BCC Research has released a new report on technical and advanced structural ceramics market in North America. According to the report, the market is expected to reach $4.4 billion in 2016 at a compound annual growth rate (CAGR) of 5.1%.
Advanced structural ceramics possess the abilities to solve several materials-based challenges faced in military, transportation, aerospace, power generation and process industry applications. These ceramics can help reduce energy consumption and decrease pollution. The technical and advanced structural ceramics market can be divided into six segments based on applications that include bioceramics; aircraft and aerospace equipment; energy- and high-temperature-resistant components; cutting tools and tool inserts; wear-, erosion-, and corrosion-resistant components; and advanced armor and military equipment.
Bioceramics is a major segment in the North American technical and advanced structural ceramics market and had generated approximately $2.2 billion in 2011. The division is anticipated to increase to $2.8 billion in 2016 at a CAGR of 5.2%.
The aircraft and aerospace equipment is projected to reach $17 million in 2016 at a CAGR of 2.5%. Another segment of the technical and advanced structural ceramics market, energy- and high-temperature-resistant components was worth $93 million and the value is expected to reach $124 million in 2016 at a 5.9% CAGR. The cutting tools and tool inserts segment is expected to increase to $189 million in 2016. The wear-, erosion-, and corrosion-resistant components segment is expected to increase from $457 million in 2011 to $583 million in 2016 at a 5% CAGR. Finally, the advanced armor and military equipment had generated $572 million in 2011 and in 2016 and it is projected to reach $696 million at a CAGR of 4%.
Source: http://www.bccresearch.com/