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Surging Demand for Semiconductors in the Electrical and Electronic Industry to Drive Functional Ceramics Market Growth || Morgan Advanced Materials, Kyocera Corporation, AGC Ceramics Co Ltd, 3M Company
Functional Ceramics Market
The Business Research Company's Functional Ceramics Global Market Report 2023 the increasing demand for semiconductors in the electrical and electronic industry is the major driver for the functional ceramics market's growth in the forecast period. A semiconductor is a substance used in electrical and electronic applications with specific electrical properties that allow it to be utilized as the base for computers and other electronic devices. The structural features of functional ceramics are developed for unique applications requiring different qualities, such as electric, magnetic, or optical, to be used in automotive, marine transportation, aerospace, and electricity distribution. For instance, in December 2021, according to Semiconductor Industry Association, a US-based trade association and lobbying group, points that worldwide semiconductor sector sales will amount to $555.9 billion in 2021, the highest-ever yearly total and a 26.2% rise over the $440.4 billion total in 2020.
The global functional ceramics market size is expected to grow from $231.54 billion in 2022 to $277.24 billion in 2023 at a compound annual growth rate (CAGR) of 19.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The global functional ceramics market size is expected to reach $539.87 billion in 2027 at a CAGR of 18.1%.
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Major competitors in the functional ceramics market are Morgan Advanced Materials, Kyocera Corporation, AGC Ceramics Co Ltd, 3M Company, Dyson Technical Ceramics Limited, NGK Spark Plug Co. Ltd, Mc Danel Advanced Ceramic Technologies, Coors Tek Inc, Rauschert Steinbach Gmbh, Murata Manufacturing Co. Ltd.
A key trend in the functional ceramics market includes product innovation. Major companies operating in the functional ceramics market are adopting new technologies to sustain their position in the market. For instance, in September 2020, TDK Corporation, a Japan-based electronics corporation, introduced new multilayer ceramic capacitors (MLCC) for automotive applications. These MLCCs with increased capacitance enable higher energy storage in a smaller form factor, which is beneficial for automotive electronic systems that require compact and high-performance components.
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The functional ceramics market is segmented -
• By Type: Semiconductor Ceramics, Insulating Ceramics, High-temperature Superconducting Ceramic, Dielectric Ceramics, Piezoelectric Ceramics, Other Types
• By Application: Pottery, Tiles, Abrasives, Sanitary Wave, Bricks And Pipes, Other Applications
• By End User: Medical, Industrial, Building And Construction, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the functional ceramics market.
The Business Research Company's "Global Functional Ceramics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Functional Ceramics Market Include:
1. Executive Summary
2. Functional Ceramics Market Characteristics
3. Functional Ceramics Market Trends And Strategies
4. Functional Ceramics Market - Macro Economic Scenario
5. Functional Ceramics Market Size And Growth
……………
27. Functional Ceramics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Functional Ceramics Market
29. Functional Ceramics Market Future Outlook And Potential Analysis
30. Appendix
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