Press release
Functional Ceramics: Advancing Material Science Frontiers
According to The Business Research Company's, The functional ceramics market size has grown rapidly in recent years. It will grow from $277.24 billion in 2023 to $331.31 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to market demand, economic factors, regulatory environment, supply chain efficiency, competitive landscape..
The functional ceramics market size is expected to see rapid growth in the next few years. It will grow to $633.44 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to market expansion opportunities, changing demographics, environmental sustainability, regulatory changes, strategic alliances and partnerships.. Major trends in the forecast period include increasing role in environmental monitoring, incorporation in wearable technology, development of piezoelectric ceramics, enhanced thermal management solutions, integration in aerospace and defense applications..
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Market Drivers and Trends:
The increasing demand for semiconductors in the electrical and electronic industry is expected to propel the demand for functional ceramics going forward. 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. Therefore, increasing demand for semiconductors in the electrical and electronic industry will drive the functional ceramics market.
Product innovations are a key trend gaining popularity in the functional ceramic market. Major companies operating in the functional ceramics market are adopting new innovative solutions to sustain their position in the market. For instance, in September 2023, TDK Corporation, a Japan-based electronics corporation, launched CN series of multilayer ceramic capacitors (MLCC) with unique structure. The unique features CN series of multilayer ceramic capacitors involves the new design includes resin layers that cover only one side of the board, allowing electric current to pass outside the layers and lowering electrical resistance. The addition of CNA series (automotive grade) and CNC series (commercial grade) products satisfies market demands for high-value capacitances. The new MLCCs have up to 22 F in 3216 size (3.2 1.6 1.6 mm - L x W x T) and 47 F in 3225 size (3.2 2.5 2.5 mm - L x W x T), which translates to larger capacitances than standard products and helps minimize the number of parts and size.
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Major Key Players of the Market:
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; CoorsTek Inc; Rauschert Steinbach Gmbh; Murata Manufacturing Co. Ltd; Semco Ceramics Inc; TDK Electronics AG; Taiyo Yuden Co. Ltd.; KEMET Corporation; Vishay Intertechnology Inc.; Texas Instruments; Ceradyne Inc.; Mantec Technical Ceramics Ltd; International Ceramic Engineering; Elan Technology; Superior Technical Ceramics; C-Mac International LLC; Advanced Ceramics Manufacturing; Precision Ceramics; Ceramaret Ltd; Ceramco Inc.; LSP Industrial Ceramics Inc.; Ferro-Ceramic Grinding Inc.; Insaco Inc.; Blasch Precision Ceramics Inc
Functional Ceramics Market 2024 Key Insights:
• The functional ceramics market size will grow to $633.44 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Rising Demand For Functional Ceramics Fueled By Surging Need For Semiconductors In Electrical And Electronic Industries
• Innovative Technological Advancements Drive Growth In The Functional Ceramics Market
• Asia-Pacific was the largest region in the functional ceramics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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