Albany, NY -- (SBWIRE) -- 01/02/2018 -- Transparency Market Research has published a new market report titled "Monolithic Ceramics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global monolithic ceramics market was valued at US$ 19.43 Bn in 2014 and is anticipated to reach US$ 36.64 Bn by 2023, expanding at a CAGR of 7.3% between 2015 and 2023.
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Monolithic ceramics are ceramics that offer properties such as fabrication and polycrystalline microstructure without reinforcement. It is one of the major types of products of advanced and technical ceramics. Monolithic ceramics are segmented into oxides and non-oxides. Types of monolithic ceramics include silicon nitride, zirconium oxide, zirconium carbide, aluminum nitride, silicon carbide, and aluminum oxide.
Monolithic ceramics offer specific properties such as reliability, durability, resistance to high temperature, and wear resistance. Thus, these ceramics are employed in wide applications in various end-user industries such as electrical & electronics, automotive, aerospace, power, defense & military, medical, and transportation. In 2014, electrical & electronics segment accounted for more than 50% volume share of the global monolithic ceramics market. Monolithic ceramics are used in the manufacture of capacitors and semiconductors in the electrical & electronics sector. Monolithic ceramics are employed in the manufacture of turbine blades and engine components in the power generation industry.
Expansion in medical and health care industries is anticipated to drive the global market in the near future. Rising demand for medical devices and equipment is anticipated to boost the demand for monolithic ceramics in the near future. Growth in research & development especially in the properties of monolithic ceramics such as reliability, durability, and resistance to high temperature are expected to open new avenues in the market. Monolithic ceramics are also employed in the manufacture of sensors and alarm systems. High temperature resistance and thermal barrier properties are the major factors driving the usage of monolithic ceramics in power and electrical & electronics sectors. Aerospace and defense segment accounted for smaller share in 2014 however, rising demand for monolithic ceramics components such as armors, weapons, and shuttles is likely to fuel market growth during the forecast period.
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In 2014, Asia Pacific was the largest market for monolithic ceramics, followed by North America and Europe. Countries in Asia Pacific such as China, Japan, and India are propelling the monolithic ceramics market in the region. Growth in economies in Asia Pacific is projected to contribute to the dominance of the region in the near future.