Expanding Semiconductors & Electronics Industry Driving Electroceramics Market

In 2017, the global electroceramics market generated a revenue of $8,590.9 million and is expected to attain a value of $12,084.4 million in 2023, advancing at a 5.9% CAGR during the forecast period (2018–2023). Factors positively affecting the growth of the market are the expansion of the semiconductors and electronics industry, growth of the medical industry and requirement for electroceramics in sensors and implants, and expanding automotive industry and demand for electroceramics in automotive devices and components. Type of ceramic materials which exhibit electrical properties are referred to as electroceramics. 

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In terms of type, the electroceramics market is divided into magnetic ceramics, dielectric ceramics, piezoelectric ceramics, conductive ceramics, and others (which include ferroelectric and fast ion ceramics). Among these, the dielectric ceramics dominated the market during the historical period (2013–2023), contributing a volume share of over 35.0% in 2017. The reason for this is the rising requirement for these ceramics in capacitors and insulators, which are major components in industrial and consumer electronic devices. The fastest growth is predicted to be registered by conductive ceramics during the forecast period. 

When application is taken into consideration, the electroceramics market is categorized into power distribution devices, capacitors, actuators & sensors, data storage devices, optoelectronic devices, and others (resonators and radio frequency devices). Out of these, the capacitors category accounted for the major share of the market during the historical period, in terms of volume, and is further expected to dominate the market during the forecast period, owing to the high requirement for these products for usage in different devices. The optoelectronic devices category is projected to advance at the fastest pace during the forecast period.   

A key driving factor of the electroceramics market is the expansion of the semiconductor and electronics industry. As per the Consumer Electronics Association, consumer electronics retail revenue was $351.0 billion in 2018, witnessing a 3.9% rise in its revenue in 2017. The industry is primarily growing due to the macroeconomic growth in developing countries. Electroceramics are increasingly being utilized for different applications in the industry because of their properties, such as high damage tolerance, temperature resistance, toughness, and corrosion resistance. Furthermore, the use of these ceramics significantly reduces the overall weight of electronics.  

Another major factor contributing to the growth of the electroceramics market is the expansion of the medical industry and rising demand for electroceramics in implants and sensors. The growth of the healthcare industry is attributed to the increasing demand for healthcare services and rising capital allocation by public and private partnerships in the healthcare sector. In recent years, the adoption of electroceramics in the medical industry has increased because they are harder and more heat and corrosion resistant than other materials.  

The advancements in the fabrication technology and widespread adoption of internet of things (IoT) is providing wide opportunities to the players operating in the electroceramics market. The requirement for higher volumetric efficiency multilayer capacitors has impacted the technologies concerned with the preparation of powders having closely defined physical and chemical characteristics and on their processing into components. The emergence of technologies such as IoT are further predicted to drive the requirement for these products in capacitors, sensors, and automotive and aerospace components. 

Hence, the market is being driven the growth of the semiconductors & electronics industry and medical industry and increasing demand for electroceramics in implants and sensors.