Electroceramics Market size is forecast to reach $13.4 billion by 2025, after growing at a CAGR of 5.7% during 2020-2025. With high consumption of these ceramics in manufacturing of electronic and automotive components and devices, electrical systems, medical sensors and implants, the electroceramics market is witnessing an increase in demand. Growing public interest towards Internet of Things (IOTs) & Artificial Intelligence (AI) will further enhance the overall market demand for Electroceramics during the forecast period.
- Asia-Pacific dominates the electroceramics market owing to increasing demand from applications from industries such as automotive, electronics, energy & power.
- Increase in demand of Electronics products, is likely to aid in the market growth of electroceramics.
- Stringent Governments’ regulations towards digitalization will further enhance the market growth of Electroceramics.
- High cost and technical complexity in manufacturing and deposition of the ceramics are likely to negatively affect the electroceramics market.
- Covid-19 pandemic will create hurdles for the electroceramics market.
Product – Segment Analysis
Dielectric ceramics held the largest market share in the electroceramics market. Among these dielectric ceramics are extensively used in applications such as sensors, actuators and capacitors. Magnetic ceramics possesses properties such as high electrical resistivity, strong magnetic coupling which makes it suitable for data storage, tunnel junctions, high frequency, spin valve and in radar absorbing & coating applications. Technology development and rising pollution concerns will uplift the demand of electric and hybrid cars and this in turn will escalate the product demand in future.
End Use – Segment Analysis
Electronics industry held the largest market share in Electroceramics market as, in last few years electronics market had seen boon in their market very rapidly because of the technologies enhancements towards IOTs or Artificial Intelligence or automation, due to these technological enhancements, this had increased its market exponentially.
Whereas increase in demand for smartphones, laptops, Tabs and others have likely aid the market demand for electroceramics market. In last few years Europe and APAC had seen a very dominant increase in market growth of Smartphones. Few of the governments’ regulations towards digitalization has also indirectly promoted the market for electroceramics.
Geography – Segment Analysis
APAC dominated the largest market with a share of more than 40%, as electroceramics are mostly used in the electronics products. Countries such as Taiwan, South Korea, China among with others are the largest market in the APAC region for Electroceramics market as, these countries are the largest electronics market. The electroceramics market is classified on basis of application into capacitors, data storage devices, optoelectronic devices, actuators and sensors, powder distribution devices, and others (radio frequency devices and resonators). Capacitors accounted for the largest share, owing to high demand for these products in electric power transmission and storage components in consumer devices, appliances, and industrial grade electronic devices.
Drivers – Electroceramics Market
- Increase in demand of Electronics products
Continuous increasing demand of electronics products around the globe are the expanding the electronics market, due to the increasing demand of electronic products the demand for electroceramics are also increasing and the electroceramics markets are also expanding worldwide. The demand for electroceramics are highly influenced by the electronics and electrical sector as most of the Electroceramics are the ceramics materials which are able to perform an electronic function for a particular application.
- Stringent Governments’ regulations
Stringent Governments’ regulations such as digitalization, IoTs and others will further increase the market demand of Electroceramics, as these regulations will never be completed without using electroceramics, as it is used in every part of the automation. Electroceramics materials are used to built the board on which the PCB designing takes place so that the programmer can code their program on it. So, because of the governments’ regulations electroceramics market will always grow.
Challenges – Electroceramics Market
- High cost and technical complexity
High cost and technical complexity in manufacturing and deposition of the ceramics are likely to negatively affect the electroceramics market, as defects during the manufacturing will further fail the whole process or product. So, it is very essential to be cautions during the manufacturing process. Certain physical vapor deposition processes of these ceramics are performed at high temperature that employ additional equipment, thereby adding costs and causing technical limitations to morphology, which restrict widespread adoption of these products in high performance areas such as fuels cells and certain energy storage devices.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electroceramics market. In 2018, the market of Electroceramics has been consolidated by the top five players accounting for xx% of the share. Major players in the Electroceramics Market are Kyocera Corporation, CoorsTek Inc., CeramTec GmbH, Morgan Advanced Materials plc, Maruwa Co. Ltd., APC International Ltd among others.
- In October 2017: Buyout group BC Partners agreed to buy the German industrial ceramics group Ceramtec, from peer investor Cinven are also used as detectors for IR radiations through gas samples which will increase the market demand for Electroceramics in the near future.