Industrial Ceramics Market to Reach $12,027.3 Mn Globally at 5.9% CAGR by 2031: Allied Market Research
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Growth in the automotive and electronics industry is one of the major driving factors for 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 & aerospace, energy & power, electronics & semiconductor, others), 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 presents a detailed analysis of the changing market trends, top segments. , key investment pockets, value chains, regional landscape and competitive landscape.
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Drivers, Constraints and Opportunities-
The increase in the need for durable and cost-effective materials in the automobile industry has promoted the use of ceramic materials in prototyping and manufacturing activities in the automotive industry. On the other hand, high prices and technical restrictions on industrial ceramics hinder the market growth to some extent. However, rapid growth of the energy and power sector in emerging economies is expected to create lucrative opportunities in the industry.
COVID-19 Scenario-
- The fluctuating prices of industrial ceramic materials reduced the market demand, thus negatively affecting the growth of the industrial ceramic industry.
- However, growth in the power sector in emerging economies has helped the market recover after the pandemic.
Oxide section to rule the roost
In physical terms, the oxide segment gained major share in 2021, accounting for nearly two-thirds of the global industrial ceramics market revenue. The non-oxide segment will exhibit the highest CAGR of 6.1% during the forecast period. Industrial ceramics are important because they are used in a variety of fields including the automotive, aerospace and energy sectors. These factors are driving the demand for industrial ceramics, thus driving the growth of the segment.
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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 will exhibit the fastest CAGR of 6.3% during the forecast period. Monolithic ceramics offer advantages such as reliability, durability and resistance to high temperatures.
Automotive and aerospace segments to dominate by 2031
By end-user, the automotive and aerospace segments accounted for nearly two-fifths of the global industrial ceramics market share in 2021, and are expected to rule the roost until 2031. The Electronics & Semiconductor segment will also exhibit the highest overall CAGR of 6.5%. forecast period. This is responsible for the rapid growth of the electronics industry in Asia.
Asia-Pacific to gain major share in 2021-
By region, Asia-Pacific held the largest share in 2021, accounting for nearly half of the global industrial ceramics market revenue in 2021, and is estimated to retain its dominance until 2031. The LAMEA region will also portray the fastest CAGR of 6.4% during this period. forecast period. Growth in the automotive and electronics industry in Asia-Pacific has fueled the growth of the market.
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Leading Market Players-
- Kyocera
- Andaman Industrial Ceramics
- Allen Technology
- Khyati Ceramics
- Industrial Ceramic Products, Inc.
- AGC Ceramics Company Limited,
- Carborundum Universal Limited
- CM Serra Company Limited
- lsp industrial ceramics, inc.
- Schaefer Industrial Ceramics
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, growth, and product portfolio of each market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global enterprises as well as medium and small businesses. AMR has a targeted approach to provide business insights and consultancy to its clients to help them make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relationship with various companies and this helps us to dig up market data which helps us to create accurate research data tables and confirms utmost accuracy in our market forecast. Pawan Kumar, CEO, Allied Market Research, is instrumental in motivating and encouraging everyone associated with the company to maintain high quality of data and help clients in every possible way to achieve success. Each and every data presented in the report published by us is extracted through primary interviews with top executives of leading companies of the respective domain. Our secondary data procurement methodology involves in-depth online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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