Global Advanced Ceramics Market to Reach $99.5 Billion by 2024
SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Advanced Ceramics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 7144
Companies: 107 - Players covered include Applied Ceramics, Inc.; 3M Company; CeramTec TopCo GmbH; COI Ceramics, Inc.; CoorsTek, Inc.; Kyocera Corporation; Materion Corporation; Momentive Performance Materials, Inc.; Morgan Advanced Materials; Murata Manufacturing Co. Ltd.; NGK Insulators Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Monolithic Ceramics, Coatings, Matrix Composites); End-Use (Electrical & Electronics, Transportation, Machinery, Chemical, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Advanced Ceramics Market to Reach $99.5 Billion by 2024
Advanced ceramics also known as industrial ceramics, fine ceramics, engineered ceramics, and enhanced/technical ceramics, are reinforced ceramic compounds that are characterized by excellent thermal, magnetic, optical and electrical properties. Due to these properties, they have emerged as effective alternatives to high-performance plastics and steel. Growth in the global market is expected to be driven by application of the material in new end-use areas 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. Amid the COVID-19 crisis, the global market for Advanced Ceramics is projected to reach US$99.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 7.3% over the analysis period. China represents the largest regional market for Advanced Ceramics, accounting for an estimated 30.0% share of the global total. The market is projected to reach US$35.6 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 9.5% over the analysis period.
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. Other factors to influence market growth include environmental and regulatory issues, level of military activity, pricing patterns and competition from alternative materials among others. Next-generation high-speed communications such as 5G are further expected to offer new ground for expansion for advanced ceramics. The increasing penetration of next generation technologies such as Internet-of-Things (IoT), Industry 4.0, and 3D printing would also benefit the demand for advanced ceramics. Advanced ceramic applications in lightweight body armor, infrared missile domes, aircraft engines, and various space applications are likely to push demand in developed markets. The US is the leading developer and producer of Ceramic Matrix Composites (CMCs) and other ceramics utilized in heavy-load applications, supported mostly by NASA and Department of Defense (DoD) funding. Outstanding mechanical resistance and thermal shock properties of advanced ceramic material have created greater demand in military applications in the US. In Europe, low-emission zones established in various European cities, translates to additional sales of ceramic exhaust filters in heavy-duty diesel engines. Growing demand from electronics, medical, and automobile sectors contribute to growth in Asia-Pacific region.
The market for Matrix Composites is forecast to grow the fastest over the analysis period. Growth in the segment is led by growing demand for high performance and lightweight materials from a number of end-use industries. Ceramic matrix composites (CMCs) which include ceramic matrix with any fiber reinforcement have emerged as an ideal solution to combat the issue of brittleness. CMCs are highly expensive and are mostly used by high-end industries such as defense and aerospace. The high cost is mainly due to the production process of the composites which is highly energy intensive. In near future, metal mining advancements and advancements in joining technologies is expected to result in reduction of production cost of CMCs, which would likely expand applications for the market. More
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