The global advanced ceramics market is expected to reach USD 134.58 billion by 2024, according to a new report by Grand View Research, Inc. Rising product demand in numerous end-use industries on account of their longer life span, cost effectiveness as opposed to their conventional counterparts is expected to have a positive impact on the market over the next eight years.
Rising automobile demand among consumers on account of changing lifestyle and increasing disposable income is expected to fuel product need over the forecast period. In addition, the product has been substituting metals and plastics in high performance applications in the automotive sector which will propel industry growth over the projected period.
Advanced ceramics have been gaining high acceptance among consumers over the past few years due to rising awareness regarding their benefits such as high tensile strength, biodegradability and durability. Rising environmental concerns are expected to further fuel product demand over the next eight years.
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Further key findings from the study suggest:
- Global advanced ceramics market value was USD 56.70 billion in 2015 and is projected to reach USD 134.58 billion by 2024, growing at a CAGR of 10.2% from 2016 to 2024
- Titanate ceramics are expected to be the fastest growing material segment at a CAGR over 11.5% from 2015 to 2024 in terms of revenue on account of their increasing use as capacitors. Rising need for energy storage globally is expected to boost product demand
- Monolithic ceramic market was estimated at over USD 45 billion in 2015. The product is employed in various lining and insulation applications as they can withstand extremely high temperatures, and are resistant to abrasion as well as thermal shock. These factors are expected to positively impact industry growth over the forecast period.
- Bioceramics application segment was valued at over USD 2 billion in 2015. It is expected to be the fastest growing segment on account of its increasing use in hip and joint replacements
- Medical sector was estimated at over 6 billion in 2015. Rising demand from this industry for various applications such as tissue & bone replacements, and dental implants is expected to propel product demand over the next eight years.
- North America was the second largest market and is expected to grow at a CAGR over 9.5% from 2016 to 2024 in terms of revenue. Strict environmental regulations have led to increased product use as it aids in pollution control. In addition, stringent emission standards in Europe and North America are expected to provide growth opportunities for ceramic filters over the next eight years.
- In November 2015, Oerlikon signed an agreement to acquire the advanced ceramics business of Laser Cladding Services, LLC. In July 2015, Morgan Advanced Materials invested in the semiconductor market. to optimize its manufacturing capabilities
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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