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Advanced Ceramics Market Key Trends And Competitor Assessment 2024-2033
Advanced Ceramics Market Trends
According to The Business Research Company's, the advanced ceramics market size has grown strongly in recent years. It will grow from $80.30 billion in 2023 to $85.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increasing use of ceramics coatings, rising sales of high-performance ceramics, the rising demand for the product from the automotive and medical industries, manufacturers massive investment on development of healthcare applications, and escalating demand for zirconia in the medical industries.
The advanced ceramics market size is expected to see strong growth in the next few years. It will grow to $106.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to growing demand for electro ceramics, rising demand from medical and electronics sectors, advanced ceramics are preferred in the joint replacement process, rise in use as alternative to metals and plastics, eco-friendliness and reliability of use. Major trends in the forecast period include increasing use in nanotechnology, innovative product development, the rising demand for ceramics from the field of electro ceramics, growing the adoption of advanced ceramics in aircraft and defense.
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Market Drivers and Trends:
The rising demand in the automotive industry is expected to propel the growth of the advanced ceramics market going forward. The automotive industry is a sector of the economy that designs, develops, manufactures, markets, and sells motor vehicles. Advanced ceramics offer superior properties such as high strength, thermal resistance, and lightweightness, making them ideal for various automotive applications, including engine components, exhaust systems, and brake systems. For instance, in March 2022, according to the European Automobile Manufacturers Association, a Belgium-based automobile industry association, US auto plants manufactured around 6.3 million passenger cars in 2021, an increase of 3.1% compared to 2020. Therefore, the rising demand in the automotive industry is driving the growth of the advanced ceramics market.
Major companies operating in the advanced ceramics market are developing innovative products, such as ceramic-forming precursors, that benefit weight reduction applications. A ceramic-forming precursor is a pre-ceramic polymer that creates ceramic materials through pyrolysis. For instance, in June 2021, Starfire Systems Inc., a US-based specialty material company focused on polymer-derived ceramics (PDC), launched Hafnium Carbide, a new ultra-high-temperature ceramic forming precursor. These materials have high-temperature resistance and are ideal for aerospace and defense applications. Hafnium carbide ceramic polymer can make ceramic matrix composites and high-purity powder, providing the ultimate high-temperature capability. At 200°C or lower, the HfC precursor cures. To create a crystalline hafnium carbide ceramic with a high ceramic yield, the cured hafnium carbide ceramic polymer can be heated to 1600°C in an inert atmosphere.
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Major Key Players of the Market:
3M Company, KYOCERA Corporation, Murata Manufacturing Co. Ltd., Corning Incorporated, AGC Ceramics Co. Ltd., Materion Corporation, Morgan Advanced Materials Plc, Ferrotec Holdings Corp., CeramTec GmbH, MARUWA Co. Ltd., Saint-Gobain Ceramic Materials, Blasch Precision Ceramics Inc., Applied Ceramics Inc., Dyson Technical Ceramics Ltd., Elan Technology, McDanel Advanced Ceramic Technologies, International Syalons (Newcastle) Ltd., Momentive Technologies, Rauschert GmbH, Advanced Ceramics Manufacturing, BCE Special Ceramics GmbH, Nishimura Advanced Ceramics Co., Ltd., Ortech Advanced Ceramics, TechCeramic, Ceradyne Inc., Compagnie de Saint Gobain SA, Small Precision Tools Inc., Vesuvius, Wonik QnC Corporation
Advanced Ceramics Market 2024 Key Insights:
• The advanced ceramics market is expected to grow to $106.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• The Impact Of Automotive Industry Demand On Advanced Ceramics Market Growth
• Innovative Advancements In Advanced Ceramics Starfire Systems Inc. Introduces Hafnium Carbide As A Game-Changing Ultra-High-Temperature Ceramic Forming Precursor
• North America was the largest region in the advanced ceramics market in 2023
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