VANCOUVER, BC, Nov. 8, 2021 /PRNewswire/ -- The global advanced ceramics market size reached USD 9.91 Billion in 2020 and is expected to register a significantly robust revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Rising demand for advanced ceramics in automotive and medical industries is expected to continue to drive market revenue growth going forward. Owing to thermal and electrical characteristics, batteries parts in the automotive industry have a significant adoption rate. Zirconia ceramics are widely used in the medical field. Its beneficial physical, biological, and aesthetic characteristics are driving its adoption. As a result, need for abutments, artificial bones, and implants are expected to be on the rise. Thus, rising product demand in such applications is expected to augment revenue growth of the market over the forecast period. Market growth is expected to be supported by rising demand for electroceramics. Electroceramics are a type of advanced ceramic that is utilized in a wide range of applications, spanning basic insulators to complicated ferroelectrics. This product has excellent pressure and temperature resistance, as well as tensile strength and wear resistance.
The high cost of manufacturing and using ceramics is a key restrain to global advanced ceramics market revenue growth. Additionally, stringent environmental standards that restrict the wide usage of advanced ceramics is expected to hamper global market growth during the forecast period.
The global advanced ceramics market is expected to expand at a CAGR of 4.7% from USD 9.91 Billion in 2020 to USD 14.13 Billion by 2028. Global advanced ceramics market growth is being driven by rising demand for consumer electronics products. Increasing advancements in 3D printing technology are also expected to contribute significantly to revenue growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic had a significant impact on the automotive and electronic sectors. Government regulations have limited raw materials availability. It has affected the production rates of automotive products and triggered distribution disruptions in the electronics industry. In addition, the pandemic caused the closing of processing plants around the world. Nevertheless, the market is expected to normalize in the coming years as governments take steps to normalize the operation of businesses.
Current Trends and Innovations:
Advanced ceramics manufacturers are introducing new features to their products as electronics technology advances and demand for new consumer electronics devices grows. Better wear resistance, tensile strength, and high pressure and heat resistance qualities of advanced ceramics, will continue to be the most desirable characteristics of electroceramics in the near future. This is expected to have a significant impact on global advanced ceramics market growth.
North America market revenue is expected to expand at a significantly rapid CAGR over the forecast period. This growth is attributable to increased demand for advanced ceramics in the production of electrical and electronic devices. Increased demand for ceramics over metals as well as other plastics and materials among end-users in countries in this region is expected to support market growth going ahead.
Some major companies operating in the market include CeramTec GmbH, 3M Company, CoorsTek, Inc., Morgan Advanced Materials plc, Kyocera Corporation, Saint-Gobain Ceramics & Plastics, Inc., Ceradyne, Inc., Ortech, Inc., COI Ceramics, Inc., and Materion Corp.
In April 2021, CoorsTek, Inc. announced expansion of its Benton production facility. The firm intends to increase its capital investment in its facilities by USD 9.0 million. Ceramic body armor is manufactured at the plant and is utilized by US military troops and allies. Other ceramic components for mechanical seals used in vehicles and other fluid-transporting processes, including petroleum products, are manufactured in this facility.
Regional Outlook (Volume Tons, Revenue, USD Billion; 2018–2028)
North America a. U.S. b. Canada c. Mexico
Europe a. Germany b. France c. U.K. d. Italy e. Spain f. BENELUX g. Rest of Europe
Asia Pacific a. China b. India c. Japan d. South Korea e. Rest of APAC
Latin America a. Brazil b. Rest of LATAM
Middle East & Africa a. Saudi Arabia b. UAE c. South Africa d. Turkey e. Rest of MEA
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