The Multilayer Ceramic Capacitor (MLCC) market is projected to experience significant growth over the next decade. This optimistic forecast is supported by the market's projected rise from $13.82 billion in 2024 to $41.10 billion by 2031, driven by a robust CAGR of 16.80%.
High voltage range MLCCs are expected to be the top revenue-generating category, expanding robustly. Several factors contribute to this positive outlook.
2. Digitalization and 5G Technology: The growing penetration of digitalization and the rollout of 5G technology are spurring market expansion. MLCCs are essential components in various telecom devices and RF designs. The increasing demand for consumer electronics, including smart wearables, further boosts MLCC sales.
3. Advanced MLCC Development: Continuous development of advanced MLCCs with improved capacitance is expected to expand the market. These capacitors are reliable and help stabilize voltage in circuits, providing high capacitance in small dimensions.
4. Factory Automation and Robotics: The adoption of factory automation and robotics creates growth prospects for MLCC manufacturers. The emergence of technologies such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI) supports market expansion. MLCCs' ability to provide high resistance to abnormal voltage is another factor fueling demand.
Automotive Industry Impact: The automotive industry significantly influences the MLCC market. The increasing use of MLCCs in electric and hybrid vehicles is driving market growth. The shift towards advanced vehicles, including ADAS and self-driving cars, has increased the number of MLCCs required per vehicle. This trend is supported by the rising popularity of electric vehicles, driven by increasing pollution levels and high fuel prices. Consequently, the demand for electric and battery-powered vehicles is expected to rise, creating lucrative opportunities for MLCC manufacturers.
Telecommunication Industry Impact: The growing application of MLCCs in the telecommunication industry is another key factor driving market development. MLCCs are used in numerous telecom devices, and the rapid advancements in 5G technology are expected to bode well for the market. Additionally, the increasing use of MLCCs in consumer electronics, such as smart wearables, will further boost market growth.
Historical and Forecast Growth: The MLCC market experienced robust growth in recent years, driven by advancements in the automotive and telecommunication industries. This trend is expected to continue, with the market projected to expand at a significant CAGR over the next decade. The shift towards electric vehicles and the rapid adoption of 5G technology are key factors contributing to this growth.
United States: The United States is expected to retain its dominance in the global MLCC market over the next decade. The presence of major telecommunication device manufacturers and electric vehicle producers drives the market in this region. Companies such as CISCO, ABB Installation Products, Motorola, and L3 Technologies, as well as electric vehicle manufacturers like Tesla, Rivian, and Li Auto, significantly contribute to the market's growth.
United Kingdom: The United Kingdom is projected to experience steady growth in the MLCC market, driven by rising applications in telecommunication, healthcare, and automobiles. Increased research and development efforts in MLCCs will further support market growth. For example, the Functional Materials and Devices Group at the University of Sheffield is developing novel high-energy density capacitors, which will improve energy storage density and operating voltage.
Japan: Japan is expected to be a lucrative market for MLCC manufacturers, with demand rising steadily. The country is home to several leading MLCC manufacturers, such as Murata Manufacturing Limited, which offers a wide variety of MLCC products. The growing popularity of electric vehicles in Japan is a key factor driving market growth.
End-use Industry: The automotive industry is expected to remain the leading end-use industry for MLCCs, driven by the rapid penetration of electric vehicles. MLCCs are crucial components in battery and hybrid electric vehicles, as well as automated systems such as ADAS. The growing popularity of autonomous vehicles is expected to bolster MLCC sales through the forecast period.
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High voltage range MLCCs are expected to be the top revenue-generating category, expanding robustly. Several factors contribute to this positive outlook.
Key Growth Drivers:
1. Electric Vehicles (EVs): The rise in popularity of EVs is a major driver for MLCC sales. As the automotive industry shifts towards advanced vehicles, such as Advanced Driver Assistance Systems (ADAS) and self-driving vehicles, the demand for MLCCs per vehicle increases significantly. According to industry experts, a modern electric vehicle incorporates a substantial number of MLCCs, primarily in the engine management system and computer electronics.2. Digitalization and 5G Technology: The growing penetration of digitalization and the rollout of 5G technology are spurring market expansion. MLCCs are essential components in various telecom devices and RF designs. The increasing demand for consumer electronics, including smart wearables, further boosts MLCC sales.
3. Advanced MLCC Development: Continuous development of advanced MLCCs with improved capacitance is expected to expand the market. These capacitors are reliable and help stabilize voltage in circuits, providing high capacitance in small dimensions.
4. Factory Automation and Robotics: The adoption of factory automation and robotics creates growth prospects for MLCC manufacturers. The emergence of technologies such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI) supports market expansion. MLCCs' ability to provide high resistance to abnormal voltage is another factor fueling demand.
Automotive Industry Impact: The automotive industry significantly influences the MLCC market. The increasing use of MLCCs in electric and hybrid vehicles is driving market growth. The shift towards advanced vehicles, including ADAS and self-driving cars, has increased the number of MLCCs required per vehicle. This trend is supported by the rising popularity of electric vehicles, driven by increasing pollution levels and high fuel prices. Consequently, the demand for electric and battery-powered vehicles is expected to rise, creating lucrative opportunities for MLCC manufacturers.
