Market Overview:
Advanced ceramics have properties like corrosion resistance, wear resistance, high temperature stability, and biocompatibility which make them suitable for a wide range of applications. Advanced ceramics find major use in electronics and electrical, transportation, chemical, medical and other industries. Some key uses of advanced ceramics include materials for catalytic converters and exhaust systems in automobiles, bio-ceramics for dental and orthopedic implants, insulation for industrial furnaces, and substrates for electronic circuits.

Market Dynamics:
The global advanced ceramics market is witnessing significant growth due to increasing use of advanced ceramics in end-use industries like electrical and electronics, automotive, chemical, medical etc. Advanced ceramics offer properties such as high strength, wear resistance, corrosion resistance and thermal stability which make them suitable for use under extreme conditions like high temperatures encountered in industrial heating equipment or automotive catalytic converters. for instance, advanced ceramics are increasingly being used in spark plug insulators, oxygen sensors, exhaust gas recirculation valves in the automotive industry due to their ability to withstand high temperatures and pressures.

Furthermore, advanced bio-ceramics have excellent biocompatibility which makes them suitable for dental and orthopedic implants. Growing demand from the medical industry is thus expected to drive the advanced ceramics market over the forecast period. In addition, increasing use of advanced ceramics like aluminum nitride in the manufacturing of LEDs and semiconductors owing to their high thermal conductivity will further support market growth during the forecast period. Strict emission norms are also compelling automotive manufacturers to increasingly utilize advanced ceramics in catalytic converters and exhaust systems of vehicles to reduce vehicle emissions.

The global Advanced Ceramics Market Growth is estimated to be valued at US$ 91617.4 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Advanced ceramics have high strength, hardness, toughness and heat resistance which makes them suitable for engineering applications that require high performance materials. They can withstand high temperatures and harsh environmental conditions. Advanced ceramics also have excellent electrical and thermal insulation properties.

Weakness: Advanced ceramics are brittle in nature and prone to crack and fracture under stress. They have low tolerance for flaws and imperfections. Processing advanced ceramics into complex shapes and parts required extensive powder-based techniques which increases production costs.

Opportunity: Growing demand for advanced ceramics from the medical sector for implants, prosthetics and sensor applications offers lucrative opportunities. Increasing use of advanced ceramics for renewable energy applications such as solar thermal collectors and fuel cells also provides new avenues for growth.

Threats: Fluctuations in raw material prices impact the overall costs. Availability of cheaper alternative materials poses substitution threat to certain advanced ceramic product types.

Key Takeaways

The global advanced ceramics market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from medical devices and components applications. Advanced ceramics like bioinert alumina and zirconia are widely used in orthopedic and dental implants that experience high wear and breakage risk.

Regional analysis

North America currently dominates the global advanced ceramics market owing to rapid technological advancements and strong presence of key players in the US and Canada. The Asia Pacific region is expected to exhibit fastest growth during the forecast period supported by rising medical tourism, increasing number of electronic and automotive manufacturing units in China and India.

Key players
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.

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