The use of co-fired ceramic is increasing due to its useful properties such as excellent physical, chemical inactivity, hermicity, and high thermal stability. The LTCC market and HTCC market size is estimated to be USD 916 million in 2019 and is expected to reach USD 1.1 billion by 2024, at a CAGR of 4.5% between 2019 and 2024. The increasing use of co-fired ceramic in the automotive, telecommunications, and aerospace & defense is bolstering the market growth, globally.
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Based on material used, the market for co-fired ceramic is segmented as glass-ceramic and ceramic. Glass-ceramic material type dominated the overall LTCC market and HTCC market in 2018, in terms of volume & value both. This is due to the high demand for glass-ceramic material used in LTCC process for automotive, telecommunications, aerospace & defense applications. In the automotive industry, it is primarily used to make advanced wireless technology such as Bluetooth, used in high radio frequencies. In the telecommunications sector, co-fired ceramics are used in mobiles, play stations, and high radio frequency data transfer.
The co-fired ceramic is divided into five end-use industries, such as automotive, telecommunications, aerospace & defense, medical, and others. The automotive end-use industry is expected to witness the highest growth in the coming years. The demand for excellent mechanical properties such as excellent physical, chemical inactivity, hermicity, and high thermal stability is expected to boost the market for co-fired ceramic in various end-use industries.
The Asia Pacific is one of the leading LTCC market and HTCC markets. The growing demand from the aerospace & defense, automotive, and telecommunications sectors is driving the market in the region. The Asia Pacific region has the presence of co-fired ceramic manufacturers and telecommunications component manufacturers. China accounted for a significant share of the global LTCC market and HTCC market and is expected to register substantial growth during the forecast period. The increasing wireless devices production and introduction of 5G across all electronic end-users are expected to drive the demand for co-fired ceramic in China.
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