Advanced Ceramics Market worth $13.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 18, 2021 /PRNewswire/ -- According to the new market research report "Advanced Ceramics Market by Material (Alumina, Zirconia, Titanate, Silicon Carbide), Application, End-Use Industry (Electrical & Electronics, Transportation, Medical, Defense & Security, Environmental, Chemical) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Advanced Ceramics Market size is projected to reach USD 13.2 billion by 2026 from USD 10.3 billion in 2021, at a CAGR of 5.0% during the forecast period.
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Increasing demand for advanced ceramics in areas such as 5G connectivity, AI, IoT, and 3D printing technology is driving demand. This rise in demand is supported by the superior properties of ceramics to withstand corrosive, high-temperature, and hazardous chemical environments. The advanced ceramics market is also expected to benefit from the growing demand for replacement of metals and conventional materials in end use industries such as energy & power, automotive, electronics, and military & defense. In addition, advanced ceramics are also used in a wide range of medical devices such as implants, medical sensors, hip and knee joints, pacemakers and heart pumps, and drug delivery devices which is projected to further drive the market.
Based on material, alumina ceramics is estimated to be the largest market in the overall advanced ceramics market in 2021.
Alumina ceramics possess various properties such as extreme hardness, high density, wear resistance, thermal conductivity, high stiffness, chemical resistance, and compressive strength which make them suitable for wide variety of applications such as in nozzles, circuits, piston engines, and others. It offers up to twenty times the thermal conductivity amongst of other oxides. High purity alumina is usable in both oxidizing and reducing atmospheres.
Based on application, monolithic ceramics is expected to be the largest advanced ceramics consuming application in 2021.
Monolithic ceramics offer high durability, reliability, and protection against higher temperature that help increase the component's life. These ceramics are used in industries that require high-temperature operations. These ceramics are widely used in end-use industries, such as automotive, aerospace, power generation, military & defense, transportation, electrical & electronics, and medical. They are widely used in manufacturing medical devices, implants, and industrial components.
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Based on end-use industry, electrical & electronics is expected to be the largest advanced ceramics consumer in 2021.
Ceramic-based components are essential in products such as smartphones, computers, televisions, and automotive electronics. Advanced ceramics are used in manufacturing various electronics component, including capacitors, insulators, integrated circuit packages, piezoelectric components, and others. These ceramic components possess excellent properties including good insulation, piezoelectric & dielectric properties, and superconductivity, which makes them highly preferred in the electronics industry.
Based on region, APAC is projected to grow the fastest in the advanced ceramics market during the forecast period.
APAC accounted for the largest share amongst other regions in the advanced ceramics market in 2020, in terms of value. The rising demand from the electrical & electronics, medical, and automotive industries is driving the growth of the market in APAC. Rollout of 5G technology and innovations in medical electronics are expected to drive the consumption of advanced ceramics in the region. India and China are projected to be the fastest-growing markets in the region during the forecast period due to growing population, urbanization, technological advancements such as 5G, IoT, and supportive government regulations.
The key players in the advanced ceramics market include Kyocera Corporation (Japan), CeramTec (US), CoorsTek (US), Saint-Gobain Ceramic Materials (US), Morgan Advanced Materials (UK), and 3M (US). These players have established a strong foothold in the market by adopting strategies, such as new product launches, expansions, joint ventures, agreements, partnerships, and mergers & acquisitions.
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