Advanced Ceramic Additives Market Product segments and Growth outlook Report By 2028
Author : Shweta M | Published On : 22 Sep 2022
Advanced Ceramic Additives Industry Overview
The advanced ceramic additives market size was valued at USD 529.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2028.
Growing usage of advanced ceramics especially in medical applications is anticipated to propel the use of additives over the forecast period. Advanced ceramic has emerged as an ideal material to produce medical devices and components. These components require higher tolerances, which can be achieved by appropriate usage of additives. Thus, growth in the medical devices industry is anticipated to prove beneficial for advanced ceramic additives demand.
Gather more insights about the market drivers, restrains and growth of the Global Advanced Ceramic Additives Market
The demand for advanced ceramics in the U.S. is primarily driven by the increasing utilization of lightweight materials in automotive, aerospace, and defense applications. Its rising usage in these industries has fueled the use of specific additives in accurate compositions, which help optimize the rheology of catalyst wash coats and increase their viscosity.
Furthermore, growth in the medical industry especially post COVID-19 emergence has benefitted market growth. The rising demand for high-quality and functional safety in medical devices and equipment to meet stringent approval standards and withstand challenges in healthcare practices has augmented the need for reliable materials like advanced ceramics.
A rise in the global geriatric population and increasing awareness regarding new technologies and treatments in developing countries such as India, Thailand, and Indonesia are the key factors expected to play a major role in the growth of the medical industry, which, in turn, is anticipated to propel the demand for advanced ceramics and need for additives over the forecast period.
Despite the growth drivers, fluctuation in raw materials is a major restraint for market growth. For instance, polyacrylate dispersants are widely used in advanced ceramics for deflocculating purposes. However, the rising cost of acrylic acid, which is a key raw material used in the production of polyacrylates, impacts the production and availability of polyacrylate dispersants.
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Market Share Insights
- May 2021: Apple Inc., provided funds worth USD 45 million to Corning Incorporated for enhancing its manufacturing capacity and providing impetus to its R&D activities for new and innovative technologies.
- March 2021: Tata Motors announced partnering with aftermarket players such as 3M, Wurth, and Sikland Stanley BG to offer ‘Ceramic Coating’ treatments for its passenger vehicle models currently on sale.
- February 2021: CoorsTek announced the commencement of the 1st phase of an engineered ceramics production plant in Rayong, Thailand. This was a strategic move in establishing a plant in Asia to cater to growing demand.
Key Companies profiled:
Some of the prominent players in the global advanced ceramic additives market include:
- Bentonite Performance Minerals LLC
- BOZZETTO GROUP
- Evonik Industries
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