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Advanced Ceramics Market To Witness Enhanced Usage In Electronics, Automotive And Machinery Industries Till 2024 | Million Insights

Advanced Ceramics Market To Witness Enhanced Usage In Electronics, Automotive And Machinery Industries Till 2024 | Million Insights

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According to new report available with Million Insights, The advanced ceramics industry has been segmented into electrical & electronics, machinery & automotive, environmental, and medical. Among the aforementioned segments, the environmental sector is expected to witness the highest growth during the forecast period, on account of increased usage in wind turbines and solar panels.

Industry Insights

The global advanced ceramics market was valued at USD 56 billion in 2015. The rising demand for electronic devices, notably in the emerging regions such as Asia Pacific, is expected to drive the growth of this industry over the forecast period.

Advanced ceramics, such as alumina nitride, silicon carbide, and titania, are more economical and high-performing in comparison with plastics, metals, and glass, thereby rendering them a good alternative to traditional materials.

The products, particularly the oxide and alumina ceramics, have properties such as, high modulus, wear resistance and inertness, which make them vital in the electronics segment. The rising demand for consumer durables in India, China, and Thailand is expected to be a key driver for the growth of the product during the forecast period.

The growth of this industry can also be attributed to the new manufacturing innovations taking place in the electronic devices segment, most notably in major markets such as Japan and China. In addition, the presence of numerous manufacturers in the region is expected to augment the product demand during the forecast period.

Application Insights

Advanced ceramics materials are widely used in devices, which undergo high wear & corrosion and operate at high temperatures. These products find wide applications in electrical equipment, catalyst supports, electronic devices, engine parts, and bio-ceramics, among which, the electronic devices segment accounted for the largest share in 2015.

The bio-ceramics segment was valued at nearly USD 2 billion in 2015. The bio-ceramics segment is expected to observe significant growth during the forecast period, primarily driven by the growing application scope in the medical sector. The recent developments in this field have facilitated the use of bio-ceramics for tissue & bone development and joints & hip replacement.

Full Research Report On Global Advanced Ceramics Market Analysis available at: https://www.millioninsights.com/industry-reports/advanced-ceramics-market-size

Material Insights

Among the key materials considered, alumina ceramics recorded a market share of 35% in 2015. This dominance can be attributed to specific properties such as high resistance to corrosion and weather conditions, which has increased the application scope in the electrical & electronics, automotive, and machinery industries. In addition, alumina is also used as a raw material in the manufacturing of bio-ceramics, which is expected to boost the segment growth during the forecast period.

The titanate ceramics is expected to observe the fastest growth during the forecast period, at a CAGR of over 11%. This rapid growth can be attributed to the high usage of the material in electronic components such as capacitors.

Product Insights

The ceramic matrix composites segment is slated to witness the highest growth of nearly 13% during the forecast period, as a result of increasing scope in key end-use verticals such as aerospace and automotive. In addition, the ceramic matrix composites find applications in transport equipment, space shuttles, and sports equipment, owing to its durability and hardness.

End Use Insights

The advanced ceramics industry has been segmented into electrical & electronics, machinery & automotive, environmental, and medical. Among the aforementioned segments, the environmental sector is expected to witness the highest growth during the forecast period, on account of increased usage in wind turbines and solar panels.

The manufacturers are investing heavily in R&D for the introduction of new and advanced products such as ceramic tiles, mosaic tiles, and ceramic surface grinding machinery. This is expected to positively impact the growth of the machinery segment.

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Regional Insights

The Asia Pacific region recorded a market share of 35% of the global industry and is slated to continue its dominance through the forecast years. The increased demand from the automotive sector in emerging markets such as India and China and the availability of cheap labor, raw materials, and rapid industrialization in the region are expected to drive this trend.

The North American market, particularly the U.S., has been witnessing considerable growth in terms of application in the medical and environmental segments. However, owing to mature nature of this regional market, the overall product demand in the region is expected to be slow during the forecast period.

Competitive Insights

The advanced ceramics industry is highly competitive, with the presence of a large number of manufacturers across the globe. The advanced ceramics market is dominated by two key participants, Morgan Advanced Ceramics and CeramTec, followed by Elan Technology, Oerlikon Surface Solutions AG, Optech Incorporated, CoorsTek, Kyocera Industrial Ceramics Corporation, 3M Company, DuPont, and Murata Manufacturing Co. Ltd.

Most players in this industry have adopted strategies such as new product developments and capacity expansion in order to acquire a competitive edge over their competitors. On February 2016, CeramTec increased its production capacity by opening the new kiln hall in Marktredwitz.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/advanced-materials

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