Posted On: 2022-09-06
“Electronics & semiconductor acquired the largest market revenue share among the vertical, by End User Industry in the overall South Korea Technical Ceramics Market – 6Wresearch
South Korea Technical Ceramics market is expected to observe moderate growth during the period (2021-28) owing to different government initiative such as $37 billion Green New Deal which aims to boost green infrastructure and promote green energy to achieve Net Zero emission objective of South Korea by 2050. The electronics and semiconductor industry held a prominent market share in the market, and this trend is expected to continue in the coming years as government investments increase in the semiconductor industry. These investments will be focused on the "K-semiconductor belt," a newly named region south of Seoul that hopes to be the epicenter of South Korea's semiconductor push.
According to 6Wresearch, South Korea Technical Ceramic Market size is projected to grow at a CAGR of 6.4% during 2022-2028. Ascribed to a robust automotive sector in South Korea, an expanding military & defense sector, and a booming healthcare sector due to Covid-19, the demand for technical ceramic is expected to grow during the forecasted period. Medical sector’s medical devices market had a market capitalization of $5.8 bn in 2019 which recorded an annual average growth rate of 9.8% in 2020 as per the Ministry of Food and Drug Safety, South Korea. Moreover, the country’s government has been tremendously supporting medical devices market by focusing on regional MedTech sector which would positively impact the technical ceramics market in the years to come.
According to Navneet Agarwal, Manager, 6Wresearch, “By Material types, Oxide ceramics accounts for the highest market revenue share in the South Korean technical ceramics market in 2021, and this trend is expected to continue over the next few years. This is due to oxide ceramics being used to make equipment such as sleeves for pipes and electrical cables, high-temperature shielding, belts, blankets, gaskets, and other similar items for various industries.
According to Shivankar Guha, Research Analyst, 6Wresearch, “Ceramic matrix composites, by product type would grow significantly during the forecast period on account of its applicability to different industries such as aerospace and energy.” Technical ceramics is a raw material in the production of various subsegments of energy equipment, such as power distribution components, electrical power components, structural energy components and power generation. There is therefore a direct correlation between the energy sector and the technical ceramics market of South Korea. During the forecast period owing to South Korea's net zero goal for 2050 the energy sector of the country is expected to undergo transformation which would increase the demand for different energy equipment and hence is expected to contribute positively to the growth of the ceramic market.
South Korea Technical Ceramics Market (2022-2028)” report provides an in-depth analysis with 21 figures and 4 tables, covered in 67 pages. The report estimates and forecast the overall South Korea technical ceramics market. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.