The Global Market for Advanced Ceramics is Projected to Reach US$93.0 Billion by 2024

Growing Demand for High Performance Ceramic Materials to Drive Growth of Advanced Ceramics, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Advanced Ceramics market. The global market for Advanced Ceramics is projected to reach US$93.0 billion by 2024, driven by technological advancements and innovations, expanding application markets such as wearables, and surging penetration of industrial Internet of Things (IoT).
Advanced ceramics, also known as technical ceramics are characterized by superior biological, chemical, electrical and physical properties while help them overcome the limitations of traditional ceramics. Advanced ceramics mainly find use in applications where improved performance, ballistic protection, environmental protection, energy efficiency and lower operating costs are desired. Going forward, demand for advanced ceramics continues to be dictated by the manufacturing sector as the materials are widely used in the production of a range of products including industrial machinery, motor vehicles, electrical equipment, aircrafts and electronic components, among others.
The growth in the market is expected to be driven by application of the material in new end-use areas such as wearables and increasing usage in established applications due to the growing recognition of its wide ranging benefits such as corrosion resistance, thermal resistance, and high mechanical strength, among others. Opportunities would be guided by technological advancements and innovations, which enable the materials to compete efficiently with alternatives in the market, while also expanding their scope of usage to new end-use applications at the same time. Other factors to influence market growth patterns for advanced ceramics include environmental and regulatory issues, level of military activity, pricing patterns and competition from alternative materials among others.
With the electronics and automotive industries pushing the need for a new range of high-performance ceramic materials capable of withstanding extreme conditions during operation or during the processing of component manufacturing, focus on development of innovative advanced ceramics is on rise. Growing demand for high-performance electronics, computing and communication devices and the surging penetration of Internet of Things (IoT) continue to prop large-scale adoption of advanced ceramic compositions within these industries. Development of novel ceramic nanocomposites is also gaining attention driven by growing demand for high performance and durable composite.  Wearables comprise another potential market for advanced ceramics wherein the material is evolving as a better replacement for conventional materials such as metal due to superior characteristics including required hardness, wear-resistance and scratch resistance. Besides product innovations, the advanced ceramics industry is also witnessing development of high-quality manufacturing processes.
Monolithic ceramics comprise form the largest market segment with electronic and electric products representing the major end-use markets. The growing trend of miniaturization of electronic components continues to fuel new opportunities in the market. Ceramic Matrix Composites (CMCs) are expected to witness strong demand benefitting from increased usage in temperature and corrosion applications.
As stated by the new market research report on Advanced Ceramics, Asia-Pacific represents the largest and the fastest growing market with a CAGR of 7.4% over the analysis period, led by rapid industrialization and the ensuing expansion of the manufacturing sector, steady automobile production trends, and improved consumer spending in countries such as India and China.

Major players in the market include Applied Ceramics Inc., Ceradyne Inc., CeramTec AG, COI Ceramics Inc., CoorsTek Inc., Covalent Materials Corporation, International Ceramic Engineering, Materion Ceramics, Momentive, Kyocera Industrial Ceramics Corporation, Morgan Advanced Materials, and Murata Manufacturing Co. Ltd, among others.

The research report titled “Advanced Ceramics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets including US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, and Rest of Latin America). The global and regional markets are analyzed by following product segments - Matrix Composites, Coatings, and Monolithic Ceramics, and end-use sectors - Chemical, Electrical, Electronic, Machinery, Transportation, and Others (Pollution Control, Armor, and Medical Products among Others).

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