Market Trends
Electrical and Electronics to Dominate the Market
- Technical ceramics have a wide range of electrical properties, including insulation, semiconducting, superconducting, piezoelectric, and magnetic properties.
- The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices are expected to 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 and electronics industry is estimated to boost the demand for technical ceramics over the forecast period.
Asia-Pacific Region to Lead 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 was supported by low labor and material costs, during its initial growing phase, and better infrastructure and favorable policies in recent times.
- The country has the largest semiconductor manufacturing market, with the highest global market share. The Chinese automotive manufacturing industry is the largest in the world.
- The automotive industry in India and ASEAN countries is growing steadily, with high production and demand for passenger cars.
- The region's industrial production growth has been experiencing a steady growth through the years. Owing to this factor, the consumption of technical ceramics is likely to experience an increase, in the Asia-Pacific region over the forecast period.
The technical ceramics market is partially consolidated. Key players in the technical ceramics market include 3M, CeramTec GmbH, Morgan Advanced Materials, Saint-Gobain, and Dyson Technical Ceramics, among others.
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