Electronic Ceramics Market to Garner $16.6 Billion, Globally, By 2027 at 5.1% CAGR, Says Allied Market Research
PORTLAND, Ore., Nov. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electronic Ceramics Market by Material (Alumina, Zirconia, Silica, and Others), Application (Capacitors, Data Storage Devices, Optoelectronic Devices, Actuators & Sensors, Power Distribution Devices, and Others), and End-User (Electronics, Automobile, Medical, Aerospace & Defense, and Others): Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global electronic ceramics industry was pegged at $11.3 billion in 2019, and is projected to reach $16.6 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Major determinant of the market growth
Increase in demand from the major end-users and the emergence of novel technologies that demand more electroceramics drive the growth of the global electronic ceramics market. However, high investment for fabrication and integration hampers the market growth. On the contrary, the development of ceramic solid-state battery technology is expected to create lucrative opportunities for the market growth.
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Covid-19 scenario:China is the major supplier of electronics. The abrupt shutdown of operations due to the Covid-19 outbreak hampered the entire electronic ecosystem. The Covid-19 pandemic disrupted the supply chain and created a shortage of raw materials. The pandemic hampered smartphone sales in the first quarter of 2020 and major smartphone companies had to make contingency plans for the future. However, as organizations adopted work from home culture, the demand for wireless networks and consumer electronics such as laptops and smartphones has been increased.
The alumina segment held the lion's share
By material, the alumina segment held the largest share in 2019, accounting for around two-fifths of the global electronic ceramics market, as it is used for thick-film and thin-film ceramic substrates. However, the silica segment is anticipated to register the highest CAGR of 6.4% during the forecast period, due to rise in demand for miniaturized electronic components such as capacitors for avionics, automotive systems, aerospace, and military applications.
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The optoelectronic devices segment to manifest the highest CAGR through 2027
By applications, the optoelectronic devices segment is expected to portray the highest CAGR of 6.3% from 2020 to 2027, owing to the increase in use of such devices in the aerospace, IT, automotive, and healthcare industry. However, the capacitors segment dominated the market in 2019, accounting for nearly one-third of the global electronic ceramics market, due to rise in demand for miniaturized electronic components such as capacitors for avionics, automotive systems, aerospace, military , and industrial telecommunication systems.
Asia-Pacific, followed by North America, to register the fastest CAGR by 2027
By region, the market across Asia-Pacific is projected to manifest the highest CAGR of 6.1% during the forecast period. The region held the largest share in 2019, accounting for more than half of the market, owing to high consumer presence in countries such as India, China, Japan, and Taiwan coupled with the presence of a well-established electronic manufacturing base in Asia-Pacific. However, the global electronic ceramics market across North America is expected to register a CAGR of 4.9% from 2020 to 2027.
Key Market PlayersAmerican Elements CoorsTek Inc. Compagnie de Saint-Gobain S.A. Hoganas AB Ferro Corporation L3Harris Technologies Inc. Ishihara Sangyo Kaisha Ltd. Physik Instrumente GmbH & Co. KG. Merck KgA Noritake Co. Ltd. Venator Materials Plc. Sensor Technology Ltd.
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