LONDON, Dec. 6, 2016 /PRNewswire/ -- The 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 traditional counterparts is expected to positively impact the market over the forecast period. Increasing automobile demand among consumers particularly in Asia Pacific countries including China and India on account of rising disposable income and changing lifestyle is expected to fuel technical ceramics market over the forecast period. Also, rising product use as a substitute to plastics and metals in numerous high-performance applications in the medical and automotive sector is expected to propel growth over the next eight 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.