The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Ceramic Core Market.
It was estimated prior to this unanticipated outbreak that the Ceramic Core Market was expected to grow at a CAGR of 3.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Ceramic Cores are sacrificial ceramic structures largely used for making cavities that are too small or complex to be machined within investing casting procedures. Ceramic Cores are of different types, such as Zircon, Silica, and Alumina, that are used in various end-use industries, such as aerospace, industrial gas turbine, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the material type, the market is segmented as zircon, silica, and alumina. The silica segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period due to its performance benefits, such as high strength and heat resistance.
Based on the end-use industry type, the ceramic core market is segmented as aerospace, industrial gas turbine, and others. The aerospace industry segment dominates the market. Further, the growing usage in engine blade investment casting are propelling the growth during the forecast period.
In terms of regions, North America is estimated to be the largest as well as fastest-growing ceramic core market during the forecast period, with the USA, Mexico, and Canada being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as aerospace, industrial gas turbine, and others, which is generating huge demand for ceramic cores. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major ceramic core manufacturers are-