Globally, the APAC electroceramics market is expected to witness the fastest revenue growth, demonstrating a CAGR of 7.1%, during the forecast period. This is attributable to high-volume demand for these ceramics in consumer electronics and automotive manufacturing industries in the region. Furthermore, growth in other end-use industries such as medical are also expected to warrant adoption of these ceramics, thereby driving the growth of the market, during the forecast period.
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As the global economy is witnessing a massive improvement, governments of many countries, especially of emerging economies, are now in a position to invest more in the healthcare sector. The Organization for Economic Co-operation and Development reported that its member states increased their healthcare spending by 3.4% in 2016. The improvement in the gross domestic product of various countries has resulted in the increasing disposable income of people, which, in turn, has led to the higher demand for better and hi-tech products and services, including in the healthcare sector.
To offer their residents better healthcare facilities, governments and stakeholders are increasingly spending on procuring advanced medical equipment. One of the latest advancements in the medical equipment manufacturing sector is the adoption of electroceramics. These are a type of ceramic material that display electrical properties and also exhibit high mechanical, thermal, and chemical stability. They even have unique magnetic and optical properties, which are extremely beneficial in manufacturing devices and products for automation, energy storage, and communication purposes.
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Along with their physical properties, electroceramics are corrosion and heat resistant, and have a dielectric and insulating nature, which makes them suitable for use in orthopedic applications, such as femoral heads, feedthroughs, and implantable sensors, and brachytherapy seeds in cancer treatment.
In recent years, the electroceramics market activities have been directed toward expansion of existing facilities, acquisitions, and product launches in the market. For instance, in March 2017, CeramTec GmbH announced the acquisition of the U.K.-based electroceramics business of Morgan Advanced Materials plc for a value of $60.2 million. The acquisition is aimed to assist CeramTec in expansion of its product portfolio by gaining technological capabilities for the production of piezoelectric and dielectric ceramics.
This post was originally published on Raleigh Recorder