Telecommunication Industry Impact: The growing application of MLCCs in the telecommunication industry is another key factor driving market development. MLCCs are used in numerous telecom devices, and the rapid advancements in 5G technology are expected to bode well for the market. Additionally, the increasing use of MLCCs in consumer electronics, such as smart wearables, will further boost market growth.
Historical and Forecast Growth: The MLCC market experienced robust growth in recent years, driven by advancements in the automotive and telecommunication industries. This trend is expected to continue, with the market projected to expand at a significant CAGR over the next decade. The shift towards electric vehicles and the rapid adoption of 5G technology are key factors contributing to this growth.
Regional Insights:
North America: North America is anticipated to offer lucrative growth opportunities for MLCC manufacturers. The region is home to several electric vehicle manufacturers, which require large quantities of MLCCs. As the production of battery electric vehicles increases, the demand for MLCCs is expected to rise dramatically.United States: The United States is expected to retain its dominance in the global MLCC market over the next decade. The presence of major telecommunication device manufacturers and electric vehicle producers drives the market in this region. Companies such as CISCO, ABB Installation Products, Motorola, and L3 Technologies, as well as electric vehicle manufacturers like Tesla, Rivian, and Li Auto, significantly contribute to the market's growth.
United Kingdom: The United Kingdom is projected to experience steady growth in the MLCC market, driven by rising applications in telecommunication, healthcare, and automobiles. Increased research and development efforts in MLCCs will further support market growth. For example, the Functional Materials and Devices Group at the University of Sheffield is developing novel high-energy density capacitors, which will improve energy storage density and operating voltage.
Japan: Japan is expected to be a lucrative market for MLCC manufacturers, with demand rising steadily. The country is home to several leading MLCC manufacturers, such as Murata Manufacturing Limited, which offers a wide variety of MLCC products. The growing popularity of electric vehicles in Japan is a key factor driving market growth.
Category-wise Insights:
High Voltage Range MLCCs: High voltage range MLCCs are expected to remain in high demand, driven by their adoption in the automotive and telecommunication sectors. General-purpose MLCCs have a rated voltage range that varies significantly, and higher voltage ranges are particularly in demand for applications such as automobiles and telecommunications.End-use Industry: The automotive industry is expected to remain the leading end-use industry for MLCCs, driven by the rapid penetration of electric vehicles. MLCCs are crucial components in battery and hybrid electric vehicles, as well as automated systems such as ADAS. The growing popularity of autonomous vehicles is expected to bolster MLCC sales through the forecast period.
Competitive Analysis:
Key Manufacturers:
- Murata Manufacturing Co. Ltd
- Taiyo Yuden Co. Ltd
- Kyocera Corporation
- Yageo Corporation
- Walsin Technology Corporation
- Samsung Electro-mechanics
- TDK Corporation
- KEMET
- Vishay Intertechnology
- Darfon Electronics Corp
- AFM Microelectronics Inc
- Cornell Dubilier Electronics, Inc.
Recent Developments:
- Murata Manufacturing Corporation Limited: In November 2022, the company started building a new MLCC factory in Wuxi, China, with a budget of $300 million. The factory is expected to meet the growing demand for MLCCs and is likely to be completed by April 2024.
- Torey Industries Incorporation: In July 2022, the company announced an increase in the production capacity of Lumirror biaxially oriented polyester release films, used in manufacturing MLCCs.
- Murata Manufacturing Corporation Limited: In March 2022, the company introduced a new line-up of MLCCs ideal for automotive applications.
Global Multilayer Ceramic Capacitors Market Segmentation:
By Type:
- General Capacitor
- Array
- Serial Construction
- Mega Cap
- Others
By Rated Voltage Range:
- Low range
- Mid-range
- High range
By Dielectric Type:
- X7R
- X5R
- C0G
- Y5V
- Others
By End-use Industry:
- Industrial
- Electronics
- Automotive
- Telecommunications
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Price Analysis, 2019-2023
4. Global Multilayer Ceramic Capacitors Market Outlook, 2019-2031
5. North America Multilayer Ceramic Capacitors Market Outlook, 2019-2031
6. Europe Multilayer Ceramic Capacitors Market Outlook, 2019-2031
7. Asia Pacific Multilayer Ceramic Capacitors Market Outlook, 2019-2031
8. Latin America Multilayer Ceramic Capacitors Market Outlook, 2019-2031
9. Middle East & Africa Multilayer Ceramic Capacitors Market Outlook, 2019-2031
10. Competitive Landscape
11. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Murata Manufacturing Co. Ltd
- Taiyo Yuden Co. Ltd
- Kyocera Corporation
- Yageo Corporation
- Walsin Technology Corporation
- Samsung Electro-Mechanics Co. Ltd
- Eyang Holdings Group Co. Ltd
- TDK Corporation
- Vishay Intertechnology Inc
- KEMET Corporation
- API Technologies
Methodology
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