Advanced ceramics are inorganic, non-metallic materials with high hardness, corrosion and heat resistance that are widely used in high-performance engineering applications. They offer properties such as high strength, hardness, heat and wear resistance, which make them suitable for use in applications requiring robustness under extreme conditions. Advanced ceramics are used to manufacture parts for medical devices, semiconductor manufacturing equipment, energy efficient engines and turbine components. The global advanced ceramics market 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.

Market Opportunity:

The wide range of applications across industries presents a key opportunity for growth in the advanced ceramics market over the forecast period. Advanced ceramics are increasingly being used in medical implants and prosthetics due to their enhanced biocompatibility, corrosion resistance and mechanical strength compared to conventional materials. They are used in various implantable medical devices such as hip and knee replacements. Rapid growth of the medical device industry is expected to drive the demand for advanced ceramics in the coming years. Furthermore, advanced ceramics are also gaining traction in the electronics industry due to their superior dielectric and thermal properties. They are commonly used as substrates, protective coatings and insulators in semiconductor manufacturing equipment. The growing semiconductor and electronics industries are thus expected to create significant opportunities for advanced ceramics in the forecast period.

Porter's Analysis

Threat of new entrants: The advanced ceramics market requires high R&D investments and manufacturing costs. Thus the threat of new entrants is low.

Bargaining power of buyers: The bargaining power of buyers is moderate as advanced ceramics have applications across many industries. However, the availability of substitutes limits bargaining power.

Bargaining power of suppliers: Ceramic material and equipment suppliers have moderate bargaining power due to the degree of specialization required.

Threat of new substitutes: New materials such as advanced composites pose a threat to advanced ceramics in certain applications.

Competitive rivalry: The market is competitive due to presence of multiple global players. Competition is based on innovation, quality, and customer service.

SWOT Analysis

Strengths: Advanced ceramics have high temperature resistance, hardness, strength and corrosion resistance. They enable miniaturization of electronic devices.

Weaknesses: High manufacturing costs. Susceptibility to flaws reduces reliability.

Opportunities: Growing demand from end-use industries like electrical & electronics, transportation and medical. Development of piezoelectric ceramics.

Threats: Volatility in raw material prices. Competition from other materials in certain applications.

Key Takeaways

The Global Advanced Ceramics Market Size is expected to witness high growth over the forecast period driven by expanding applications in different industries. The medical industry contributes significantly to advanced ceramics demand with growing implant procedures. North America dominates the global market owing to presence of major players and technological advancements in the region.

Regional analysis indicates that Asia Pacific is anticipated to grow at fastest pace attributed to rapid industrialization, rising medical tourism, and growth in automotive industry in countries such as China and India.

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.

Get More Insights Here

https://www.newswirestats.com/advanced-ceramics-market-size-share-growth-outlook-2023/