by The global Advanced Ceramics Market is estimated to be valued at US$ 80,442.64 Mn in 2021 and is expected to exhibit a CAGR of 6.72% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Advanced ceramics are high-performance ceramics that possess exceptional thermal, electrical, mechanical, and chemical properties. These ceramics offer several advantages such as high strength, reliability, resistance to heat and corrosion, and low thermal expansion. As a result, they find extensive applications across various industries, including aerospace, automotive, electronics, medical, and defense.
The need for advanced ceramics arises from the growing demand for sustainable and lightweight materials. With the increasing focus on fuel efficiency and reduced emissions in the automotive industry, advanced ceramics are being used for manufacturing engine parts, sensors, and catalyst supports. In the aerospace industry, these ceramics are utilized in turbine blades, combustion chambers, and heat exchangers due to their high temperature resistance. Additionally, the medical sector relies on advanced ceramics for dental implants, joint replacements, and prosthetics due to their biocompatibility and durability.
B) Market Key Trends:
One key trend driving the growth of the advanced ceramics market is the increasing adoption of ceramic matrix composites (CMCs) in aerospace applications. CMCs are lightweight and possess excellent thermal and mechanical properties, making them ideal for use in aircraft engines. These materials help improve fuel efficiency, reduce emissions, and enhance engine performance. For instance, GE Aviation’s GE9X engine incorporates CMC components, leading to a 16% reduction in fuel burn compared to its predecessor.
C) PEST Analysis:
– Political: Governments worldwide are promoting the use of advanced ceramics in various industries due to their numerous benefits, such as reduced environmental impact and enhanced performance. Additionally, government investments in research and development of advanced ceramics contribute to market growth.
– Economic: The economic growth of emerging economies such as China, India, and Brazil has led to increased industrialization and infrastructure development, driving the demand for advanced ceramics. Moreover, the growing automotive and aerospace industries in developed regions like North America and Europe further fuel market growth.
– Social: The rising awareness about the benefits of advanced ceramics, such as their lightweight nature and ability to reduce carbon emissions, among consumers is creating a positive environment for market growth. Moreover, the increasing geriatric population and the subsequent rise in the demand for medical implants also contribute to market expansion.
– Technological: Advancements in manufacturing processes and material formulations have led to improved performance and cost-effectiveness of advanced ceramics. The development of additive manufacturing techniques, such as 3D printing, has further boosted the adoption of advanced ceramics by enabling complex geometries and customization.
D) Key Takeaways:
1: The global Advanced Ceramics Market Growth is expected to witness high growth, exhibiting a CAGR of 6.72% over the forecast period. This growth is primarily driven by the increasing demand for sustainable and lightweight materials in industries such as automotive, aerospace, and medical. The use of advanced ceramics helps achieve fuel efficiency, reduce emissions, and enhance overall performance.
2: Asia Pacific is anticipated to be the fastest-growing and dominating region in the advanced ceramics market. The region’s robust industrialization, infrastructural development, and growing automotive and aerospace sectors are key factors contributing to market growth. Additionally, the presence of major market players in countries like China and Japan further supports the market expansion in this region.
3: Key players operating in the global advanced ceramics market include 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.
In conclusion, the global advanced ceramics market is poised for significant growth due to the increasing demand for sustainable and lightweight materials in various industries. The adoption of ceramic matrix composites in aerospace applications and advancements in manufacturing processes are driving market expansion. With Asia Pacific emerging as a key region, major market players are focusing on expanding their presence and investing in research and development to capitalize on the market’s potential.
