June 20, 2024
Advanced Ceramics Market

Advanced Ceramics Market is Estimated to Witness High Growth Owing to Increased Adoption in Medical Devices

The advanced ceramics market involves ceramics manufactured from non-clay raw materials through processes such as sintering and firing. These ceramics exhibit properties such as corrosion resistance, hardness, strength, and thermal stability. They are used in a wide range of applications including medical devices, electronics & semiconductors, automotive, environmental, armor & ballistics, and energy & power. In the medical industry, advanced ceramics are utilized to manufacture implantable devices, prosthetics, sensors, dental ceramics and dental crowns owing to their biocompatibility.

The global advanced ceramics market is estimated to be valued at US$ 105543.25 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.

Key Takeaways

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.

The key opportunities in the advanced ceramics market include growing demand from the medical industry for prosthetics, dental implants and biosensors. Further, expansion of the electronics sector owing to high demand for advanced ceramics in manufacturing circuits boards, capacitors, integrated circuits is fueling market growth.

Global expansion of the advanced ceramics market is driven by increasing R&D investments by key players to develop advanced ceramics with enhanced properties. Further, the emerging economies of Asia Pacific and Latin America offer lucrative growth opportunities owing to rise in disposable income levels and growing medical and electronics sectors.

Market drivers

One of the key drivers for the Advanced Ceramics Market Growth is increased adoption in medical devices. Advanced ceramics possess properties like biocompatibility and strength which makes them highly suitable for implants, prosthetics, biosensors and dental applications. The growing elderly population prone to orthopedic conditions and rising awareness about dental care are driving the demand for advanced ceramics in the medical industry.

PEST Analysis

Political: Ceramic materials are used in various end-use industries like medical, electronics, defense etc. Hence government policies and regulations related to these industries directly impact the advanced ceramics market. For example, favorable healthcare spending can boost demand for implant materials.

Economic: Economic growth determines demand for consumer goods as well as investment in infrastructure and industrial sectors which utilize advanced ceramics. Recession or slowdowns lower demand. Conversely, high GDP growth augurs well.

Social: Growing health awareness and demand for implantable medical devices due to aging population presents opportunities. Fuel cells adoption for transportation also depends on environmental consciousness.

Technological: New process techniques and material formulations enable ceramics to perform efficiently at higher temperatures and in corrosive environments. This widens application scope in aviation, space and power generation.

The advanced ceramics market in terms of value is highly concentrated in North America and Europe. Both regions account for over 50% share owing to strong presence of manufacturers as well as end-use industries like medical devices, electronics and automotive. The Asia Pacific region excluding Japan is witnessing fastest growth and its share is rising steadily driven by increasing domestic demand from developing economies and supportive government initiatives. China dominates the regional market.

The Asia Pacific region excluding Japan represents the fastest growing geographical region for the advanced ceramics market. Factors such as rising healthcare spending, growing automotive production, flourishing electrical and electronics industry and increasing defense budgets are fueling demand across countries like China, India and South Korea. Moreover, presence of cheaper skilled labor and lenient production regulations have prompted many global players to set up local manufacturing facilities which is augmenting regional growth. The growth rate in Asia Pacific is projected to be over 15% during the forecast period.

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