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).
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
Comments
Post a Comment