Industries such as aerospace, automotive, electronics, healthcare, and energy increasingly recognized the benefits of advanced ceramics and incorporated them into their products and processes.
The advanced ceramics market is projected to reach a value of US$ 40,142.0 million in 2023 and is expected to grow to US$ 63,542.7 million by 2033, with a significant CAGR of 4.7%.
Advanced ceramics, also known as engineered or technical, exhibit superior strength, hardness, wear resistance, thermal stability, and chemical inertness.
They find applications in various industries, including aerospace, automotive, electronics, healthcare, energy, and defense. Advancements in ceramic manufacturing technologies, such as additive manufacturing or 3D printing, have expanded their potential.
The market is driven by the increasing use of silicon carbide ceramics (SiC) and gallium nitride (GaN) in various applications, growing demand for advanced ceramics from multiple industries, and the rising production and consumption of electroceramics. However, challenges such as higher prices compared to metals and alloys, limited production of certain ceramics, and lack of customer awareness about their potential applications may hinder the market growth.
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Silicon carbide commands the material segment in the advanced ceramics market, holding a share of 34.1%. Due to its wear resistance and thermal conductivity, silicon carbide finds extensive use in industries like automotive, aerospace, electronics, energy, and metallurgy, particularly in automotive components.
In the end-use segment, the medical industry leads with a significant market share of 31.0%. The medical sector's reliance on ceramics for advanced medical devices and its focus on improving patient outcomes contribute to its strong foothold in the market.
According to Future Market Insights, the United States is projected to account for 24.4% of the global market revenue in 2022. The region's advanced ceramics market is driven by increased usage in the electrical and electronics industry, growing demand for aluminum nitride ceramics, and their incorporation in sectors like aerospace and automotive.
Europe is expected to hold a 12% share of the global market in 2022. The region's growth is attributed to the rapid expansion of the electronics and medical equipment industries. Initiatives like government funding further boost the development of the European market as a global center for advanced ceramics.
The Indian market for advanced ceramics is experiencing a CAGR of 5.6%. The unique properties of advanced ceramics, coupled with infrastructure development and sustainable initiatives, create opportunities for manufacturers, suppliers, and industry stakeholders in the country.
Recent Development
CoorsTek, Kyocera Corp, Corning IncMorgan Advanced Materials, Murata Manufacturing Co. Ltd, Ceram Tec., Ceradyne Inc., and others are significant players in the worldwide advanced ceramics industry. Given several competitors, the market is extremely competitive. While global companies account for a sizable share of the market, regional players are active in key growing areas, especially Asia Pacific.
CoorsTek announced the expansion of its production footprint in Benton, Arkansas, in April 2021. Construction on a US$ 26.0 million building extension at the Benton location for expanded production operations in the aerospace and defense industries was finished in 2020. The investment in the 230,000-square-foot facility is around US$ 9.0 million.
CoorsTek announced the development of its production facilities in Southeast Asia in February 2021. The first phase of the 400,000-square-foot complex in Thailand's Rayong province began in February 2021. The launch of our Thailand factory establishes a vital manufacturing center for CoorsTek's continuous supply of high-quality engineered ceramics throughout Southeast Asia.
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Key Segments Covered in the Advanced Ceramics Market Report
By Class:
By Material:
By End-use Industry:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 03, 2023
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