A new report from BCC Research pegs the North American market for advanced structural ceramics at $2.7 billion in 2007 and predicts it will grow to $3.7 billion in 2012, for a compound annual growth rate of 6.0 percent.
BCC breaks down the market by application into these segments: cutting tools and inserts; wear and corrosion; bioceramics; energy and high temperature; air and aerospace; and armor and military.
Of these, bioceramics has the largest market share, generating $1.8 billion in revenues in 2007, BCC says. The research firm expects this segment to increase to $2.3 billion in 2012, for a CAGR of 5.0 percent.
The second largest market, armor and military, was worth $416.0 million in 2007 and is expected to climb to $669.0 million in 2012, for a CAGR of 10.0 percent, according to BCC.
The wear and corrosion segment comprises the third largest market. BCC says this segment earned $337.0 million in 2007 and is expected to increase to $427.0 million in 2012, for a 5.0 percent CAGR.
BCC says, at first glance, the technical and advanced structural ceramics market appears to be maturing or “reaching the apex of its growth.” The research firm cautions, however, that first glances can be deceiving, noting that “changes in the fabrications and synthesis of the materials” are renewing the market from within.
BCC’s report also stresses that these new and improved ceramic materials “have enabled significant new technology capabilities that are now having far-reaching impacts on the North American economy and society.”