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(MoneyNewsWire.Net, March 28, 2018 ) The advanced ceramics market is projected to reach USD 10.41 Billion by 2021, at a CAGR of 6.5% during the forecast period. The market is mainly driven by the properties of advanced ceramics such as high-temperature stability, corrosion-resistance, lightweight, low thermal expansion, and a variety of electrical properties ranging from insulators and semiconductors to highly conductive materials. Owing to these properties, advanced ceramics are used in a wide range of end-use industries such as electrical & electronics, medical, transportation, environmental, chemical, defense & security, and others.
Based on material, the advanced ceramics market has been segmented into alumina ceramics, silicon carbide ceramics, zirconia ceramics, titanate ceramics, and others. The alumina ceramics segment accounted for the largest share of the advanced ceramics market in 2015, due to their suitability in a number of industries such as electrical & electronics, transportation, medical, and chemical.
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Based on class, the advanced ceramics market has been segmented into monolithic ceramics, ceramic matrix composites, ceramic coatings, and others. The monolithic ceramics segment accounted for the largest share of the advanced ceramics market in 2015, as this class of ceramics is available in different compositions and, is, therefore, used in various end-use industries such as transportation, electrical & electronics, and medical. In addition, these ceramics offer durability and protection against high temperatures that help to increase a component’s lifespan. These factors are expected to propel the demand for monolithic ceramics during the forecast period.
Based on end-use industry, the advanced ceramics market has been segmented into electrical & electronics, transportation, medical, environmental, chemical, defense & security, and others. The medical segment is projected to grow at the highest CAGR during the forecast period. The demand for advanced ceramics from the medical industry is continuously increasing due to the former’s wear resistance and biocompatibility properties that make them suitable for use in artificial bones, biodegradable splints, and implant materials.
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The advanced ceramics market has been studied for Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific accounted is projected to grow at the highest CAGR during the forecast period. This can be attributed to the growing use of advanced ceramics in the electrical & electronics, transportation, environmental, and defense & security sectors of China, Malaysia, and India in the region.
Advanced ceramics are costlier as compared to metal and alloy. This factor act as a major restraint for the growth of the advanced ceramics market. To develop innovative products, technologies, and manufacturing processes, market players collaborate with each other. These collaborations are expected to drive the advanced ceramics market growth.
The market players adopted both organic and inorganic growth strategies to strengthen their market position between 2012 and 2016. Investments & expansions, and new product development are the major organic growth strategies adopted by the market players to enhance their regional footprint and meet the growing demand of advanced ceramics in emerging economies. Kyocera Corporation (Japan), CeramTec GmbH (Germany), CoorsTek Inc. (U.S.), Saint-Gobain Ceramic Materials (U.S.), and Morgan Advanced Materials Plc (U.K.) are some of the prominent players in the advanced ceramics market.
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