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The global advanced ceramic market size was valued at USD 97.0 billion in 2019 and is expected to reach USD 130.2 billion by 2027, registering a CAGR of 3.7% during the forecast period. Rising demand from the end-use industries including renewable energy and medical are expected to propel market growth over the forecast period. Rising product demand from the clean technology industry will also support market growth.
For instance, products, such as solid oxide fuel cells are entirely made of advanced ceramics. Their benefits are anticipated to further increase their usage in the industry, by replacing single critical components like insulation materials. The market in the U.S. is majorly driven by the electronics industry where advanced ceramics are used in various applications such as substrates, circuit carriers, core materials, and other components. The electronics industry in the country, however, witnessed a decline in both production and consumption owing to the coronavirus outbreak, which affected the product demand.
Gather more insights about the market drivers, restrains and growth of the Global Advanced Ceramic Market
Advanced ceramics are widely used in several end-use industries such as electrical & electronics, automotive, machinery, renewable energy, medical, and others. The COVID-19 pandemic has disrupted the manufacturing & trade operations across the globe for all major industries, which is anticipated to hinder the market growth. According to the World Trade Organization, world trade is expected to decline by 13 to 32% in 2020 owing to the pandemic.
Although the pandemic hampered the product demand in the majority of the industries, it propelled its demand in the medical industry. Advanced ceramics emerged as an ideal material to play the role of the carrier that holds & transports blood probes in diagnostic equipment due to its biocompatibility. As pharmaceutical and med-tech companies are racing to expand their testing capacities, the demand for diagnostic equipment and thus, advanced ceramic carriers, is expected to increase during the pandemic.
Based on the Material Insights, the market is segmented into Alumina, Titanate, Zirconate, Ferrite, Aluminum Nitride, Silicon Carbide, Silicon Nitride.
Based on the Product Insights, the market is segmented into Monolithic, Ceramic Coatings, Ceramic Matrix Composites.
Based on the Application Insights, the market is segmented into Electrical Equipment, Catalyst Support, Electronic Devices, Wear Parts, Engine Parts, Filters, Bioceramics, and Others.
Based on the End-Use Insights, the market is segmented into Electrical & Electronics, Automotive, Machinery, Environmental, Medical, and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
The market is highly competitive. Most of the manufacturers are integrated across the different stages of the value chain. The pandemic caused several industries to shut down their manufacturing operations, which had a severe impact on the sales and profits of the market players.
Some prominent players in the global advanced ceramic market include
Order a free sample PDF of the Advanced Ceramic Market Intelligence Study, published by Grand View Research.
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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