Increasing need for advanced architecture and miniaturization of electronic devices is driving the Ceramic Substrates Market
The ceramic substrates market size is estimated to be USD 6.5 billion in 2020 and is expected to reach USD 8.7 billion by 2025, at a CAGR of 6.0% during the forecast period. Factors such as Increasing need for advanced architecture and miniaturization of electronics devices and increasing demand for ceramic substrates over traditional metal substrate will drive the ceramic substrate market. The major restraint for the market will be volatility in raw material prices. However, growing demand for nanotechnology and high-end computing system will act as an opportunity for the market.
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Rapid R&D and technological advancements have created demand for reliable and compact electronic devices. This has led to the growing demand for miniaturized electronic devices. Many electronic products have become more advanced with the development of semiconductor technology that required the use of hybrid circuits, which are embedded in ceramic substrates. Miniaturization is one of the three benefits provided by ceramic substrates: the other two being hermetic sealing and heat conduction.
Incorporation of thin film ceramic substrates has led to the miniaturization of many electronic devices such as smartphones, tablet personal computers, e-book readers, and video cameras, which are composed of a wide variety of hybrid circuits. Initially, glass epoxy resin substrates were used as hybrid circuit substrates. Ceramic substrates technology helped in reducing the size of electronic devices by scaling down the electrical hybrid circuits. The growing demand for these electronic devices is expected to play a major role in driving the market for ceramic substrates.
The Automotive industry is projected to be the fastest growing industry of the ceramic substrate market
Ceramic substrates have been widely used in the automotive industry since its introduction in the early 1970s. High reliability; excellent thermal, mechanical, and dimensional stability; and high thermal conductivity make ceramic substrates a suitable choice for automotive manufacturers. Thick film substrates were used in engine components, voltage regulator components, and radio audio amplifier modules during the 1980s. Ceramic substrates such as thick film and LTCC have gained importance in recent years and are widely used in engine control units, antilock brake systems, airbag control modules, LEDs (automotive lighting), entertainment & navigation systems, pressure control modules, and transmission system modules. Ceramic substrates have proven to be cost-effective and can sustain very harsh environments and are used in various automotive applications such as motorcycles and car engines.
APAC projected to be fastest growing region for the ceramic substrate market
The demand for ceramic substrates is highly dependent on the economic growth of a region. Therefore, high growth in the region is attributed to the rapid economic expansion. According to IMF, China and India are among the fastest-growing economies, globally. In addition, India is expected to outpace China with the highest growth rate, thus driving the global economy. Such economic developments in these countries will lead to the growth of the manufacturing sector. In addition, the rapidly growing end-use industries, competitive manufacturing costs, and high economic growth rate are the favorable factors for the growth of the ceramic substrates market in this region. These factors are also attracting the market players for expanding their businesses in APAC.
The key market players profiled in the report include Kyocera Corporation (Japan), Murata Manufacturing Co. Ltd. (Japan), Coorstek Inc. (US), Ceramtec (Germany), Maruwa Co. Ltd. (Japan), Koa Corporation (Japan), Yokowo Co. Ltd. (Japan), Tong Hsing Electronics Industries (Taiwan), Leatec Fine Ceramics (Taiwan), and Nikko Company (Japan).
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