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.
Further key findings from the report suggest:
The global technical ceramics market value was USD 56.7 billion in 2015 and is expected to grow at a CAGR of over 10% from 2016 to 2024.
Titanates are expected to be the fastest growing material segment from 2016 to 2024 at a CAGR over 11% in terms of revenue owing to their increasing use as capacitors. Rising need for energy storage worldwide is expected to propel product demand.
The monolithic ceramic market was estimated at over USD 45 billion in 2015. The product is employed in numerous insulation and lining applications as they are resistant to thermal shock as well as abrasion and can withstand tremendously high temperatures. These factors are expected to positively impact growth over the forecast period.
Bioceramics application was valued at above USD 2 billion in 2015. The segment is expected to grow at a fast pace over the next eight years on account of its rising use in joint and hip replacements.
Medical sector demand for the product was estimated at above 6 billion in 2015. Increasing need from this industry in various applications such as dental implants and bone & tissue replacements is expected to propel product industry over the forecast period.
North America was one of the largest markets for the product and is expected to grow at a CAGR of over 9% from 2016 to 2024. Stringent environmental regulations have led to increased product use as it aids in controlling pollution. Additionally, stringent emission standards in North America and Europe are expected to provide growth opportunities for the product over the next eight years.
In November 2015, Oerlikon Metco signed an agreement with Laser Cladding Services, LLC to acquire its traditional ceramics business. In July 2015, Morgan Advanced Materials invested in the semiconductor market in order to improve its production capabilities
Download the full report: https://www.reportbuyer.com/product/4394725/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/technical-ceramics-market-analysis-by-material-alumina-ceramics-titanate-ceramics-zirconate-ceramics-ferrite-ceramics-aluminum-nitride-silicon-carbide-silicon-nitride-product-by-application-by-end-use-and-segment-foreca-300374184.html