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.
