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Soaring Demand Set to Propel Functional Ceramics Market to $729.92 Billion by 2029
Functional Ceramics
What Is the Expected CAGR for the Functional Ceramics Market Through 2025?
The size of the functional ceramics market has seen a swift expansion in the past few years. It is projected to rise from $326.3 billion in 2024 to $386.91 billion in 2025, marking a compound annual growth rate (CAGR) of 18.6%. This growth in the preceding years can be linked to factors such as market demand, economic dynamics, regulatory framework, efficiency of supply chain, and the competitive scenario in the market.
What's the Projected Size of the Global Functional Ceramics Market by 2029?
Expectations are high for swift expansion of the functional ceramics market size in the coming years. Projections show it swelling to "$729.92 billion by 2029, with a compound annual growth rate (CAGR) of 17.2%. Several factors contribute to this predicted growth in the forecast period including opportunities for market expansion, shifting demographics, environmentally sustainable practices, regulatory modifications, as well as strategic alliances and partnerships. The major trends forecasted for this period include an escalated role in environmental scrutiny, incorporation into wearable tech, the evolution of piezoelectric ceramics, improved thermal managing solutions, and incorporation in aerospace and defense applications.
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Top Growth Drivers in the Functional Ceramics Industry: What's Accelerating the Market?
The surge in semiconductor requirements within the electrical and electronics industry is anticipated to foster functional ceramics demand going forward. Semiconductors serve as a crucial component in these industries, possessing unique electrical properties that make them the perfect foundation for computers and other electronic devices. Functional ceramics are modified for precise applications that demand varied properties, like electrical, magnetic, or optical, and find use in industries like automotive, marine transportation, aerospace, and electricity distribution. For instance, in August 2024, the US-based non-profit organization, Semiconductor Industry Association, reported that global semiconductor industry sales hit $149.9 billion in the second quarter of 2024, an 18.3% upsurge compared to the same timeframe in 2023 and a 6.5% increase from the first quarter of 2024. Moreover, sales in June 2024 reached $50.0 billion, a 1.7% rise from $49.1 billion in May 2024. Hence, the escalating semiconductor demand in the electrical and electronic industry is expected to fuel the functional ceramics market growth.
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What Trends Will Shape the Functional Ceramics Market Through 2029 and Beyond?
Companies in the functional ceramic market are focusing on innovation to sustain growth. In September 2023, Japan-based TDK Corporation introduced the CN series multilayer ceramic capacitors (MLCCs) with a unique single-sided resin layer structure that lowers resistance and supports higher capacitances of up to 47 F, helping reduce part count and component size.
What Are the Main Segments in the Functional Ceramics Market?
The functional ceramics market covered in this report is segmented -
1) By Type: Semiconductor Ceramics, Insulating Ceramics, High-temperature Superconducting Ceramic, Dielectric Ceramics, Piezoelectric Ceramics, Other Types
2) By Application: Pottery, Tiles, Abrasives, Sanitary Wave, Bricks And Pipes, Other Applications
3) By End User: Medical, Industrial, Building And Construction, Other End Users
Subsegments:
1) By Semiconductor Ceramics: Zinc Oxide (ZnO) Ceramics, Titanium Dioxide (TiO2) Ceramics, Tin Oxide (SnO2) Ceramics
2) By Insulating Ceramics: Alumina (Al2O3) Ceramics, Silicon Nitride (Si3N4) Ceramics, Zirconia (ZrO2) Ceramics
3) By High-Temperature Superconducting Ceramic: Yttrium Barium Copper Oxide (YBCO), Bismuth Strontium Calcium Copper Oxide (BSCCO)
4) By Dielectric Ceramics: Barium Titanate (BaTiO3), Strontium Titanate (SrTiO3), Lead Zirconate Titanate (PZT)
5) By Piezoelectric Ceramics: Lead Titanate (PbTiO3), Barium Titanate (BaTiO3), Potassium Sodium Niobate (KNN)
6) By Other Types: Magnetic Ceramics, Optical Ceramics, Bioceramics
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Which Top Companies are Driving Growth in the Functional Ceramics Market?
Major companies operating in the functional ceramics market include 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.
Which Regions Will Dominate the Functional Ceramics Market Through 2029?
Asia-Pacific was the largest region in the functional ceramics market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the functional ceramics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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