Monolithic Ceramics (Oxides And Non-Oxides) Market Foreseen to Grow Exponentially by 2023
The competitive landscape of monolithic ceramics market is characterized by the presence of various medium and large-scale manufacturers. Some of the leading players in the monolithic ceramics market are CeramTec, Advanced Ceramics Manufacturing, CoorsTek, Inc., Elan Technology, Ceradyne, Morgan Advanced Materials, Kyocera Corporation, McDanel Advanced Ceramic Technologies, Saint-Gobain Ceramic Materials, Murata Manufacturing, Rauschert, Corning Inc., Pingxiang Nanxiang Chemical Packing, Pingxiang Yingchao Chemical Packing, and Pingxiang Xingfeng Chemical Packing. These companies are concentrating on extensive research and development activities so as to expand the company’s product portfolio. Along with that, the firms are indulging into strategic merger and acquisitions and tie-ups that are likely to help the company reach into various regions and end-user industries is also common in the industry.
According to a report published in Transparency Market Research, the global monolithic ceramics market is growing at a steady CAGR of 7.3% within the forecast period from 2015 to 2023. In year 2014, the global monolithic ceramic market was valued at US$19.43 bn. This figure is estimated to reach around US$36.64 bn by the end of 2023. The monolithic ceramics are used in various end-use industries for example, automotive, electrical & electronics, aerospace, defense & military, power generation, medical, and transportation. Among these, electrical and electronics segment is anticipated to lead the global market, as they are being used in capacitors in the mentioned industry. Geographically, in 2014, Asia Pacific region held the highest market share, trailed by Europe and North America. The region is leading due to high demand for monolithic ceramics owing to development in electrical and electronics industry.
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Favored Properties of Monolithic Ceramics Make it a Preferred Choice Among End-Use Industries
Rise in healthcare and medical industries is foreseen to drive the global market in coming years. Increase in demand for medical equipments and devices is likely to fuel the demand for monolithic ceramics as well in future years. Improvement in research & development activities particularly in the properties of monolithic ceramics for example durability, reliability, and resistance to high temperature are estimated to present new scope of growth in the market. Monolithic ceramics are used in the manufacture of alarm and sensors systems as well.
High Production Cost to Hamper Market Growth in Future Years
The thermal barrier properties and high temperature resistance are the important factors driving the demand for monolithic ceramics in electrical and electronics and power and industry. Moreover, monolithic ceramics are employed in the production of components needed for weapons, armors, and shuttles. On the downside, the soaring production expenses is anticipated to act as a drawback for the market growth in the coming years.
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