The global advanced ceramics market is expected to reach USD 134.58 billion by 2024, according to a new report by Grand View Research, Inc. Advanced ceramics, also termed industrial ceramics, engineered ceramics, fine ceramics, and enhanced/technical ceramics, are reinforced ceramic compounds with excellent thermal, magnetic, optical, and electrical properties. As a result, they have emerged as effective alternatives to high-performance plastics and steel for various applications.
The market is expected to witness considerable growth over the next eight years owing to their increasing use in the electronic & electrical industry. Rising electronic device demand among consumers, particularly in the countries of Asia Pacific region, including India and China, is expected to have a positive impact on the market over the forecast period.
These products have been gaining acceptance over the past few years on account of growing awareness regarding their benefits such as biodegradability, durability, and high tensile strength. Rising environmental concerns, coupled with stringent regulations by governments in North America and Europe, are expected to further propel product demand over the next eight years.
The material is used in structural applications including wear components, armor, cutting tools, and engines. High-quality and performance are key benefits of advanced ceramics that drive their use in myriad applications.
Growth in the industry is from both traditional as well as new applications. The increasing use of advanced ceramics in automotive heat engines such as diesel components and gas turbines; medical implants and devices; industrial heat exchangers; and electrochemical devices, is expected to propel industry growth over the forecast period.
The extensive use of coated machinery components, coupled with shifting preference among consumers to advanced coatings and breakthroughs in deposition processes are expected to open new market opportunities for the ceramic coatings over the forecast period. Key factors expected to challenge industry growth include regulatory as well as environmental issues and competition from alternative materials.
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Further key findings from the report suggest:
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Global advanced ceramics market value was USD 56.70 billion in 2015 and is expected to grow at a CAGR of 10.2% from 2016 to 2024
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Zirconates are expected to grow at a considerable pace from 2016 to 2024, at a CAGR over 14.8% in terms of revenue, owing to their increasing use in the automotive sector
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The ceramic coatings segment was estimated at USD 2.88 billion in 2015. The major industries that employ the product include medical, automotive, aerospace, environmental protection, and fiber optics communications sectors. Increasing use of the product in the aforementioned sectors is likely to drive its growth in the forecast period.
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Automotive sector demand for the product was valued at USD 4.57 billion in 2015 on account of its increasing use in the manufacturing of ceramic oxygen sensors in the cars with computer controls to optimize combustion and reduction of exhaust emissions functions.
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North America was one of the largest markets for the product and is expected to grow at a CAGR of over 9.5% from 2016 to 2024, in terms of revenue. Stringent environmental regulations have led to increased product use as it aids in controlling pollution.
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In November 2012, 3M acquired Ceradyne, Inc. They are working towards introducing new technologies and innovations for uniquely tailored materials that require advanced ceramics.
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Grand View Research has segmented the advanced ceramics market on the basis of material, product, application, end-use and region.
Material Outlook (Revenue, USD Million; 2013 - 2024)
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Alumina ceramics
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Titanate ceramics
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Zirconate ceramics
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Ferrite ceramics
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Aluminum nitride
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Silicon carbide
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Silicon nitride
Product Outlook (Revenue, USD Million; 2013 - 2024)
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Ethanolamines
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Fatty amines
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Alkylamines
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Others
Application Outlook (Revenue, USD Million; 2013 - 2024)
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Electrical equipment
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Catalyst supports
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Electronic devices
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wear parts
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Engine parts
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Filters
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Bioceramics
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Others
End-use Outlook (Revenue, USD Million; 2013 - 2024)
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Electrical & electronics
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Automotive
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Machinery
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Environmental
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Medical
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Others
Regional Outlook (Revenue, USD Million; 2013 - 2024)
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North America
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U.S.
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Europe
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Germany
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UK
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Asia Pacific
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China
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India
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Latin America
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Brazil
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MEA
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Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com/
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