The Global Technical Ceramics Market size was valued at USD 6.53 billion in 2020 and the market is projected to register a CAGR of over 7% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. The production activities in the electronics industry have halted, owing to logistics slowdown and unavailability of the workforce, which has impacted the market growth.

The global electronics industry is expected to witness around 62% drop in its sales for 2020. In the industrial machinery sector, owing to the pandemic and social distancing norms, there has been a decrease in the workforce across various industries globally.

- Over the short term, the market is driven by factors, such as increasing demand from the medical industry. The growth in end-user applications in the automotive industries on account of the rising demand for electric vehicles is expected to drive the demand for the market during the forecast period.

- High capital cost and properties such as brittleness and lack of strength of technical ceramics is likely to hinder the market growth.

- Technical ceramics are used to coat the wind turbine components to protect them against intense conditions of heat, dust, moisture, and UV radiation, which can cause high corrosion. The rising demand of clean energy generation is likely to drive the market.

- Increased demand for industrial applications (metallurgy and industrial machinery) is projected to act as an opportunity for the market in the future.

Key Market Trends

Increasing Demand from the Medical Industry

For sample report please visit: https://www.statzyreports.com/report/sr496927/technical-ceramics-market

- Technical ceramics are used in a wide range of medical devices, such as lithotripters and ultrasonic cleaners – and in dental ceramics, in the field of dentistry.

- Another major application of technical ceramics is in bioceramics, where it is used in artificial organ implants, especially hip joints. The replacement of chemotherapy with radioactive glass microspheres for liver cancer patients, ceramic-based orthodontic braces, biocompatible coatings, and advanced drug delivery systems for cardiovascular stents and other implantable medical devices and composite layers for gene therapy are a few other developing applications of technical ceramics.

- Among all demographic drivers, the aging population is anticipated to create additional demand for healthcare services and products, over the forecast period.

- Aging population is projected to be an enduring growth driver in Europe, Japan, and countries, such as Argentina, Thailand, and China, associated with a sharp decline in the youth population.

- The combination of an aging population and increased life expectancy, which was estimated to be risen by 72.3 years in 2014 to 73.5 years in 2019. Additionally, as per the latest estimates from WHO, by 2050, the global population aged 60 years and older will rise to about 2 billion from 900 million in 2015.

- The number is anticipated to be higher In Europe (nearly 20%) and Japan (approximately 30%). Among the factors contributing to increased life expectancy are enhanced living conditions, improved sanitation, better prevention of communicable diseases, and increasing access to medicine and better sanitation products.
- The rising prevalence of chronic diseases and the rapidly aging population worldwide are projected to increase the demand for medical implants, which will drive the demand of technical ceramics during the forecast period.

China to Dominate the Asia-Pacific Market

- In Asia-Pacific, China is the largest economy, in terms of GDP. The country witnessed GDP growth of 1.9% in 2020 and is expected to grow by 8.2% in 2021.

- Although China was the first country affected by COVID-19 and its related lockdown, it was the first country to come out of lockdown as well. However, the country has been witnessing recurring cases of COVID-19, leading to further lockdowns. Additionally, manufacturing is heavily impacted, and it is expected to continue with slow growth in 2020. Moreover, a significant share of the Chinese economy is linked to foreign exports, where demand is still low due to lockdowns being practiced in various countries because of the COVID-19 outbreak. This has negatively affected the Chinese technical ceramics market, in 2020.
- China has the world’s largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.

- In China, with the increase in the disposable income of the middle-class population and the rising demand for electronic products countries importing electronic products from China, the production of electronics is projected to grow. With the growing electronics and construction industry, the demand for technical ceramics is expected to increase. However, the COVID-19 outbreak is expected to hamper the growth of the electronics market in the country, during 2020-2021.
- In Q1 2020, the manufacturing facilities have shut down and halted production in the country, due to the COVID-19 pandemic. Thus, this is expected to hamper the automobile production in the country, in 2020. However, in Q2 2020, the manufacturing plants have resumed operations. The manufacturing activities are picking up pace, thus, driving the demand for technical ceramics.

- China's power generation rose by over 7% Y-o-Y in 2019, holding a share of almost 26%, globally. Chinese solar panel manufacturers are formulating output-boosting innovations to ensure continued survival in the market. For instance, JinkoSolar Holding is currently developing solar modules with a back sheet that can generate power from light by reflected off the ground.
- The medical device market in China is considered one of the fastest-growing sectors and was estimated to cross over USD 95 billion, by the end of 2020. The number of private hospitals in the country is relatively small, and the healthcare product procurement is majorly driven by large public hospitals, which has led to the increasing usage of medical devices in public hospitals, thus, stimulating the demand for technical ceramics in the sector.

Competitive Landscape

The global Technical Ceramics market is partially fragmented in nature. Some of the major players in the market include 3M, Morgan Advanced Materials, CoorsTek Inc., KYOCERA Corporation, and NGK SPARK PLUG CO.,LTD.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr496927/technical-ceramics-market