Advanced Ceramics is Estimated to Witness High Growth Owing to Superior Properties

Advanced ceramics are inorganic, non-metallic materials that exhibit properties such as high temperature resistance, excellent wear resistance, hardness, and chemical inertness. Major types of advanced ceramics include alumina, titania, zirconia, silicon carbide, and silicon nitride ceramics. They are widely used in electronic devices manufacturing, medical devices, electrical & electronics, automotive, aerospace & defense, and industrial applications owing to their superior properties compared to conventional materials.

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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The growing adoption of advanced ceramics in medical devices offers significant market opportunity. Advanced ceramics are widely used in joint implants, dental implants, biosensors, and medical electronics owing to their biocompatibility. As the global geriatric population is rising rapidly, the demand for joint replacement procedures is increasing. Moreover, the advancements in medical devices such as introduction of 3D printed bioceramics are further fueling the demand for advanced ceramics from the medical industry. It is estimated that the medical devices application segment will register highest CAGR over the forecast period.

Porter's Analysis

Threat of new entrants: The advanced ceramics market requires significant R&D investment and manufacturing capabilities to produce specialized ceramic materials. This poses high entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative materials and wide range of established manufacturers.

Bargaining power of suppliers: Ceramic raw material and equipment suppliers have moderate bargaining power due to the specialized nature of inputs required.

Threat of new substitutes: Other advanced materials like carbon composites pose competition threat but advanced ceramics have strong performance advantages in high temperature applications.

Competitive rivalry: The market is fairly consolidated with top players occupying major share. Competition is mainly based on new product development, performance, and customer support.

SWOT Analysis

Strengths: Advanced ceramics offer high strength, hardness, corrosion/heat resistance. They enable miniaturization and operate in extreme conditions.

Weaknesses: High manufacturing costs. Ceramics are brittle in nature and prone to cracking during processing.

Opportunities: Growing demand from electronics, automotive, aerospace industries due to favorable properties. Developments in 3D printing offer new application areas.

Threats: Stiff competition from alternative materials. Volatility in raw material prices impacts costs.

Key Takeaways

The Global Advanced Ceramics Market Share is expected to witness high growth driven by increasing applications in diverse industries. Advanced ceramics perform reliably under extreme conditions such as high temperatures and pressures and enable miniaturization of 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 10% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global advanced ceramics market with China leading demand. China has emerged as the largest producer and consumer of advanced ceramics globally. End use industries such as electronics, automotive and renewable energy are witnessing rapid growth in China and other Asian countries which is fueling regional market growth.

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. Major players are focusing on new product development through advanced engineering to gain advantages over substitutes.