Advanced ceramics have a broad range of applications including seals, electronic substrates, cutting tools, and wear-resistant parts in a variety of industries such as electronics, transportation, medical, mining, and more. Advanced ceramics exhibit superior properties such as high mechanical strength, resistance to heat and corrosion, excellent dielectric and electronic properties, and biocompatibility that makes them suitable alternatives to traditionally used 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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global advanced ceramics market is projected to witness significant growth over the forecast period owing to the rapidly growing applications in the mining industry. Advanced ceramics tools and wear parts are increasingly being used in mining applications such as crushing, grinding, cutting, drill bits due to properties like excellent wear and corrosion resistance, high strength and hardness at elevated temperatures, light weight, low thermal expansion and more affordable than tungsten carbide and diamond tools. This is estimated to fuel the demand for advanced ceramics in mining applications.
Market Dynamics:
One of the key drivers for the advanced ceramics market is the rapidly growing applications in mining industry. Mining activities require robust tools and wear parts that can withstand harsh environment including abrasive material, high pressure and temperature. Advanced ceramics due to their high strength, hardness, heat and corrosion resistance meet these requirements better than traditionally used materials like steel. They provide longer tool life, reduced downtime, increased productivity and cost savings for mining operations. Further, advanced ceramics do not burn or spark reducing fire hazards during mining. Growing mining production globally is bolstering the demand for advanced ceramics in mining applications such as mineral processing equipment, drill bits, cutting tools, wear parts and more. Additionally, burgeoning revenue of advanced ceramics companies from mining applications is encouraging them to develop newer and improved products, thereby driving the advanced ceramics market growth over the forecast period.
SWOT Analysis
Strength: The advanced ceramics market has tremendous growth potential due to its wide range of applications. Advanced ceramics such as alumina, zirconia, and silicon carbide have excellent mechanical and thermal properties that make them suitable for use in a variety applications like medical devices, electronics, and defense equipment. Advanced ceramics can withstand high temperatures and are resistant to corrosion and wear, giving them an edge over traditional materials.
Weakness: Advanced ceramics are more expensive to produce than conventional materials like plastics and metals. The manufacturing process of advanced ceramics is complex which increases production costs. Quality control during manufacturing is critical yet challenging. defects in materials can greatly reduce their strength and durability.
Opportunity: Growing demand from the medical industry for implants and prosthetics presents significant growth opportunities. Advanced ceramics are increasingly being used in dental crowns, hip and knee replacements due to their biocompatibility and wear resistance. Rising use of advanced ceramics in hybrid electric vehicles, wind turbines, and electronics will further support market growth.
Threats: Availability of cost-effective substitutes like metals and technical ceramics poses threats. Economic slowdowns negatively impact industries utilizing advanced ceramics, reducing demand. Stringent regulations pertaining to manufacturing and environmental hazards associated with some advanced ceramics also act as barriers.
Key Takeaways
The Global Advanced Ceramics Market Size is expected to witness high growth between 2023-2030, expanding at a CAGR of 6.7% during the forecast period. The market was valued at US$ 91617.4 Mn in 2023 and is projected to reach US$ 136,632.5 Mn by 2030 as advanced ceramics find increasing usage across diverse industries.
Regional analysis
North America dominates the global advanced ceramics market, accounting for over 35% market share in 2023. The US drives high demand owing to strong presence of end-use industries like medical devices and electronics. Asia Pacific is the fastest growing regional market, projected to expand at an 8% CAGR during the forecast period. China, India, Japan and South Korea are major ceramics producers and consumers in the region.
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
Get More Insights Here
https://www.trendingwebwire.com/advanced-ceramics-market-size-share-growth-outlook-2023/
Comments
0 comment