Advanced Ceramics Market To Grow Enormously with Size Worth 7.34 Billion By 2030Posted by Mrudula Anil Karmarkar on December 13th, 2023 San Francisco, 13 December 2023: The ReportAdvanced Ceramics MarketSize, Share & Trends Analysis Report By Material (Alumina, Titanate), By Product (Monolithic, CMCs), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 20300 The global advanced ceramics market size is expected to reach USD 147.34 billion by 20300, registering a CAGR of 4.0% according to a new report by Grand View Research, Inc. Increasing demand for high-performing lightweight materials in industries such as telecom, automotive, aerospace, and medical is propelling the market growth. Advanced ceramics, also referred to as engineered or technical ceramics, are developed to withstand harsh environments. They are manufactured from high-purity and inorganic compounds. They can be differentiated from traditional ceramics based on their raw materials, structures, manufacturing processes, and functionalities. The global demand for advanced ceramics is increasing owing to their enhanced characteristics. These are used for developing specialized components with improved mechanical and physical properties for use in different industries based on their requirements. They are used for manufacturing 3D printed components, solid oxide fuel cells, piezoelectric ceramics, multi-component ceramic slurries, ceramic tapes, and ceramic fiber composites. After the decline in 2020 owing to COVID-19, the market picked up pace in 2021 and is expected to witness steady growth over the forecast period. Advanced ceramic materials exhibit a very high degree of industrial efficiency. This results in their rising demand for use in heavy machinery, automotive, energy, cutting tools, and defense applications. The rise in defense budgets in countries such as the U.S. and China has played a key role in propelling product demand in the last few years and this trend is expected to continue over the forecast period. The market is competitive on account of rising product demand and the presence of established players, which are integrated across different stages of the value chain to sustain their market share. Market players are adopting strategies like acquisition and new product development to cater to the growing product demand in different applications and expand their consumer reach and presence. For instance, in February 2022, Tata Steel Advanced Materials Limited (TSAML) executed an agreement to acquire a 90% equity stake in Ceramat Private Limited (CPL). Advanced ceramics has been identified as a material with immense growth potential by Tata Steel, especially in the medical sector, which compelled it to acquire CPL through its subsidiary. Tata Steel aims to set up a production facility for medical materials through CPL. Such investments indicate a steady growth trajectory for the market over the coming years. Request sample report of Advanced Ceramics Market@https://www.grandviewresearch.com/industry-analysis/advanced-ceramics-market/request/rs1 Increasing penetration of advanced ceramics in various applications, along with the growth in medical and telecom industries, is anticipated to augment market growth over the forecast period. Advanced ceramic, also referred to as technical ceramic, offers improved magnetic, optical, thermal, and electrical conductivity. End-users have been able to reduce their production and energy costs with the help of advanced ceramics that provide high efficiency to end products. The Asia Pacific is a leading market for advanced ceramics in the world in terms of their consumption. Advanced Ceramics Market Report Highlights
The demand for advanced ceramics in the U.S. is primarily driven by an increasing preference for lightweight materials in various industries. Rising production and consumption of these materials and components for the electrical and electronics sector owing to the growing requirement for uninterrupted connectivity, along with their use in flourishing electric vehicle (EV) and defense sectors, are expected to augment the market growth over the forecast period. Rising market growth is leading to new product development, for example, in June 2021, Starfire Systems Inc. announced the release of Hafnium Carbide (HfC), a new addition to the family of silicon carbide (SiC) forming pre-ceramic polymers. HfC finds application in making ceramic matrix composite (CMC) and high purity powder, which are used in automotive applications for hypersonic and re-entry vehicles. Advanced Ceramics Market Report Scope
Furthermore, the rising popularity of 3D printing is propelling the need for advanced ceramics for making parts and components for high-performance applications. For instance, in November 2021, Tethon 3D announced its partnership with Fortify to produce technical ceramics for 3D printing. Such steps will aid market growth by opening new opportunities for the product in the aerospace, medical, and energy industries. Advanced ceramics are extensively being used in EVs, which is further expected to propel market growth. For example, piezo-ceramic components act like sensors for electronic controls passing information on the engine’s operations. The information is received by electronic components based on ceramic substrates, which control motor management and safety systems like ABS, ASR, and airbag release. Thus, the rising production of EVs is anticipated to boost market growth over the coming years. List of Key Players in the Advanced Ceramics Market
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