Monolithic Ceramics Market will surpass USD 30 billion by 2024; according to a new research report.
Thriving worldwide electronics industry will be over USD 2.8 trillion by 2024 and will be a key driver for monolithic ceramics market in the near future. In 2016, the worldwide mobile phone user penetration was about 62% of global population which will reach more than 70% by 2024. The upsurge will be attributed to easy availability of smartphones at a wide range of prices along with the growing popularity of gadgets including notebooks, laptops, etc. These trends present brighter growth opportunities for the monolithic ceramics market throughout the forecast years.
Rising inclination in medical sector towards usage of advanced ceramics will also drive monolithic ceramics market development in the coming years. The growth will be mainly attributed to the product characteristics such as abrasion resistance, sterilization stability, bio-inertness, non-magnetizability etc. Increasing investments in medical sector will also positively influence product market growth. For instance, in 2024, the global medical expenses per capita will surpass USD 1,650, rising from USD 1,000 in 2016
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The monolithic ceramics market might be subjected to certain growth restraints in the forecast years such as higher energy costs involved in its production. Owing to the higher costs of manufacturing, attainment of competitive pricing will become a rare phenomenon for the industry participants. These traits also pose significant threats to the new market entrants.
The oxides segment will register revenue over USD 15 billion by the end of the forecast time. The non-oxides product segment will flourish with CAGR more than 7% by 2024. This segment's development will be mainly attributed to its employability in constructional structural applications supported by its high temperature and corrosion resistance properties.
Considering the application segment, the has been divided into automotive, medical, power, electrical & electronics, and others such as plastic manufacturing, defense applications, etc. The medical segment will observe a revenue beyond USD 4 billion by the end of the forecast time. The automotive category will account for more than 10% of the overall monolithic ceramics market share in 2024. Expanding medical spending in developing economies will enhance segment's development in the near future, as the product is widely used in diagnostic tools and medical implants.
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Asia Pacific accounted for the largest share in monolithic ceramics industry and will follow the similar trend by 2024. The market development will be mainly contributed to healthy gains in regional electrical & electronics, automobile and medical sectors. The region will witness revenue above USD 10 billion by 2024, with CAGR gains of around 8%. Oxides product segment will lead Latin American monolithic ceramics industry by 2024. This region will gain by a CAGR of over 6% product market throughout the forecast years.
Key industry participants in monolithic ceramics market consist of CoorsTek, Advanced Ceramics Manufacturing, Ceradyne, Morgan, Corning, CeramTec, Elan Technology, KYOCERA, Saint-Gobain Ceramic Materials, Pingxiang Yingchao Chemical Packing Company, McDanel Advanced Ceramic Technologies, Rauschert, Pingxiang NANXIANG Chemical Packing, Pingxiang Xingfeng Chemical Packing, and Murata Manufacturing.
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