September 15, 2022 11:45 ET | Source: Straits Research Straits Research

New York, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Advanced ceramics are distinguishable from traditional ones like brick and porcelain because of their superior strength, greater operating temperatures, enhanced toughness, and customizable features.

These materials can be substituted for metals in applications where their lower density and greater melting temperatures improve efficiency, productivity, and operation speed. Advanced ceramics are superior to metals and polymers due to their excellent stability, resilience, chemical inertness, electrical characteristics, and suitability for mass production. Differentiating advanced ceramics from ordinary ceramics is the nature of the link between ceramic particles.

The capacity of advanced ceramics to operate at temperatures significantly higher than those of metals is one of their most appealing characteristics. Advanced uses include engine components, cutting tools, valves, bearings, and equipment used in chemical processes. Superconductors, substrates, magnets, capacitors, and transducers are examples of electronic uses for ceramics with a low thermal expansion coefficient and solid thermal conductivity. Increasing demand in the medical industry and as a substitute for metals and plastics is the key factor driving the market's expansion.

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An Alternative of Metal and Plastics and the High demand in Healthcare Segment to Drive the Market of Advanced Ceramics

As an engineering material, these advanced ceramics outperform metal-based systems in several respects. These characteristics make advanced ceramics practical in terms of performance and cost-efficiency. These characteristics include excellent abrasion resistance, superior hot strength, chemical inertness, high machining speeds, and dimensional stability. They are among the most flexible materials due to their hardness, physical stability, exceptional heat resistance, chemical dormancy, superior electrical capabilities, and adaptability for mass-produced goods.

Advanced ceramics are also employed in aerospace, where turbine blades can withstand high temperatures and pressures. Due to their advantageous qualities, advanced ceramics are considered the ideal alternative to metals and plastics. In addition, these sophisticated ceramics are lighter than most metals, making them suited for medical applications, and they can withstand harsh temperatures for an extended period. Consequently, increasing market demand for the substance. Additionally, advanced ceramics are utilized in medical devices and equipment such as ultrasonic instruments, infusion pumps, dialysis machines, and diagnostic equipment. The market for advanced ceramics is anticipated to be driven by the continued development of the healthcare sector.

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Covid-19 had significant adverse effects on the global market for advanced ceramics. The COVID-19 virus extended from China to the rest of the world, resulting in a complete global lockdown.

Covid-19 is an infectious disease that is caused by a recently identified coronavirus. Globally, the mortality rate among the over-40 group was likewise elevated. The disease severely impacts people suffering from medical issues like diabetes, cardiovascular disease, chronic respiratory disease, etc. In light of the circumstances during the time, a pandemic was declared, resulting in curfews in various nations, including China, the United States, India, and others, which negatively impacted the world economy.

In the first two quarters of 2020, economic and industrial operations temporarily ceased. Due to a scarcity of labour, almost every production unit that uses sophisticated ceramics, including those in the electrical and electronics, transportation, industrial, chemical, and other End-user Industries (save for the medical sector), has lowered their manufacturing capacity. The enforced lockdown halted global supply networks. This had repercussions for both the production and demand for advanced ceramics. The lockdowns were eventually lifted, and the public was allowed to relax. Gradually, the economy picked up speed and began operations, which increased demand in the worldwide advanced ceramics market and other industries.

As the situation improved during the first few months of 2021, the economies strengthened their fiscal policies and initiated their development processes; end-user industries resumed operations, restoring the ceramics market to its previous trajectory.

Europe, North America, Asia-Pacific, South America, the Middle East, and Africa are used for segmentation based on geography.

Asia-Pacific will account for a market share of USD 78947 million during the forecast period, growing with a CAGR of 7%.

China's economy is one of the most significant GDPs among Asia-Pacific nations. Despite the economic disruption caused by the trade war with the United States, the country's GDP increased by approximately 6.1% in 2019. Initially, it was anticipated that China's economic growth rate in 2020 would be comparable to that of the previous year. In 2020, China's economic development slowed significantly due to the onset of a pandemic. The nation's emphasis on aviation expansion is poised for exponential growth. High demand for aviation has prompted the government to implement an airport construction project, including massive investments in terminals and runways. The regional ceramics market should benefit from these developments.

North America's share is anticipated to reach USD 35494 million during the projected period, expanding at a CAGR of 6%. The country is home to nations such as the United States, Canada, and Mexico, which significantly contribute to the region's economic prosperity. The American aerospace industry is the largest in the world. According to the Federal Aviation Administration, the total number of commercial aircraft will reach 8,270 by 2037 due to the increased air freight. Due to the ageing of the current fleet, it is projected that the United States mainliner carrier fleet will increase to 54 aircraft per year.

Strong exports of aircraft components to nations such as France, China, and Germany and exponential consumer spending in the United States promote the aerospace industry's production activities, hence rising demand for advanced ceramics. Considering the size of the market, the United States electronic market is among the largest globally. During the projection period, the advanced ceramics market in the United States electronics industry is projected to expand due to innovative technologies, increasing research and development centers, and rising consumer demand.

Competitive Players in the Market

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Global Advanced Ceramics Market: Segmentation

Titanate, Zirconia, Silicon Carbide, Aluminum Nitride, Alumina, Silicon Nitride, Magnesium Silicate, Pyrolytic Boron Nitride, Monolithic Ceramics, Ceramic Matrix Composites, Ceramic Coatings and others.

Table of Content and Figure @ https://straitsresearch.com/report/advanced-ceramics-market/toc

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