Rockville, June 12, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global electroceramics market is estimated to be valued at US$ 10.1 billion in 2023 and is anticipated to grow at a CAGR of 4.0% during the forecast period of 2023-2033.
The growing adoption of multilayer ceramic capacitors (MLCCs) in electronic devices is driving the growth of the electroceramics market. MLCCs offer high capacitance in a compact size, making them ideal for smartphones, tablets, and other portable devices. The rapid proliferation of consumer electronics has fueled the demand for MLCCs, driving the growth of the electroceramics market.
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The rising utilization of piezoelectric ceramics in sensors and actuators also has a significant impact on the growth of the electroceramics market. Piezoelectric ceramics convert mechanical energy into electrical energy and vice versa, enabling their use in applications, such as medical devices, automotive sensors, and industrial automation. With the increasing emphasis on smart systems and Internet of Things (IoT) devices, the demand for piezoelectric ceramics is expected to soar.
Furthermore, the electroceramics market is witnessing advancements in energy storage technologies. Solid-state batteries, which rely on ceramic electrolytes, are gaining traction due to their high energy density, enhanced safety, and longer lifespan compared to conventional lithium-ion batteries. The development of solid-state batteries utilizing electroceramics is likely to revolutionize the electric vehicle and renewable energy sectors.
Key Takeaways from Market Study
- The global electroceramics market size reported by Fact.MR for 2022 was US$ 9.7 billion
- The global electroceramics market size is estimated to reach US$ 15.0 billion in 2033
- The U.S. is expected to emerge as the most lucrative market for electroceramics in North America
- Demand for piezoelectric ceramics is likely to expand at around 3.0% CAGR
- Alumina electroceramics are expected to account for over 40.0% of the total electroceramics market
“Governments Initiatives and a Noticeable Increase in the Sale of Consumer Electronics to Increase the Demand for the Electroceramic Market in the Coming Years” says a Fact.MR analyst.
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Market Growth Stratagems
Electroceramics producers focus on continuous product development and innovation to meet evolving market demands. They invest in research and development activities to enhance material properties, develop new compositions, and optimize manufacturing processes. This strategy allows producers to introduce advanced electroceramic materials with improved performance characteristics, enabling them to cater to emerging applications and gain a competitive edge.
Further, electroceramics producers focus on geographic expansion and market penetration strategies to reach new customers and regions. They invest in market research to identify growth opportunities, establish sales and distribution networks in target markets, and expand their presence through local manufacturing facilities or partnerships. This strategy helps electroceramics producers tap into emerging markets and strengthen their global footprint.
Key Companies
- Central Electronics Limited
- Electro Ceramics Co. Ltd.
- Huntsman International LLC
- Keltron Electro Ceramics Ltd.
- Morgan Advanced Materials PLC
- Rubicon Technology
Segmentation of Electroceramics Industry Research
- By Material:
- Titanate
- Zirconate
- Alumina
- Other
- By Product Type:
- Dielectric
- Conductive
- Piezoelectric
- Magnetic
- Other
- By Application:
- Capacitors
- Data Storage Devices
- Optoelectric Devices
- Actuators & Sensors
- Other
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electroceramics market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of material (titanate, zirconate, alumina, and other), product type (dielectric, conductive, piezoelectric, magnetic, and other), application (capacitors, data storage devices, optoelectric devices, actuators & sensors, and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Key Questions Covered in the Electroceramics Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Electroceramics sales grow until 2033?
- Which are the factors hampering the Electroceramics demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Electroceramics Market during the forecast period?
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