Advanced Ceramic Market Worth $130.2 Billion By 2027

The global advanced ceramic market size is expected to reach USD 130.2 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. The rapidly expanding electrical & electronics industry is expected to augment market growth over the forecast period. Moreover, heavy investments in renewable energy and Electric Vehicles (EVs) industries will boost market growth. Unlike traditional ceramics that are made of clay, advanced ceramics are composited by borides, oxides, nitrides, carbides, and others giving the leverage of controlling the chemical composition, crystal structure, and grain size precisely.

The emergence of COVID-19 in the first quarter of FY 2020 had major implications on the market growth owing to suspension in manufacturing operations across major end-use industries, including electronics, automotive, and industrial. In addition, the supply trade was majorly disrupted owing to lockdown. Despite the negative impact of the pandemic on the market growth, the product demand is expected to increase with the surge in investments in the renewable energy sector. Advanced ceramics, owing to their properties, are gaining prominence in the energy sector for producing equipment that requires high-temperature resistance.

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Furthermore, the product demand is on the rise from diagnostic equipment applications, which are witnessing rapid demand amid the COVID-19 pandemic. Electrical and electronics was the largest end-use segment in 2019. Advanced ceramics have numerous applications in this segment, in products such as ceramic substrates, circuit carriers, and core materials. Rising demand for high-power electronics from the automotive, optoelectronics, aerospace, and other major industries is expected to drive market growth over the forecast period.

Central & South America is anticipated to witness significant growth over the forecast period on account of increasing investments in the renewable energy sector. For instance, in July 2020, Ibitu Energia announced its plan to invest USD 830 million in renewable energy assets in the coming five years. The market is characterized by the presence of various raw material producers, manufacturers, and distribution partners. Major market players are integrated across different stages of the value chain. The efficiency of advanced ceramics has propelled manufacturers to invest in this market. For instance, in 2016, GE Aviation invested in new plants for advanced ceramics.

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.

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