Advanced Ceramics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• The impact of the COVID-19 pandemic on the market was largely negative, but the market has now reached pre-pandemic levels and is expected to grow steadily during the forecast period.
• Over the medium term, the major factors driving the market are the rise in use as an alternative to metals and plastics and the growing demand in the medical industry.
• On the flip slide, high capital investment for the equipment and chemical processes and uncertainty in regulative policies concerning climate change, energy & environment undermine the market.
• However, increasing applications of silicon carbide (SiC), gallium nitride (GaN), and growth in usage in nanotechnology would likely create lucrative growth opportunities for the global market soon.
• The electronics and electrical industry dominated the market, and it is expected to grow during the forecast period, owing to a wide range of electrical properties of advanced ceramics, including insulating, semiconducting, superconducting, piezoelectric, and magnetic properties.
• Asia-Pacific dominated the market globally, with the largest consumption from countries such as China and Japan.

Advanced Ceramics Market Trends

The Electronics and Electrical Industry is Expected to Dominate the Market

• Silicon carbide is estimated to have one of the largest applications in the electrical and electronics industry in the coming years. It has various applications in electric vehicles, high-power and high-voltage power devices, semiconductors, solar inverters, and LED lights.
• Aluminum nitride is used in heat removal applications because of its high thermal conductivity and excellent electrical insulation properties, making it useful in semiconductors and consumer and household products. Similarly, silicon nitride and boron nitride are used in various electrical and electronic applications.
• Asia-Pacific is one of the leading manufacturers of electronics in the world. It accounts for more than 70% of global electronics production, with countries like South Korea, Vietnam, India, and China leading.
• In Europe, the German electronics industry is the largest in the region. The electrical and electronics industry accounts for 11% of the total industrial production in Germany. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global electronics market is estimated to have risen to EUR 4.6 trillion (~USD 4.82 trillion) in 2021.

Japan is Expected to Dominate the Asia-Pacific Market

• The Japanese electrical and electronics industry is one of the world’s leading industries. Japan is a world leader in the production of computers, gaming stations, cell phones, and various other key computer components.
• Consumer electronics account for one-third of the Japanese economic output. The country specializes in manufacturing electronic components and devices, such as passive components, connecting components, electronic boards, and liquid crystal devices.
• With the advance of digitalization boosting demand and expanding exports, global production by Japanese electronics and IT companies is expected to grow 8% year on year in 2021 to JPY 37,300 (~ USD 272.02) billion.
• The Japanese aerospace industry manufactures aircraft components for commercial and defense aircraft. Commercial aircraft production has been increasing over the past couple of years due to the increasing cargo demands.
• The country also plays a central role in the development of aircraft such as Boeing 767, 777, 777X, and 787 and engines such as the V2500, Trent1000, GEnx, GE9X, and PW1100G-JM.
• According to the Ministry of Health, Labour, and Welfare of Japan, the country produces over 25% of the total medical devices for surgical procedures such as sterile tubes and catheters for blood vessels, surgical procedures, and sterile blood transfusion sets.
• The rapidly aging Japanese population increases the number of patients with chronic and lifestyle-related diseases, and universal health insurance coverage and regulatory measures are driving the Japanese medical devices market.

Advanced Ceramics Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support