Growth of automotive and electronics industry is one of the major driving factors of the industrial ceramics market
PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial ceramics market by Material (Oxide, Non-Oxide), by Product (Monolithic ceramics, Composite ceramics), by End-User (Automotive and Aerospace, Energy and Power, Electronics and Semiconductor, Other), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global industrial ceramics industry generated $6,697.1 million in 2021, and is estimated to reach $12,027.3 million by 2031, witnessing a CAGR of 5.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Surge in need for durable and cost-effective materials in the automobile industry, has fueled the use of ceramic materials in the prototyping and manufacturing activities in the automotive industry. On the other hand, high prices and technical restrictions on industrial ceramic impede market growth to some extent. However, rapid growth of energy and power sector in emerging economies is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- Volatility in prices of industrial ceramics materials lowered the market demand, thus impacting the growth of the industrial ceramics industry negatively.
- However, rise in power sector in emerging economies has helped the market recover post-pandemic.
The oxide segment to rule the roost-
By material, the oxide segment held the major share in 2021, accounting for around two-thirds of the global industrial ceramics market revenue. The non-oxide segment would showcase the highest CAGR of 6.1% during the forecast period. Industrial ceramics are important because they are used in a variety of fields, including as the automotive, aerospace, and energy sectors. These factors are heightening the demand for industrial ceramics, thus driving segment growth.
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The monolithic ceramics segment to maintain its dominance during the forecast period-
By product type, the monolithic ceramics segment held the largest share of the global industrial ceramics market in 2021. The composite ceramics segment would showcase the fastest CAGR of 6.3% throughout the forecast period. Monolithic ceramics offer advantages such as reliability, durability, and resistance to high temperatures.
The automotive and aerospace segment to dominate by 2031-
By end user, the automotive and aerospace segment accounted for nearly two-fifth of the global industrial ceramics market share in 2021, and is expected to rule the roost by 2031. The electronics and semiconductor segment would also display the highest CAGR of 6.5% throughout the forecast period. This is attributed to the rapid growth of electronics industry in Asia.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021, holding nearly half of the global industrial ceramics market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would also portray the fastest CAGR of 6.4% during the forecast period. Growth of automotive and electronics industry in Asia-Pacific has propelled the market growth.
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Leading Market Players-
- Kyocera
- Anderman Industrial Ceramics
- Elan Technology
- Khyati Ceramics
- Industrial Ceramic Products, Inc.
- AGC Ceramics Co., Ltd.,
- Carborundum Universal Limited
- CM Cera Co Ltd.
- LSP Industrial Ceramics, Inc.
- Schaefer Industrial Ceramic
The report analyzes these key players in the global industrial ceramics market. These players have adopted various strategies such as product launches, acquisitions, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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