According to a new report published by Allied Market Research titled, "Technical Ceramics Market by Materials, Products, and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global technical ceramics market was valued at $8.03 billion in 2018, and it is projected to reach $13.09 billion by 2026, growing at a CAGR of 6.20% from 2019 to 2026.
Ceramics are one of the classes of materials, such as metals, polymers, and composites. Technical ceramics are also known as engineered ceramics or advanced ceramics, which are grouped with the highest performing mechanical, electrical, and thermal properties. With these properties, technical ceramics increase product lifespan, enhance efficiency, reduce overall maintenance costs, and improve performance.
Rise in the demand from several end-use industries, such as medical and electronics & semiconductors fuel the growth of the global technical ceramics market. Also, the superior physical and chemical properties of technical ceramics further propel their adoption. However, high energy cost for manufacturing technical ceramics and the presence of unorganized players in emerging economies are the factors that are expected to hamper the growth of this market. Developing economies in Asia-Pacific and LAMEA have shown immense potential in the electronics and semiconductor industry due to increase in consumer base. This factor is anticipated to offer new growth opportunities during the forecast period.
By material, oxide ceramics have dominated the market with over 60% global technical ceramics market share in 2018, and a similar trend is anticipated during the forecast period. Alumina, titanate, and zirconia are three major types of oxide ceramics; where alumina is highly adopted in various applications in the machinery and electronics sector. This is due to its cost-effective nature and application suitability. Demand for titanate ceramics is growing rapidly in the production of high-quality material used in the automotive components.
The technical ceramics market size for electronics & semiconductor industry is largest over other end use industries. This is mainly due to the suitable properties of technical ceramics that made them highly effective in the electronics and semiconductor devices and related product manufacturing. On the other hand, the medical industry is expected to offer profitable growth opportunities to this market due to the increase in popularity of technical ceramics in orthopedics applications. Technical ceramics are playing a vital role in extending the life cycle as well as the quality of orthopedic implant components. This factor is expected to open up new growth opportunities to this market during the forecast period.
Some of the major market players operating and profiled in the this market are KYOCERA Corporation, Albemarle Corporation, Morgan Advanced Materials plc, Rauschert GmbH, McDanel Advanced Ceramic Technologies, CoorsTek Inc., Saint-Gobain S.A., and 3M, NGK Spark Plug Co., Ltd., and KCC CORPORATION.
Key Findings of the Study:
- By material, the oxide ceramics material segment accounted for the highest market share in 2018 and is expected to be the largest segment by the end of 2026. Properties associated with oxide ceramics have made them highly favorable in electronics & semiconductors, automotive, and power generation industries.
- By product type, the monolithic ceramics segment emerged as the global leader in 2018. Monolithic ceramics are increasingly used in consumer electronics to produce smaller size high-quality components, and the trend for miniaturization fuels the adoption of monolithic ceramics across the globe.
- Region-wise, Asia-Pacific accounted for the major market share in 2018, followed by North America and Europe. Asia-Pacific has the presence of established industries such as electronics, automotive, and power generation; which results in a stable demand for technical ceramics over the past few years.
- Technical ceramics are projected to be seen in the several new applications in the automotive and medical industries on account of their unique properties