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Advanced Ceramics Market Growth Accelerated by rising demand for lightweight and high-performance materials

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Purvaja
Advanced Ceramics Market Growth Accelerated by rising demand for lightweight and high-performance materials

Advanced ceramics are crafted for their durability, strength, and stability at high temperatures which makes them ideal for manufacturing components used in various industries ranging from medical implants to catalytic converters in automobiles. The superior chemical and physical properties of advanced ceramics have boosted their demand in water jet cutting nozzles, heat exchangers, sealing rings, and other industrial components requiring resistance to corrosion and heat.

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 key trends:

The rising demand for lightweight yet high-performance materials from the automotive and aerospace industries has been a key driver of the advanced ceramics market growth over the past few years. Advanced ceramic components enable the design of lighter vehicles and aircraft that improve fuel efficiency. For instance, certain turbocharger housings that were earlier made of metal alloys are now increasingly being replaced by silicon nitride ceramics owing to their superior heat resistance and corrosion protection. Furthermore, advanced ceramics exhibit high strength even at elevated operational temperatures making them suitable for applications in engines, turbines, and braking systems where withstanding heat is critical. The development of new formulations of advanced ceramics catering to diverse performance requirements in end-use industries will further support the market expansion over the forecast period.


Segment Analysis

The global advanced ceramics market is segmented by material, product, and application. The material segment includes alumina, titanate, zirconia, silica, and others. Among these, the alumina segment dominates owing to its wide use in electrical & electronics, transportation, medical, and other industrial applications. It accounts for over 35% of the total advanced ceramics market share due to its high strength, hardness, corrosion resistance, and biocompatibility.

Key Takeaways

The Global Advanced Ceramics Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 91617.4 Mn by 2024 from US$ 62743.5 Mn in 2021, growing at a CAGR of 10%.

Regional analysis

Asia Pacific region holds the largest share currently and is expected to remain the fastest growing market during the forecast period. This growth can be attributed to increasing investments in the industrial, automotive and electronics sectors in emerging economies such as China and India. Countries like China, Japan and South Korea are the major consumers of advanced ceramics in this 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 Corporation. 3M is one of the top players focusing on heavy investment in R&D to develop new and advanced ceramic materials.

For more details on the report, Read- https://www.insightprobing.com/advanced-ceramics-market-growth-market-size-share-analysis/

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