Functional Ceramics Market: Current Analysis and Forecast (2022-2028)

Functional Ceramics Market: Current Analysis and Forecast (2022-2028)

Functional ceramics are ceramic materials that are beneficial for a variety of applications due to special physical, chemical, or biological characteristics. Ceramics that are functional are made to carry out specific tasks, including electrical conductivity, thermal insulation, or chemical resistance. Ceramic processing, which entails combining raw materials, shaping them into the required shape, and burning them at high temperatures to produce a solid, dense substance, is frequently used to create functional ceramics. Functional ceramics characteristics can be influenced by several processing factors, including temperature, pressure, and chemical composition.

The Functional Ceramics Market is expected to grow at a skyrocketing rate of around 17% owing to the rising demand for energy-efficient solutions. Major companies in the market offer functional ceramics for utilizing a variety of high-performance engineered compounds to serve a diverse array of customers and mission-critical applications. Major companies in the market are focused on expanding their industry footprints through mergers and acquisitions. For instance, in Oct 2022, ARTEMIS announced the acquisition of Mcdanel Advanced Ceramic Technologies.

• Based on product type, the market is segmented into semiconductor ceramics, insulating ceramics, high-temperature superconducting ceramics, dielectric ceramics, piezoelectric ceramics, and others. The semiconductor ceramic category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to factors such as high strength, high resistance properties, high thermal and electrical conductivity, high mechanical strength, and others. Due to these properties, the need for semiconductor ceramics is highly preferred in some industries such as electrical, aerospace, energy, and automotive.
• Based on application, the functional ceramics market has been classified into electrical & electronics, transportation, chemicals, aerospace & defense, medical, and others. The electrical & electronics category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the applications of functional ceramics as insulators and substrates in electronic devices such as capacitors, inductors, and resistors, Ceramics are used as insulators due to their dielectric strength and low loss of energy that helps maintain the efficiency of electronic circuits.
• For a better understanding of the market adoption of the functional ceramics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to growing industrialization, rising demand for energy-efficient products such as sensors, actuators, & power generators, and many other factors that are driving the growth of the market. Moreover, increasing demand for high-performance materials with superior properties is further expected to support market growth. In addition, the growing use of functional ceramics in the healthcare industry such as medical devices, implants, and drug delivery systems further accelerates the functional ceramics market growth in the region.
• Some of the major players operating in the market include Murata Manufacturing Co., Ltd; TDK Electronics AG; Semco; KYOCERA Corporation; TAIYO YUDEN CO., LTD; KEMET Corporation; Vishay Intertechnology, Inc.; YAGEO Group; Samwha Capacitor Group; Morgan Advanced Materials.