The global market for advanced structural ceramics is expected to register a CAGR of over 3% during the forecast period. The major factor driving the market studied is a growing demand from various end-user industries. On the flip side, the high cost of manufacturing and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The electrical and electronics industry is expected to dominate the market studied over the forecast period.
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
The Electrical and Electronics Industry to Dominate the Demand
- Advanced structural ceramics, owing to their properties, such as high hardness, high compressive strength, high elastic modulus, low thermal expansion, and low density, are used in the electrical and electronics industry.
- Additionally, due to their high electrical resistance and high dielectric strength, advanced structural ceramics are used in electronic and electrical appliances.
- They have special advantages of lightweight, can withstand very high temperatures, and aggressive environments compared to metals used electronic industry.
- The electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the coming years, due to the presence of a large number of OEMs in the region. Low cost and the availability of raw materials, coupled with cheap labor, are driving the growth of the sector.
- The companies in the region provide manufacturing and assembling services to companies in Germany, France, and the United States. Moreover, these companies are rapidly digitizing their business to achieve end-to-end integration of their operation. This is further encouraging the OEMs from Europe and North America to outsource their production to Asia-Pacific.
- Therefore, the demand for advanced structural ceramics is expected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for advanced structural ceramics over the forecast period.
- China has the world’s largest electronics production base. Electronic products recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
- The medical sector in India is benefiting from an increasing population, which is growing at a rate of 1.6%. Additionally, government initiatives in medical equipment and healthcare facilities are driving the Indian advanced structural ceramics market.
- The Government of India started initiatives to decrease the import and increase the local production of medical devices, particularly higher-end products.
- The Japanese electrical and electronics industry is one of the world’s leading industries. Consumer electronics account for a third of Japan’s economic output. There has been a constant increase in the demand for Japanese consumer electronics, due to their durability and quality.
- Hence, with such trends, the demand for advanced structural ceramics in countries of the Asia-Pacific region is expected to grow during the forecast period.
The global advanced structural ceramics market is partially consolidated. The major companies of the market studied include CoorsTek Inc., KYOCERA Corporation, Saint-Gobain, CeramTec., and Morgan Advanced Materials, among others.
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