The global Advanced Ceramics Market is estimated to be valued at US$ 91617.4 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Advanced ceramics include materials like alumina, titania and silicon carbide which are known for their high strength, temperature and corrosion resistant properties. These materials are extensively used in applications like medical implants, electronics, automotive and aerospace industries. They offer advantages like low density, excellent mechanical properties and electrical insulation. The growing demand for advanced ceramic materials from various industrial applications such as electronics, automotive and medical implants is driving the growth of this market.
Market key trends:
Rapid industrialization and urbanisation is one of the key trends driving the growth of the advanced ceramics market. As economies develop, industries like automotive, aerospace, electronics manufacturing witnesses significant expansion. This increases the demand for advanced ceramic materials like aluminum oxides, silicon carbide and titania which offers properties like strength, corrosion and heat resistance required in various manufacturing applications. Their usage in brake discs, engine components, semiconductor packaging and medical implants sees continuous rise with increasing industrial activities globally. Advanced ceramics can withstand high pressures and temperatures making them suitable for applications in harsh industrial environments. The ability of advanced ceramics to perform in difficult operating conditions is boosting their adoption across rapidly industrializing economies.
Strength: Advanced ceramics have unique properties like high strength, resistance to heat and corrosion which make them ideal for applications in various industries. Ceramics can withstand high temperatures without degradation.
Weakness: High manufacturing costs make advanced ceramics expensive compared to other materials. Brittleness also limits their applications. Processing challenges remain for some types of advanced ceramics.
Opportunity: Growing demand from various industries like electrical and electronics, automotive, chemical, medical will drive the advanced ceramics market. Emerging technologies create new opportunities for advanced ceramics usage.
Threats: Availability of substitute cheaper materials can hamper the market. Economic downturns and reduced capital investment can negatively impact market demand.
The Global Advanced Ceramics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises:
The Asia Pacific region currently dominates the advanced ceramics market and is expected to remain the fastest growing region during the forecast period as well. Countries like China, Japan, India have a strong manufacturing base and see growing demand from industries like electronics, automotive which drive the advanced ceramics usage.
Key players operating in the advanced ceramics include 3M (Ceradyne Inc.), AGC Inc., Applied Ceramics, Blasch Precision Ceramics Inc., Ceramtec, COI Ceramics Inc., Coorstek Inc., Corning Incorporated, International Ceramics Inc., Kyocera Corporation, MARUWA Co. Ltd, Materion Corporation, McDanel Advanced Ceramic Technologies, Morgan Advanced Materials, Murata Manufacturing Co. Ltd, Rauschert GmbH, Saint-Gobain, Small Precision Tools Inc., Vesuvius, and Wonik QnC Corporation.