MarketsandMarkets: Ceramic Balls Market Worth $636.3 Million by 2023

July 9, 2018
www.marketsandmarkets.com
https://www.marketsandmarkets.com/Market-Reports/ceramic-ball-market-140001589.html
MarketsandMarkets: Ceramic Balls Market Worth $636.3 Million by 2023
 
 
MarketsandMarkets’ report, “Ceramic Balls Market by Function (Inert, and Active) Material (Silicon, Alumina, Zirconia), Application (Bearing, Grinding, valve), End-Use Industry (Automotive, Chemical, Aerospace), and Region – Global Forecast to 2023,” reports that the ceramic balls market is projected to grow from USD $433.0 million in 2018 to USD $636.3 million by 2023, at a CAGR of 8.0% between 2018 and 2023.
 
The increasing use of heat and corrosion resistant materials in the automotive end-use industry is one of the significant factors driving the ceramic balls market.
 
Based on material, the silicon-based ceramic balls segment of the ceramic balls market is projected to register the highest CAGR during the forecast period.
 
Silicon-based ceramic balls provide superior properties, such as excellent high temperature resistance corrosion resistance, and wear resistance, which have increased their importance in the automotive end-use industry. The properties offered by these ceramic balls are better than their substitutes, such as metals and alloys. This factor is projected to drive the silicon-based ceramic balls market during the forecast period.
 
Ceramic balls are lightweight, resistant to corrosion and heat, and durable. These properties make them one of the preferred products for the automotive end-use industry. The automotive industry is focusing on finding materials for reducing weight and increasing efficiency of the vehicles. These requirements have encouraged various players in the automotive industry to use ceramic balls as check balls, turbochargers, bearings, engine components, gauges, and other automotive parts. Therefore, the increased use of ceramic balls in the automotive industry is expected to be a major factor driving the market between 2018 and 2023.
 
APAC is estimated to be the largest market for ceramic balls in 2018. The growth of the APAC ceramic balls market can be attributed to the expansion of the automotive industries. The growth is also attributed to the presence of well-established automotive manufacturers in this region.