Advanced ceramics encompasses a spectrum of inorganic, non-metallic materials that exhibit attractive high-performance properties including excellent strength, durability, and thermal stability. Advanced ceramics find a diverse range of applications across industries like automotive, electronics, energy & power, industrial & manufacturing, medical, and defense & security. In the automotive industry, advanced ceramics are increasingly being used to manufacture engine and exhaust components due to their ability to withstand high temperatures and pressures. In electronics, advanced ceramics enable thinner, lighter, and higher performing devices due to their unique properties.

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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the advanced ceramics market is the rising demand from the automotive industry. Advanced ceramics find widespread application in manufacturing various automotive components such as engine parts, catalytic converters, sensors and so on due to their excellent heat resistance, strength, and durability properties. This has prompted automakers to increasingly use advanced ceramics instead of metals to manufacture lightweight parts that improve fuel efficiency. Additionally, the increasing adoption of electric and hybrid vehicles is also driving the demand for advanced ceramics in applications such as batteries and fuel cells. With governments across the globe promoting the use of green vehicles, the market for advanced ceramics is expected to grow substantially over the forecast period.

SWOT Analysis
Strength: The advanced ceramics market has high strength and enhanced properties compared to metals and plastics that enables its use across diverse industries. Advanced ceramics are resistant to corrosion, heat and wear and have increased stiffness which makes them suitable for high performance applications. They have long product life and require low maintenance.
Weakness: Advanced ceramics are brittle in nature which limits their applications. They have high production costs due to raw material requirements and manufacturing complexities. Development of new advanced ceramic materials requires huge investments in R&D.
Opportunity: Growing demand from the electronics, electrical, automotive, chemical and medical industries for advanced ceramic components offers significant growth opportunities. Increased usage of advanced ceramics in applications like SOFCs, memristors and thin film devices provides new avenues. Usage of 3D printing for manufacturing complex ceramic parts can further boost market opportunities.
Threats: Availability of substitute materials like metals, plastics and composites pose threat to advanced ceramics market. Economic slowdowns can negatively impact ceramic applications in end use sectors. Stringent government regulations regarding waste disposal of ceramic manufacturing also poses challenges.

Key Takeaways

The Global Advanced Ceramics Market Share is expected to witness high growth over the forecast period owing to increasing applications across diverse industries. The market size is projected to reach US$ 91617.4 Mn by 2024, registering a CAGR of 10%.

Regional analysis: Asia Pacific dominates the global advanced ceramics market and is anticipated to grow at the fastest pace during the forecast period. This is attributed to presence of huge ceramics manufacturing clusters and rapid industrialization in China, India and Japan. Countries like China, India and Japan are rapidly adopting advanced ceramics in industries like automotive, electronics and energy due to their distinguishing properties.

Key players: Key players operating in the advanced ceramics market are 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. They are focusing on new product launches and expansion strategies to strengthen their market position.

For more details on the report, Read- https://www.ukwebwire.com/advanced-ceramics-market-demand-share-analysis/