Technical ceramics are ceramic products that are used for a number of technical applications, owing to their diverse set of properties like hardness, rigidity, high temperature capability, high dielectric permittivity, and many others. Technical ceramics are extensively used in diesel engine filters, hot gas filtration, furnace radiant heaters, protection unit, fuel cell membranes, and others.
Forecast Analysis of the Global Technical Ceramics Market
Technical ceramics are thermally conductive, chemically inert, insulative, and have a considerably high corrosion resistance. This factor is expected to drive the growth of the global technical ceramics market during the forecast period. In addition, their versatile and extensive applications in various areas like deep sea exploration, supercomputers, new energy sources, space development, and many others is further expected to create ample opportunities for the growth of the technical ceramics market during the forecast period. However, high brittleness of technical ceramics is expected to impede the growth of the global market during the forecast period.
According to the report published by Research Dive, the global technical ceramics market is expected to garner a revenue of $12,300.1 million by 2028, growing expeditiously at a CAGR of 6.8% during the forecast period 2021-2028.
The major players of the market include Mcdanel Advanced Ceramic Technologies LLC, Rauschert GmbH, 3M, CoorsTek, Inc., CeramTec GmbH, Saint-Gobain Ceramics & Plastics, Inc., NGK Spark Plug Co., Ltd., CoorsTek, Inc., CeramTec GmbH, Kyocera Corporation, Morgan Advanced Materials, Superior Technical Ceramics, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global technical ceramics market to grow exponentially.
For instance, in May 2021, Fralock Holdings, LLC, a leading developer and manufacturer of engineered solutions for critical applications, acquired Ceramic Tech Incorporated (CTI), an end-to-end ceramic solutions provider whose capabilities include specialized formulations, pre-fired machining, Sintering, pressing and grinding, in order to explore new formulations in both oxidized and non-oxidized ceramics.
In August 2021, Fortify, a Boston-based innovative 3D printing startup, collaborated with Tethon 3D, global leader in advanced ceramic 3D printed materials, in order to initiate and accelerate the adoption of ceramics in a number of additive manufacturing applications.
In January 2021, Superior Technical Ceramics (STC), a portfolio company of Boston-based private equity firm, Artemis, and USA’s one of the most experienced technical ceramics manufacturers, acquired IJ Research (IJR), a manufacturer specializing in ceramic to metal seals based in Santa Anna, California, in order to expand STC's technical ceramic capabilities.
Most Profitable Region
The Asia-Pacific region is expected to dominate in the global technical ceramics market, and hence its growth is predicted to surge exponentially with CAGR of 7.4% during the forecast period. Low cost of electronics manufacturing coupled with massive demand for electronics in this region is expected to drive the growth of the market. In addition, large presence of technical ceramic manufacturing countries in this region is further predicted to stimulate the growth of the regional technical ceramics market during the forecast period.
COVID-19 Impact on the Market
The outbreak of coronavirus has had an adverse impact on the growth of the global technical ceramics market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns dreadfully affected the manufacturing and production units of various end-use industries, leading to their partial shutdown during the pandemic in order to curb the spread of the virus. In addition, stringent import-export restrictions imposed by government further contributed to decreased demand for technical ceramics across the globe.