The global advanced ceramics market is expected to garner growth at a CAGR of 9.3% during the estimate period 2020 to 2027 and to reach US$ 161.94 bn by 2027
OTTAWA, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The global advanced ceramics market size was valued at US$ 79.50 billion in 2019, according to new report study by Precedence Research.
Advanced ceramics belongs to a particular class of ceramics that possess enhanced properties. These ceramics are mainly manufactured to overcome the shortcomings of normal ceramics as well as to cater the increasing requirements of different end-use industries. Advance ceramics have advanced properties that include corrosion resistance, toughness, thermal stability, ballistic protection and high tensile strength among others.
The market for advanced ceramics is largely driven by the growing implementation of the product in healthcare applications particularly for biomedical implants as well as bone implants. Besides this, they are also significantly used in dental applications where ceramic teeth are designed and matched to the patient’s natural teeth. Various researchers have been working towards increasing the scope of the product application across the healthcare industry, especially in tissue engineering and gene therapy.
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Further, rising demand from the automotive industry accounted as the other important factor have a positive impact on the growth of the market over the forecast timeframe. Car manufacturers, mostly based in the U.S., uses ceramic filters to eliminate particulates from molten metal that in turn is used to manufacture body parts and components of an automobile. Manufacturers based in the Asia Pacific region prominently utilize advanced ceramics in the manufacturing of PTC heaters, oxygen sensors, spark &glow plugs, parking distance control systems, knocking sensors, and fuel injection systems.
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The Asia Pacific expected to exhibit the fastest growth over the forthcoming years with an encouraging growth rate. Rising population along with the increasing per capita income are the key factors that are primarily responsible to drive the market growth for advanced ceramics. Further, growing demand for advanced ceramics in the electronics and automobile industry, particularly in the countries such as China, India, and Japan anticipated propelling the market growth over the upcoming period. Moreover, factors such as competitive manufacturing cost along with favorable government regulations are contributing prominently towards the positive growth of the market in this region. Additionally, rising defense budget together with the rising application of advanced ceramics in modern armor are the other key factors that surge the market growth.
North America and Europe are the other key regions contribution towards the overall market growth. This is attributed to the significant demand of the product from automotive and electrical & electronics sectors. The regions are prior adopters of the advanced technologies across various end-use industries that again influences the market growth positive over the analysis timeframe.
Key Players & Strategies
The global advanced ceramics seeks consolidation as major market share is captured by the leading market players. These industry players focus primarily on expanding their regional presence across the globe as a part of their growth strategy. Most of the manufacturers are involved at several stages in the value chain of intermediate as well as the final end-use products. Technological innovations for the development of cost-effective solutions in the manufacturing processes expected to be the critical strategy and a success factors for most of the industry players that drives the market growth over the analysis period.
Some of the key players operating in the market are Elan Technology, CeramTec GmbH, Oerlikon Surface Solutions AG, Morgan Advanced Materials PLC , Ortech Incorporated, CoorsTek, 3M Company, Kyocera Industrial Ceramics Corporation, Saint Gobain S.A., and Murata Manufacturing Co. Ltd. among others.
By Regional Outlook
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