May 24, 2024

Advanced Ceramics Market Are Driving Growth In Industrial Applications

Advanced ceramics are increasingly being used in a variety of industrial applications due to their unique properties including high temperature resistance, corrosion resistance and strength. Ceramics such as alumina, zirconia and silicon carbide are being utilized in the manufacturing of components for automotive, electronics, energy and aerospace industries. They provide an alternative to metals and polymers and help improve product performance.

Advanced ceramics exhibit properties like exceptional thermal shock resistance and mechanical strength even at elevated temperatures which make them suitable for use in demanding operating conditions. Ceramic parts have high durability and do not degrade easily over time. They help enhance productivity and reduce maintenance costs for machinery.

The global advanced ceramics market is estimated to be valued at US$ 91617.4 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Manufacturers are focusing on nanoceramics and composite ceramics to expand the range of applications. Nanoceramics have enhanced and novel properties compared to conventional ceramics which is driving their use. Composite ceramics integrate the properties of two or more materials to deliver superior performance. Developing smart ceramics with self-healing and self-sensing abilities is another area attracting research efforts. These new ceramic materials will strengthen competitiveness and support the growth of industries like electronics, energy and transportation going forward.

Porter’s Analysis
Threat of new entrants: The advanced ceramics market requires high capital investment for manufacturing plants and equipment. Established brands have strong brand recognition and supply chain which creates barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many established players. However, customized products give buyers limited options to switch.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power owing to the availability of substitutes and less differentiation in raw materials.

Threat of new substitutes: New substitute materials such as glass, metals and plastics pose minimal threat as ceramics offer better properties like strength, hardness and thermal resistance.

Competitive rivalry: The market is highly competitive with players differentiating based on product quality, process technology and brand value.

Key Takeaways

The Global Advanced Ceramics Market Size is expected to witness high growth over the forecast period supported by rising usage across various industries.

Regional analysis reveals that Asia Pacific exhibited significant growth and is expected to register the fastest CAGR owing to growing ceramic industries in China, India, Japan and South Korea. Rapid urbanization and rising disposable income are driving demand for automotive, electronics and engineering applications in the region.

Key players operating in the advanced ceramics market are 3M (Ceradyne Inc.), AGC Inc., Applied Ceramics, Blasch Precision Ceramics Inc., Ceramtec, COI Ceramics Inc., Coorstek Inc., Corning Incorporated, International Ceramics Inc., Kyocera Corporation, MARUWA Co. Ltd, Materion Corporation, McDanel Advanced Ceramic Technologies, Morgan Advanced Materials, Murata Manufacturing Co. Ltd, Rauschert GmbH, Saint-Gobain, Small Precision Tools Inc., Vesuvius, and Wonik QnC Corporation. Players are focusing on new product development and expansion strategies to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it