The advanced ceramics market is projected to reach $10.41 billion by 2021, growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period, according to a report available from Research and Markets. Market growth can be attributed to the increasing use of advanced ceramics as an alternative to metals and plastics. Another factor driving the market is the rising demand for advanced ceramics in the medical industry for use in joint implantation and dental implants, due to properties such as low wear resistance and chemical inertness.
Based on material, the silicon carbide segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to properties such as low weight, high strength, low thermal expansion, excellent thermal shock resistance, high wear resistance, and high chemical resistance. Due to these properties, silicon carbide is preferred by various end-use industries such as electrical and electronics, transportation, and medical, among others.
The electrical and electronics industry uses advanced ceramics on a large scale. Demand is increasing in this industry due to advanced ceramics’ superior properties such as excellent corrosion resistance and low thermal expansion, when compared to metal and plastics.