Advanced Ceramics Market is Estimated to Witness High Growth Owing...

Advanced Ceramics Market is Estimated to Witness High Growth Owing to Rising Adoption in Emerging Applications

Postado 2024-01-11 06:57:44

Advanced ceramics are a group of industrial ceramics that exhibit high levels of performance and engineering properties such as corrosion resistance, strength, and wear resistance. They are used in a diverse range of industrial applications due to their unique functional properties. Advanced ceramics find major use in electronics, energy & power, medical, industrial & machine manufacturing sectors. For instance, in the electronics sector they are used to make insulators, microwave components, transducers, and actuators.

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 major drivers propelling the growth of the advanced ceramics market is the rising adoption in emerging applications. Advanced ceramics are finding increasing utilization in new applications such as 3D printing, 5G, photonics, white LEDs, energy storage, and water filtration. For instance, in the communications sector, advanced ceramics help improve transmission and reduce power consumption in 5G networks. In energy storage applications, they are used to make fuel cells and batteries more efficient. Advanced ceramics also enable manufacturers to fabricate smaller and more efficient motors. The superior properties of ceramics make them suitable for these emerging applications experiencing high demand. In addition, technological advancements have increased the design flexibility of advanced ceramics. Researchers are developing new ceramic compositions and forming methods to reduce costs and enhance properties for specialized uses. These ongoing advancements are further expanding the potential of advanced ceramics.

SWOT Analysis

Strength: The advanced ceramics market has various applications in medical devices, electrical & electronics, defense & security, and transportation, among others. Advanced ceramics such as alumina ceramics and zirconia ceramics are known for their high mechanical strength and thermal stability which makes them suitable materials for applications requiring high strength at high temperatures. They are wear and corrosion resistant which increases their service life.
Weakness: Advanced ceramics require high manufacturing costs owing to the use of expensive raw materials and complex and precise manufacturing processes such as hot pressing, reaction bonding, etc. The development of new ceramic materials involves substantial research and capital investments which adds to the overall product costs.
Opportunity: Growing demand from the medical devices sector is expected to boost growth. Ceramics are used in making dental implants, prosthetics, surgical instruments, and diagnostic equipment due to their biocompatibility. Advancements in material sciences have enabled development of new generation ceramics like bioinert ceramics for orthopedic and dental applications. Increasing adoption of ceramic matrix composites in the automotive industry to reduce vehicle weight and improve efficiency offers opportunities.
Threats: Volatility in raw material prices could increase product costs. Substitutes like plastics and metals that offer cost advantages over ceramics pose competition. Stringent regulatory approvals for medical grade ceramics delays their commercialization.

Key Takeaways

The Global Advanced Ceramics Market Size is expected to witness high growth over the forecast period due to increasing application areas. The medical devices segment currently accounts for the largest share and is expected to maintain its lead owing to expanding elderly population and rising healthcare expenditure levels. Advanced ceramics replace conventional materials in medical implants and surgical tools due to their biocompatibility and ability to mimic human bone structure.

Regional analysis: Asia Pacific region dominated the market in 2019 and is projected to grow at the fastest rate during the forecast period. Countries like China, Japan, and India are major consumers as well as producers of advanced ceramics. Growing medical devices and electronics manufacturing industries in these countries drives the regional market.

Key players: Key players operating in the advanced ceramics market are 3M (Ceradyne Inc.), AGC Inc., Kyocera Corporation, Corning Incorporated, McDanel Advanced Ceramic Technologies, and Saint-Gobain. These players focus on new product launches, partnerships, and expansion strategies to gain shares and cater to the rising demand.