In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Advanced ceramics are highly engineered crystalline microstructures, and an advanced form of traditional ceramics, which have extensive resistance towards melting, stretching, corrosion, blending or wear. They have specified properties which cannot be obtained in conventional materials, such as high refractoriness and hardness, low density, low coefficient of thermal expansion (CTE) and higher working temperatures. They offer superior electrical, thermal and physical properties, thereby finding ample usage in the power and metallurgy industries.
Advanced ceramics are manufactured using synthetic compounds. The potential of the industry was observed in the past three decades, when the term was coined in the 1970’s, to designate a new category of engineering material. Furthermore, extensive study on ceramic chemistry and crystallography, combined with knowledge gained in the field of engineering and advanced ceramics, helped engineers achieve advancements in the manufacturing sector, which seemed impossible in the past.
The advanced ceramics in power and metallurgy market is observing vibrant growth on account of growing usage of thermal resistant materials in various components, associated with the production process of metals in the metallurgy industry. Furthermore, increasing applications of silicon carbide (SiC) and gallium nitride (GaN), for manufacturing of abrasives and refractories used in thermal power plants, are some of the notable factors that are expected to boost the growth of the advanced ceramics in power and metallurgy market.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. The advanced ceramics in power and metallurgy market is segmented by application type into wear & tear, cutting and others, out of which wear & tear segment is anticipated to have largest market share on account of growing demand for restoration of spare parts, especially pumps and valves among others. According to Valve Manufacturers Association of America (VMA), industrial valve shipments in the power generation industry was 11.1 (% of total) in 2010 and it reached 11.8 (% of total) in 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Furthermore, the growing power and metallurgy industry pertaining to rising consumption of energy and production of metals such as steel, and others, around the globe, is anticipated to fuel the growth of the segment. According to World Steel Association, crude steel production around the globe was 1689 million tonnes in 2017 from that of 189 million tonnes in 1950.
The power and metallurgy industry is classified on the basis of production processes to input & pre-processing of raw materials, formulation and output of finished product. Throughout the stages, the raw materials are transported by using various sophisticated mechanical components, causing frequent wear and tear of these components.
Amongst all, the most widely worn components include chute liners, pipe linings, cyclone walls, pump, valve parts and others; the reason being exposure to extreme high temperatures, and containment of chemical solutions, suspensions, coal slurries and drilling muds among others, thereby creating the demand for restoration of these parts and uphold the flow of manufacturing processes.
Most of these restoration parts are built with advanced ceramic materials, which have tribological, piezoelectric and conducting properties, among others, therefore generating the demand for advanced ceramics in power and metallurgy market.
There is a growing demand amongst enterprises in the power and metallurgy industry for the application of insulating paint and coating solutions, in order to resist abrasion, temperature, radiation and corrosion among others. Broilers, reactors, gas turbines, and others in the thermal power plants, are exposed to extreme heat involving temperatures of around 2300 degree Fahrenheit. Insulating coatings, which are made of advanced ceramic compounds, are applied to the surface of these substrates in thin layers to enhance their surface performance. All of these factors are anticipated to support the growth of the advanced ceramics in power and metallurgy market throughout the forecast period.
Frequent fluctuations in the prices of raw-materials, used for manufacturing of advanced ceramics products, increases the cost of production of the derived goods, which is anticipated to act as a barrier to the growth of the advanced ceramics in power and metallurgy market during the forecast period.
Our in-depth analysis of the advanced ceramics in power and metallurgy market includes the following segments:
On the basis of regional analysis, the advanced ceramics in power and metallurgy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to have largest market share on account of highest number of coal fuelled power plants in the entire region. Furthermore, the region being the highest producer of steel, postulates the growing demand for higher usage of advanced ceramics against part restoration in these industries. According to World Steel Association, Asia was the highest producer of crude steel for the year 2017.
The advanced ceramics in power and metallurgy market is further classified on the basis of region as follows: