North America Advanced Ceramics Market - Segmented by Raw Material Type, Class, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The North America advanced ceramics market was estimated at USD 16.539 billion in 2016. The market is expected to register a CAGR of 10.05% during 2018 to 2023 (the forecast period). North America was the second-largest market, accounting for around 27% of the global market share in 2017.
Increasing Demand from Medical Industry
Advanced ceramics are used in a wide range of medical devices, such as lithotripters and ultrasonic cleaners – or in dental ceramics in the field of dentistry. Another major application of advanced ceramics is in bio ceramics, where it is used in artificial organ implants, especially hip joints. Replacement of chemotherapy with radioactive glass microspheres for liver cancer patients, ceramic-based orthodontic braces, biocompatible coatings, and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, and composite layers for gene therapy are some other developing applications of advanced ceramics.
The rising prevalence of chronic diseases, coupled with the rapidly aging population worldwide, is set to increase the demand for medical implants. The global aging demographic is expected to increase to 600 million by 2020. The advances in medical technology, increasing population, (specifically population above 65 years of age) increases the demand for advanced ceramics in the medical industry.
Adoption of Advanced Ceramics in Electricals & Electronics
Advanced ceramics reinforce the electronics industry; the average aircraft is packed with electronics. Gradually, these electrical components, such as sensors, antennas, capacitors, and resistors, are getting smaller and more capable. Therefore, this is a major area of development for advanced ceramics. As the electronics industry makes continuous remarkable progress and develops, the demand for advanced ceramics grows rapidly. Advanced ceramics have a wide-range of electrical properties, including insulating, semi-conducting, superconducting, piezoelectric, and magnetic. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for semiconductors, capacitors, and other advanced ceramics-containing electronic components. The growing electrical & electronics industry is estimated to boost the demand for advanced ceramics over the forecast period.
United States to Dominate Market Growth
The United States finds extensive use for advanced ceramics, and the total market for advanced ceramics in the country is set to grow, due to properties, like high corrosion resistance, ability to withstand fluctuations in temperature, and being lightweight. Other desired qualities are substantial energy-efficiency, environmental protection capabilities, higher lifetime operation costs, and the best-desired performance. With the growing demand from various end-user industries, such as electrical & electronics, automotive, medical, and chemical, amongst others, the market for advanced ceramics is projected to register at a high growth rate during the forecast period.
Key Developments in the market