Albany, NY -- (SBWIRE) -- 04/24/2019 -- Global Monolithic Ceramics Market: Snapshot
The global monolithic ceramics market is envisaged to increase growth with swelling demand for ceramics in medical applications. Another important factor that could promise growth to the global monolithic ceramics market is the increasing demand for laptops, mobile phones, and electrical devices. Rising number of applications in end-use industries is expected to set the tone for valuable growth in the global monolithic ceramics market. This could be mainly due to increasing awareness about significant characteristics of monolithic ceramics, viz. wear resistance, high temperature resistance, durability, and reliability.
The global monolithic ceramics market is prognosticated to expand at a 7.3% CAGR between 2015 and 2023 to obtain a valuation of US$36.64 bn by the final forecast year.
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Market Growth in Electrical and Electronics Industry to Soar with High Use in Capacitors
On the basis of application, the global monolithic ceramics market sees a classification into medical, power, automotive, electrical and electronics, and other segments. Among these, electrical and electronics are foreseen to collect a king's share of the global monolithic ceramics market. Monolithic ceramics are largely employed in the electrical and electronics industry, especially in capacitors, semiconductors, and electronic components. In the power generation industry, monolithic ceramics are used in the manufacture of turbine blades. Monolithic ceramics are also used in the aerospace industry in the manufacture of engine components and other equipment.
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By product, the global monolithic ceramics market is classified into non-oxides and oxides. There are different types of monolithic ceramics used in different applications according to their specific properties. In the automobile industry, certain types of monolithic ceramics are used in alarm security systems and sensors. In the defense industry, monolithic ceramics are used in the manufacture of components for shuttles, weapons, and armors.
Rise of Automotive Industry to Create Broad Scope of Monolithic Ceramics Applications
Regionally, Asia Pacific is prognosticated to gather pace in the global monolithic ceramics market while taking a leading position in terms of revenue share. Expansion of the electrical and electronics industry in the region could help Asia Pacific to dominate the global monolithic ceramics market in the coming years. High demand for monolithic ceramics could also push the growth of the Asia Pacific market. The region is predicted to gain support from blockbuster country-wise markets for monolithic ceramics such as India, Japan, and China. In the near future, monolithic ceramics could find a wide range of applications birthing in the region due to the rise of the automotive industry.