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Asia Pacific Monolithic Ceramics Market Size 2024 - What Are The Main Factors That Contributing Towards Industry Growth?

Author : Ronak Bora | Published Date : 2019-07-01 

In 2016, Asia Pacific was the largest contributor to the monolithic ceramics market and will hold sway over the forecast period owing to robust growth in electrical & electronics industry in the region. It will generate a revenue exceeding USD 11 billion in 2024, rising by around 8% CAGR. Increasing demand for automobiles as well as developments in medical industry will also favor the regional industry growth. Latin America monolithic ceramics market will experience growth of about 6.5% CAGR in the forecast timeframe. Oxides product segment will hold a majority of the Latin American monolithic ceramics market through the forecast period.

Driven by the technological innovations leading to a resurgence of the medical sector, monolithic ceramics market has emerged as a lucrative business gaining a chunk of its revenue from this fraternity. The medical application is one of the major application segments of monolithic ceramics market, expected to generate a share of USD 4.5 billion by 2024. Furthermore, recovery of industries including electronics, automotive, and machinery in several countries is expected to uplift monolithic ceramics industry trends. Also, propelling demand for advanced ceramics from the consumer electronics sector, especially in the emerging markets of Asia Pacific is positively depicting an upward growth trajectory for this market. Considering the diversified application forum of monolithic ceramics market, analysts claim it to record y-o-y growth of 7% over the period of 2017-2024.

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Monolithic ceramics, also known as advanced ceramics or industrial ceramics are reinforced ceramic compounds, which possess excellent magnetic, thermal, electrical, and optical properties. These ceramics are thus used in broad range of applications to enhance the reliability, lifespan of the material and withstand high temperature. Owing to these properties, monolithic ceramics have emerged as an effective alternative to steel and high-performance plastics in various industries.

Automotive and aerospace

Subject to its desirable mechanical, chemical, and physical properties, the usage of monolithic ceramics in the automotive industry has increased considerably. As per the estimates, automotive sector is foreseen to cover one tenth of the overall monolithic ceramics market share by 2024. Advanced ceramic materials are incorporated into automotive designs, as certain demanding conditions require a material that is reliable and robust. Advancements in car & aerospace manufacturing technology have generated higher complexity in the automobile parts. In the event of high temperature environments which calls for high durability materials, monolithic ceramics provides all the required components for peak engine performance as they are more cost-efficient than metal and more durable than plastic.

Power generation

High thermal strength and resistance to corrosion of monolithic ceramics have significantly increased the product demand in manufacturing of gas turbine components and high temperature heat exchangers within the power generation application. In 2016, monolithic ceramics industry generated over USD 2.5 billion from the power generation application and is likely to grow at significant pace over the coming seven years.

Electrical & electronics

Reportedly, the electrical and electronics sector led the application landscape of monolithic ceramics industry in 2016 and is expected to maintain an annual growth rate of 7.5% over 2017-2024. Owing to its unique physical and mechanical properties, monolithic ceramics are widely used in semiconductors. Rising global demand for electronic devices such as mobile phones and laptops has been testified as an instrumental factor propelling monolithic ceramics market growth over the coming years.

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Asia Pacific’s rapidly expanding electrical and electronics sector has allegedly ensured that the region remains at the forefront in terms of market demand. Reportedly, it is estimated to generate revenue over USD 11 billion by 2024, growing at a CAGR of 8% over the coming seven years. Europe monolithic ceramics market, having collected over USD 4.5 billion in 2016, is another region witnessing huge product demand, owing to its fully-fledged electrical and electronics industry. The industry is anticipated to be strongly characterized by M&As and collaborations, product innovations, and significant R&D spending in the coming years. Global Market Insights, Inc. projects the global monolithic ceramics industry to surpass a valuation of USD 30 billion by 2024.

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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