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Increase in Demand for Effective Fertilizers Boosts the Growth of the Advanced Ceramics Market Size.
HYDERABAD, TELANGANA, INDIA, September 26, 2022 / / -- IndustryARC, in its latest report, predicts that size is estimated to reach US$35 billion by 2027, after growing at a CAGR of 7% during the forecast period 2022-2027. Advanced ceramics are manufactured using processes which are required substance to develop the characteristics' special properties. Advanced ceramic depicts superior properties compared to traditional ceramics as these are manufactured using a new material science approach. The major types of material available in advanced ceramic are alumina, zirconia, ferrite and aluminum nitride among others. These materials offer superior performance and are considered viable alternatives to materials such as metals, glass and plastics. Compared to traditional ceramics, advanced ceramics are very strong and can bear high heat, thus, can be used in several end-use industries. According to the data provided by the European Automobile Manufacturer's Association, in 2021, global automotive production stood at 79.1 million units, showing a 1.3% increase in comparison to 2020. Thus, growth in automotive production is fueling the market growth. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. The significant increase in demand for alumina owing to its superior electrical and mechanical properties is expected to provide a significant growth opportunity to increase the Advanced Ceramics market size in coming years.
2. The surge in production of automotive is driving the growth of the Advanced Ceramics market. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, China's automotive production increased by 3% whereas India showed a 30% increase.
3. Global increase in electrical and electronics industry is providing ample growth opportunities for the industry players in near future in the Advanced Ceramics industry.
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Segmental Analysis:
1. The alumina segment is expected to grow at the fastest CAGR of 7.9% during the forecast period in the Advanced Ceramics Market. The demand for advanced ceramics is growing during the past few years owing to surging adoption in novel application and the need for cost reduction with improved operations.
2. Asia-Pacific held the largest Advanced Ceramics market share in 2021, with a share of 44%. This growth is mainly attributed to the increase in demand for advanced ceramics in numerous industries such as electrical and electronics, automotive, medical, aerospace and energy and power among others.
3. According to China Passenger Car Association, in 2021, total sales of passenger electric vehicles in China increased by 2.99 million units showing a jump of 169.1% compared to 2020. Further, according to the Ministry of New and Renewable Energy, in 2021, India added 1.45 GW of wind capacity showing a 30% increase compared to 1.11 GW installed in 2020.
4. The electrical and electronics segment held the largest Advanced Ceramics Market share in 2021, with a share of over 21%.
5. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by the year 2025. Thus, the increased adoption in the electrical and electronics industry is boosting the market growth of the Advanced Ceramics market.
Competitive Landscape:
The top 5 players in the Advanced Ceramics industry are -
1. CeramTec GmbH
2. AGC Ceramics Co. Ltd.
3. 3M
4. CoorsTek Inc.
5. Elan Technology
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