Technical Ceramics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the short term, the market is driven by factors such as increasing demand from the medical industry. During the forecast period, the market is expected to be driven by the growing demand for electric vehicles, which will increase the number of end-user applications in the automotive industry.
• High costs of capital and a lack of technical ceramics are likely to slow down the growth of the market.
• In the future, the market is likely to benefit from the rise in demand for industrial applications like metallurgy and industrial machinery.

Technical Ceramics Market Trends

Increasing Demand from the Medical Industry

• Technical ceramics are an important part of the medical device industry because they provide new materials that can be used in a wide range of ways to help patients and make medical equipment work better.
• Technical ceramics are used in a lot of medical devices, like lithotripters and ultrasonic cleaners, as well as dental ceramics.
• Another major application of technical ceramics is bioceramics, which it is used in artificial organ implants, especially hip joints.
• Technical ceramics are also being used to replace chemotherapy for liver cancer patients with radioactive glass microspheres. They are also used to make orthodontic braces, biocompatible coatings, advanced drug delivery systems for cardiovascular stents and other implantable medical devices, and composite layers for gene therapy.
• The number is anticipated to be higher in Europe (nearly 20%) and Japan (approximately 30%). Improved living conditions, better sanitation, better prevention of communicable diseases, and easier access to medicine and better sanitation products are some of the things that have led to longer life expectancy.
• Europe has only 1/8 of the world's population, but it has about 1/4 of the world's cancer cases, with about 3.7 million new patients each year.
• Even though more than 40% of cancer deaths can be stopped, 20% of deaths in the European Union are caused by cancer.
• The rapidly expanding medical device business in India is crucial to its healthcare system. The industry produces specialized medical devices, implanted devices, diagnostic equipment, and other medical tools.
• In recent years, the Indian medical devices industry has expanded dramatically due to the country's large population, expanding healthcare demands, and favorable political climate. According to data from the International Trade Administration, the Indian market for medical equipment reached USD 11.9 billion in 2021 and is likely to keep growing in the years to come.
• The growing number of chronic diseases and the rapidly aging population around the world are expected to increase the demand for medical implants, which will drive the demand for technical ceramics from the medical industry during the forecast period.

China to Dominate the Asia-Pacific Market

• Technical ceramics offer special features that make them ideal for electronics applications. Electronic components, sensors, and subassemblies use technical ceramics.
• Technical ceramics' heat stability makes them useful in electronics. They can function at high temperatures without compromising structural integrity or electrical conductivity, making them ideal for power electronics applications. Technical ceramics are appropriate for high-voltage applications because they are electrically insulated and break-resistant.
• 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.
• According to Trend Economy data, in 2021 China's exports of electrical machinery and equipment totaled 3,362.3 billion USD, a rise of 29.8 percent from the previous year.
• Chinese solar panel manufacturers are formulating output-boosting innovations to ensure their continued survival in the market. For example, JinkoSolar Holding is making solar modules with a back sheet that can turn light that bounces off the ground into electricity.
• The world's biggest manufacturer of solar products and solar power generators brought 54.88 GW of new solar power into operation in 2021, bringing the total installed capacity to 306 GW despite a disruption in the supply of raw materials. China is also expected to add 75 to 90 gigawatts (GW) of solar power in 2022.
• China's medical device market is thought to be one of the fastest-growing markets and is expected to be worth more than $100 billion by 2021.
• From what has been said so far, it seems likely that China will lead the market during the forecast period.

Technical Ceramics Market Competitor Analysis

Additional benefits of purchasing the report:

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