Market Overview:
Advanced ceramics include oxide ceramics, non-oxide ceramics such silicon carbide and silicon nitride. They are widely used in applications requiring high temperature stability, mechanical strength, wear & corrosion resistance, and electrical insulation. Some key uses of advanced ceramics include electronics, automotive, medical devices, energy & power, and defense & security. Within automotive, advanced ceramics see increasing use in components for electric vehicle drivetrains such as battery enclosures, electronics parts, and electrical insulators owing to their heat resistance and insulation properties.
Market Dynamics:
Rising adoption of electric vehicles globally is a major driver for the advanced ceramics market. Electric vehicles use more advanced ceramics compared to internal combustion engines as ceramics can withstand high temperatures generated in electric vehicle batteries and motor components better than traditional materials. Furthermore, stricter fuel efficiency and emission norms worldwide are also driving automakers to increase use of lightweight and high-strength advanced ceramics to boost electric vehicle performance and driving range. Stringent performance and safety standards for medical implants and devices also necessitate growing use of biocompatible advanced ceramics.
The global Advanced Ceramics Market Growth 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.
Segment Analysis
The advanced ceramics market can be segmented into monolithic ceramics, ceramic coatings, and ceramic matrix composites. Monolithic ceramics dominate the market and account for over 40% share due to widespread applications in electronics, electrical equipment, transportation and medical industries. They exhibit properties like high strength, durability, corrosion and heat resistance which makes them suitable for these applications.
PEST Analysis
Political: Governments across regions are supporting R&D activities in advanced materials like ceramics to drive industrial growth and competitiveness. They offer grants, loans and tax benefits for development of new ceramic products.
Economic: The outlook for global economy remains positive which will fuel demand from end-use industries and support the ceramic market growth.
Social: Rising health awareness and increasing spend on healthcare is propelling demand for advanced ceramics in medical applications like implants, sensors etc.
Technological: Continuous R&D is aiding product innovation through development of sturdier, miniaturized and multi-functional ceramic materials. Additive manufacturing process allows producing complex ceramic parts.
Key Takeaways
The global advanced ceramics market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period of 2023 to 2030, due to increasing demand from the medical industry. Asia Pacific region is projected to be the fastest growing as well as the largest market during the forecast period .The regional market is expected to grow at a CAGR of over 8% owing to rising medical tourism and increasing industrialization in countries like China and India.
The global advanced ceramics market size for 2023 is estimated to be US$ 91617.4 Mn. The medical industry is considered one of the major consumers of advanced ceramics due to increasing applications of ceramics in implants, sensors, dental ceramics and surgical equipment. Bioinert and biocompatible ceramic materials are well-suited for medical applications.
Key players operating in the advanced ceramics market 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. These players are focusing on new product launches and expansion in growing markets to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
