Global Multilayer Ceramic Capacitor Market Report, Industry Size, Share, Statistics & Growth 2027
The multilayer ceramic capacitor market is expected to grow from USD 14.0 billion in 2022 to USD 26.6 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.8% from 2022 to 2027.
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The market has a
promising growth potential due to several driving factors including, growing
demand from automotive industry due to advent of EVs; increasing adoption in
telecommunications end-user industry due to rapid development of 5G technology;
and rising incorporation of MLCCs in smartphones, smart wearables, and other
electronic devices further drives the multilayer ceramic capacitor market.
The Class I dielectric type segment is expected to account
for the larger size of the MLCC market throughout the forecast period. It is
further expected to grow at a significant rate during the forecast period.
Class I MLCCs have low capacitance values, but they have near-perfect
capacitance stability regardless of temperature, making them a good choice for
applications requiring frequency control, such as radio or television tuners.
Class I dielectric type MLCCs are typically employed in applications that need
high reliability, low acoustic noise, and low dielectric loss. DC blocking,
tuning, transient voltage suppression, energy storage, crucial timing,
decoupling, data acquisition filters, PLL low pass filter, and bypassing are
examples of a few of the applications of Class I MLCCs.
Driver: Growing demand from automotive industry due to
advent of EVs
The automotive industry is one of the major end users of
MLCCs. In recent years, automotive-grade MLCCs have gained popularity, which is
predicted to fuel the entire MLCC market's growth. The increasing deployment of
electronic devices in automobiles, such as engines, powertrains, and
infotainment systems, is accelerating the demand for multilayer ceramic
capacitors. Constant advances in the automotive industry demand component
miniaturization, increase in capacitance, and improvements in safety features.
Moreover, self-driving vehicles, hybrid electric vehicles (HEVs), plug-in
hybrid electric vehicles (PHEVs), and advanced driver assistance systems (ADAS)
used in cars inherently require MLCCs.
Opportunity: Emergence of Internet of Things (IoT)
The advent of the Internet of Things (IoT) is generating a
plethora of market prospects. Because of their inherent reliability and long
service life, high-capacitance MLCCs are a perfect solution for IoT devices.
MLCCs have a proven mean time to failure (MTTF) ranging from 10,000 to over
1,000,000 hours and offer low equivalent series resistance (ESR) and inductance
(ESL). According to GSMA Mobile Economy 2021, the total number of IoT
connection in North America alone is expected to reach 5.1 billion by 2025.
The Asia Pacific region accounted for the largest share of
MLCC market in 2021 and is also expected to grow at the highest CAGR during the
forecast period. With Asia Pacific being one of the largest electronics
manufacturers, as well consumers, in the world, it is the largest consumer of
multilayer ceramic capacitors for the electronic end-user industry. The region
is one of the largest consumers of smartphones. According to India Brand Equity
Foundation (IBEF), in 2021, India alone recorded shipment of ~173 million
smartphone units, which is 14% more as compared to 2020. Apart from
smartphones, the region produces and consumes a broad range of electronic
goods, ranging from commercial to household and entertainment gadgets. The
region also has a well-established automotive industry. The rapid development
of EVs in China is expected to drive the MLCC market further. The number of
MLCCs installed per smartphone is about 400 to 500 for low-end smartphones,
about 700 to 800 for mid-range smartphones, and about 900 to 1,100 for high-end
smartphones. Similarly, on an average, BEVs are projected to use more than
~10,000 MLCCs. The increasing demand for consumer electronics and automotive is
accelerating the demand for multilayer ceramic capacitors in the region.
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Although the MLCC market is growing at a steady pace, it is
consolidated owing to the presence of several players such as Murata (Japan),
Samsung Electro-Mechanics (South Korea), TAIYO YUDEN (Japan), YAGEO (Taiwan),
Walsin Technology (Taiwan) venturing into continuous R&D and patented
manufacturing technologies in the MLCC market. Key strategies adopted by these
players to enhance their product portfolios, increase their market share, and
expand their presence in the market mainly include product launches, deals
(mergers, acquisitions, joint ventures, and investments), and others
(expansions). These strategies enabled them to efficiently cater to the growing
demand for MLCCs from different end-user industries and expand their footprint
by offering products in all the major regions.
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