The global technical ceramics market was valued at US$ 84.33 Bn in 2018 and is anticipated to expand at a CAGR of 6.68% from 2019 to 2027, according to a new research report titled ‘Technical Ceramics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency Market Research (TMR) The global technical ceramics market is driven by the rise in demand for technical ceramics in medical and electronics sectors across the globe.
The global electrical & electronics equipment industry was valued at more than US$ 2.8 Trn in 2017.
The electronics industry is strongly dependent on macroeconomic developments and government activities.
High Cost of Machining of Technical Ceramics Hampering MarketTechnical ceramics require machining to obtain a specific shape and size of a component before its usage in end-use industries.
The oxide ceramics segment comprises alumina ceramics, titanium ceramics, zirconium ceramics, and others (including magnesium oxide and sintered fused silica), while the non-oxide ceramics segment consists of alumina nitride, silica nitride, silica carbide, and others (including boron carbide and silicon aluminum oxynitride).
The segment is likely to remain highly lucrative during the forecast period, due to the rise in demand in the automotive industry, as ceramic matrix composites overcome the major demerits of monolithic ceramics such as brittle failure, low fracture toughness, and thermal shock resistance.Electrical & Electronics Segment to Lead MarketBased on end-use industry, the global technical ceramics market has been segregated into electrical & electronics, medical, automotive, energy & power, and others (including chemical products and consumer products).