Advanced Ceramics Market forecast to grow at a CAGR of 5.4% to be valued at US$ 105,483.4 Million from 2022 to 2032 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
North America is expected to be the most opportunistic with a 18.0% share of the total advanced ceramics market. The market is driven by the increasing use in electronic components and circuits. Ceramic components and systems are widely used in the electronics industry owing to their heat resistance and insulation properties
DUBAI, United Arab Emirates, March 07, 2023 (GLOBE NEWSWIRE) -- The global advanced ceramics market is expected to bode well over the assessment period by registering a CAGR of 5.4% throughout the valuation period from 2022 to 2032. The global market was valued at US$ 62,341.6 Million in 2022 to reach a valuation of US$ 105,483.4 Million in 2032. According to the historical analysis conducted by Future Market Insights, the global advanced ceramics market registered a CAGR of 3.9% from 2016 to 2021.
Advanced ceramics are excessively used to process substances in the development and manufacturing of ceramics materials that exhibit special properties. The traditional ceramics raw materials comprise clay minerals such as kaolinite, whereas more recent advance ceramics materials include aluminum oxide, more commonly known as alumina. Modern ceramics materials, which are classified as advanced ceramics, include silicon carbide and tungsten carbide.
Traditional ceramics were known for their widespread applications, although their downsides and limitations gave birth to the development of advanced ceramics. Similar to their traditional counterparts, advanced ceramics are utilized across a wide variety of end-use applications. Key manufacturers are further modifying their properties to suit more specific needs of end users.
Report Highlights
Advanced ceramics materials comprise numerous environmentally friendly qualities that help in increasing the performance of a large number of key manufacturers within the region. Furthermore, the high costs of advanced ceramics raw materials are acting as significant growth barriers.
Increasing uses of silicon carbide ceramics (SiC) and gallium nitride (GaN) in photovoltaic modules, wind turbines, and pollution control applications are boosting the growth of the market.
Another vital factor responsible for higher prices of advanced ceramics is the generation of the matrix. Additionally, the lack of customer awareness leads to less use of ceramics in the new application and may restrain the growth of the advanced ceramics market.
Surging demand for advanced ceramics from multiple end-use industries is attributed to the properties associated with advanced ceramics. Furthermore, augmenting demand for silicon nitride ceramics as well as growing sales of ceramics coatings is driving the market growth.
A significant surge has been witnessed in the adoption of zirconia ceramics, owing to the recent trends in advanced ceramics technology, and growing demand for titania-based materials are expected to increase the demand for advanced ceramics.
Growing demand for electro-ceramics is anticipated to increase the use of ceramics coatings and rising sales of high-performance ceramics driving the market growth. The demand for advanced ceramics is primarily driven by an increasing preference for lightweight materials in various industries. Rising production and consumption of these materials and components for the electrical and electronics sector boost the demand for advanced ceramics in coming years.
Despite numerous end-uses of advanced ceramics, several obstacles are likely to pose a challenge to market growth. The high prices associated with advanced ceramics than metal and alloy may impede the growth of the market. In addition to that, the production of alumina and silicon carbide fibre is relatively low which leads to increasing prices of carbide which affects the growth of the advanced ceramics market.
Some of the key participants present in the global advanced ceramics market are CoorsTek, Kyocera Corp, Corning IncMorgan Advanced Materials, Murata Manufacturing Co. Ltd, Ceram Tec., and Ceradyne Inc. among others.
Kyocera is one of the top companies showcasing a wide range of customized fine ceramics designed specifically for the oil & gas industry at the Offshore Technology Conference (OTC). Ceramics-based innovations on display include containment shells for magnetic pumps, frac buttons, mud pump liners, EMR sensors, plungers, valves, and a new customized 3D printing service for cost-effective ceramics prototyping.
Key Segments Profiled in the Advanced Ceramics Industry
Advanced Ceramics Market by Class:
Advanced Ceramics Coatings
Monolithic Advanced Ceramics
Advanced Ceramics Matrix Composites
Other Advanced Ceramics Classes
Advanced Ceramics Market by Material:
Silicon Carbide Advanced Ceramics
Alumina Advanced Ceramics
Zirconia Advanced Ceramics
Titanate Advanced Ceramics
Other Advanced Ceramics Material
Advanced Ceramics Market by End Use Industry:
Advanced Ceramics for Medical Use
Advanced Ceramics for Transportation
Advanced Ceramics for Electrical & Electronics Manufacturing
The North American region is anticipated to dominate the global advanced ceramics market over the evaluation period. Being one of the fastest-growing markets, the United States alone accounted for around 18.0% of the global market revenue in 2022. The growth of the market is attributed to the high presence of manufacturers of advanced ceramics in the U.S.
The European region is anticipated to account for around 12% share of the total advanced ceramics market in 2022. The growth in the European market is attributed to the rapid growth of end-use industries such as electronics and medical equipment industries, in these countries.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
