How Is Healthcare Sector Fueling Electroceramics Demand?
The International Organization of Motor Vehicle Manufacturers (OICA) records that 1,427,074 units, 2,014,055 units, 3,394,446 units, 257,187 units, and 1,435,335 units of automobiles were manufactured in Thailand, Brazil, India, Argentina, and Russia, respectively, in 2020. The rising vehicle production creates an enormous requirement for electroceramics, as they are employed in spark plugs, oxygen sensors, knock sensors, and combustion sensors. Automakers deploy these sensors in internal combustion engine (ICE)-powered vehicles to monitor their major qualitative and performance indicators.
Additionally, the booming healthcare industry, on account of the mounting demand for healthcare services, soaring number of public and private partnerships in this industry, and rising expenditure, is expected to drive the electroceramics market at a CAGR of 5.9% during the forecast period (2018–2023). According to P&S Intelligence, the market revenue will grow from $8,590.9 million in 2017 to $12,084.4 million by 2023. These ceramics are expected to replace metal-based products in this sector due to their biocompatibility, inertness, high compressive strength, and ability to remain stable in high temperatures.
Moreover, the increasing requirement for high data transfer speeds and larger storage, owing to the surging adoption of electronic devices and components, will accelerate the production of electroceramics, globally. The burgeoning demand for electronic devices and components can be ascribed to the escalating digitalization rate, surging data volume, and improving network infrastructure across the world. Electroceramics are being used in telecommunication devices to handle the mounting data storage and data transfer speed demand without compromising the technological feasibility of a network.
The material segment of the electroceramics market is categorized into zirconate, titanate, alumina, and others, such as stannate, silicate, and niobite. Under this segment, the alumina category generated the highest revenue in 2017. This can be owed to the large-scale adoption of alumina-based electroceramics in wire feeders, thread guides, and lever collars owing to their exceptional wear and heat resistance and insulation. Additionally, the high thermal conductivity and hardness exhibited by such ceramics have contributed to the dominance of this category.
Globally, the Asia-Pacific (APAC) region accounted for the largest share in the electroceramics market in 2017, and it will also demonstrate the fastest growth during the forecast years. This can be credited to the extensive use of electroceramics in the consumer electronics and automotive industries in India, Taiwan, China, South Korea, and Japan. These ceramics are used in the capacitors and data storage devices integrated into consumer electronics and computers and peripheral equipment.
Therefore, the rising automobile production, growing healthcare sector, and surging demand for high data transfer speeds and storage capacity will facilitate the global production of electroceramics.