Press release
: Monolithic Ceramics Market Soaring at 7% CAGR During the Period 2017-2024
Rising demand for advanced ceramics in medical applications will propel the global monolithic ceramics market growth over the forecast timeframe. The product finds broad applications in the medical industry as machine components for diagnostics and radiology, as implants, and in some cases, even in the surgery of stones. The product?s properties such as bio-inertness, resistance to abrasion, stability in sterilizing conditions, and non-magnetizability will increase its demand in the healthcare industry and will drive the monolithic ceramics market till the end of the forecast period.
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Monolithic Ceramics Market size will exceed USD 30 billion by 2024, according to a new research report.
Rising income levels in developing countries along with government initiatives to decrease their countries mortality rates has led to increased spending in the healthcare industry which will in turn contribute to the monolithic ceramics market development. Global per capita medical expenditure was around USD 1,000 in 2016 and will likely exceed USD 1,650 in 2024. Asia Pacific and North America will witness robust growth in the medical sectors in coming years with healthcare spending increasing by more than 4% and 6% respectively during the forecast period and will boost the global monolithic ceramics market development.
Increasing concern about deteriorating environmental conditions in many regions of the world will provide a tremendous opportunity for the global monolithic ceramics market. These are widely used in pollution control devices of automobiles. Stringent norms regarding the emission of greenhouse gases from automotive exhausts will likely boost the product demand in these devices in the near future.
Non-oxides and oxides are the two product segments in the monolithic ceramics market. Oxides segment revenue will exceed USD 17 billion in 2024 and is likely to account for majority of the industry share. Non-oxides segment will grow by a CAGR of over 7.5% in the upcoming years. This segment?s progress will be boosted by its usage in structural applications owing to its corrosion resistance and high temperature properties.
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Global monolithic ceramics market is categorized on the basis of application into automotive, electrical & electronics, medical, power, and others including defense applications, plastic manufacturing, etc. Automotive segment will register over a tenth of the total monolithic ceramics market in 2024, while medical application segment will gain market share in the forecast period and will register a revenue exceeding USD 4.5 billion by 2024. The product finds wide usage in medical implants and diagnostic tools. Rising medical expenditure in developing nations will augment this segment?s growth in next seven years.
In 2016, Asia Pacific was the largest contributor to the monolithic ceramics market and will hold sway over the forecast period owing to robust growth in electrical & electronics industry in the region. It will generate a revenue exceeding USD 11 billion in 2024, rising by around 8% CAGR. Increasing demand for automobiles as well as developments in medical industry will also favor the regional industry growth. Latin America monolithic ceramics market will experience growth of about 6.5% CAGR in the forecast timeframe. Oxides product segment will hold a majority of the Latin American monolithic ceramics market through the forecast period.
Advanced Ceramics Manufacturing, CoorsTek, CeramTec, Ceradyne, Morgan Advanced Materials, Elan Technology, McDanel Advanced Ceramic Technologies, Corning Inc., Saint-Gobain Ceramic Materials, KYOCERA Corporation, Murata Manufacturing Company, Rauschert GmbH, Pingxiang NANXIANG Chemical Packing Company, Pingxiang Xingfeng Chemical Packing Company, and Pingxiang Yingchao Chemical Packing Company are the top manufacturers in the global monolithic ceramics market.
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