CHICAGO, July 10, 2023 /PRNewswire/ -- The report "Advanced Ceramics Market by Material (Alumina, Zirconia, Titanate, Silicon Carbide), Application, End-Use Industry (Electrical & Electronics, Transportation, Medical, Defense & Security, Environmental, Chemical) and Region - Global Forecast to 2028", size is projected to reach USD 15.1 billion by 2028 from USD 11.2 billion in 2023, at a CAGR of 6.1% during the forecast period.
Advanced ceramics are high strength, corrosion-resistant, lightweight, and non-metallic ceramic materials, which are well-known for their high chemical purity. They play a critical role in electronics, telecommunication, manufacturing, transportation, medical, defense, and space exploration industries. The market for advanced ceramics has exhibited high growth in these end-use industries owing to the expanding demand in applications such as 5G connectivity, AI, IoT, and 3D printing technology. This rise in demand is backed by the superior properties of ceramics to withstand corrosive, high-temperature, and hazardous chemical environments.
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Silicon carbide ceramics is second fastest growing segment based on material type, in terms of value, during the forecast period."
Silicon carbide ceramics have numerous application areas, and they are ideal for use in various sectors such as nuclear energy, space technology, automobile, marine engineering, and electrical & electronics. They are toxicologically safe and can be used in the food & beverage industry as well. They are considered the most promising material for manufacturing rocket nozzles, gas turbines, and engine components in the aerospace and automotive sectors. They are also used in the manufacturing of cutting tools, bearings, seals and pump parts, corrosion-resistant containers, and other parts & components required in power, OEM, oil & gas, and chemical industries.
Ceramic coatings segment is estimated to be the second largest advanced ceramics consuming application, in terms of value, during the forecast period.
Ceramic coatings possess a significantly higher level of abrasion resistance than most metals and can maintain their integrity under elevated temperatures. The type of ceramic coating, its thickness, and means of deposition depend on the final use of the components to be coated and their functional environment. Ceramic coatings are suitable for high-wear, high-temperature, and corrosion-resistant applications. Ceramic coatings are widely consumed by the aerospace, automobile, medical, and electronics industries. Growing plasma-sprayed coatings in semiconductor and LCD equipment are driving their market.
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Electrical & electronics is expected to be the largest end use industry, in terms of value, during the forecast period.
Ceramic components possess good insulation, piezoelectric & dielectric properties, and superconductivity, which make them highly preferred in the electronics industry. They are used in a wide range of applications, including substrates for hard disk drives, accelerator tubes for electronic microscopes, kitchen utilities, and cellular phones. The growth of the electronics industry in major markets such as China, India, and the Middle East led to a rise in the consumption of advanced ceramics in electrical & electronic equipment.
Europe likely to emerge as the third largest advanced ceramics market, in terms of value, during the forecast period.
Europe was the third-largest market for advanced ceramics. The strong industrial base in developed economies, such as the UK, Italy, France, and Germany, drives the advanced ceramics market in Europe. Germany, France, the UK, and Italy are the leading markets for advanced ceramics in Europe. The European market is at a mature stage, which is primarily because of the gradual shift of the manufacturing industry to countries with high demand and lower production cost. However, growing investments in AI, IoT, and 3D printing technologies are resulting in demand for advanced ceramics. The increasing demand for advanced ceramics from the transportation and medical industries is also among the major drivers of the market in Europe.
Kyocera Corporation (Japan), Saint-Gobain Ceramic Materials (US), Ceram Tec (US), CoorsTek (US), Morgan Advanced Materials (UK), and 3M (US) are some of the key players in the advanced ceramics market. These players have established a strong foothold in the market by adopting strategies, such as new product launches, expansions, joint ventures, and mergers & acquisitions.
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