New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global technical ceramics market. According to the report, the global market is projected to surpass $12,300.1 million and grow with a CAGR of 6.8% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the technical ceramics market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Technical Ceramics Market
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global technical ceramics market. The implementation of lockdown restrictions and supply chain disruptions ceased the working of many manufacturing and production companies. Also, the demand for technical ceramics from the electronics and automotive industries significantly deteriorated. This greatly hindered the growth of the technical ceramics market during the pandemic. However, initiatives taken by market players to recuperate the market from losses are likely to bring in lucrative opportunities for the market in the future years.
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Factors Impacting the Technical Ceramics Market Growth
The key factors boosting the growth of the global technical ceramics market are a significant rise in demand for technical ceramics owing to their various properties like great hardness, exceptional compressive strength, and high corrosion resistance. In addition, the increasing application of technical ceramics in space development, deep-sea exploration, supercomputers, novel energy sources, and others is estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, several requirements for customization from end-use industries are anticipated to deter the market’s growth.
The report segments the global technical ceramics market into material, product, end use, and region.
Oxide Sub-Segment to Grab a Foremost Share of the Market
The oxide sub-segment of the material segment is foreseen to grow massively by garnering $6,186.3 million in the forecast period. This growth is mainly owed to the increasing demand for oxide ceramics as they are inorganic compounds such as beryllium oxide ceramics, alumina ceramics, and zirconia ceramics.
Monolithic Ceramics Sub-Segment to Witness Outstanding Growth
The monolithic ceramics sub-segment of the product segment is projected to grab a leading position in the global market by garnering $6,329.3 million in the forecast period. This is primarily owed to the increasing demand for monolithic ceramics due to their properties such as resistance to high temperature, dependability, and durability.
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Electronics & Semiconductor Sub-Segment to Grow Remarkably
The electronics & semiconductor sub-segment of the end use segment is expected to hit $4,784.3 million in the forecast period. This is primarily due to the versatility of technical ceramics in numerous electronics & electrical applications.
Asia-Pacific Technical Ceramics Market to Perceive Maximum Growth
The report analyzes the global technical ceramics market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to grow with a CAGR of 7.4% in the estimated period. The growth of the region market is mostly because of the existence of numerous manufacturers and exporters of technical ceramics in nations like Japan, China, and India in the region.
Top Players of the Global Market
The report states some of the foremost players operating in the global technical ceramics market including
- Kyocera Corporation
- CeramTec GmbH
- Morgan Advanced Materials
- Saint-Gobain Ceramics & Plastics, Inc.
- CoorsTek, Inc.
- NGK Spark Plug Co., Ltd.
- Rauschert GmbH
- Superior Technical Ceramics
- Mcdanel Advanced Ceramic Technologies LLC
- 3M
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in August 2021, XJet Ltd., a supplier of innovative metal and ceramic additive manufacturing technologies & solutions, introduced alumina technical ceramics, expanding its product range of additive manufacturing materials.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Technical Ceramics Market:
- Technical Ceramics: The Efficient Materials that Act as a Keystone for Revolutionary Developments
- Extensive Application of Technical Ceramics in Various End-Use Industries to Propel the Growth of the Global Technical Ceramics Market
