Our in-depth analysis segmented the global Aluminium Nitride market in the following segments:
Global Aluminium Nitride market is further classified on the basis of region as follows:
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The global aluminium nitride market is expected to showcase a significant CAGR of 5.3% during the forecasted period 2018-2027. Additionally, the global aluminium nitride market is thriving on the back of exhibiting high thermal conductivity, material's strength, hardness and purity of end use application is expected to drive the market over the forecast period. The global aluminium nitride market is segmented on the basis of grades, application, types and geography. In terms of regional platform, demand for aluminium nitride in the North America region is anticipated to propel the growth of overall global aluminium nitride market over the forecast period. Factors such as increasing demand for opto-electronics, electronic substrates, and high thermal conductivity chip carriers etc. are expected to cause an increase in demand for aluminium nitride. Asia Pacific is anticipated to contribute a significant CAGR during the forecast period. Increasing power electronic goods and rising disposable income of heavy industries are key factors which are driving the growth of aluminium nitride market in Asia Pacific region.
Aluminium nitride is extensively utilized in producing electronic equipment that require a high level of efficiency and safety. This is expected to boost the demand for aluminium nitride in the future years. Additionally, physicochemical properties such as its dielectric strength, hardness, purity, material’s strength and resistivity coupled with availability of sustainable technology in production and the relatively low cost availability of aluminium nitride, in comparison with traditionally used metal nitrides are anticipated to cause a significant growth for aluminium nitrate market. Good corrosion resistance and stability in semiconductor processing atmospheres are some of the characteristic of aluminium nitride compound. Due to these aspects, manufacturers are replacing conventionally used metal nitrides with aluminium nitride.
Rapid urbanization along with positive GDP figures of developed and developing nations such as U.S., China and others are projected to flourish the growth of aluminium nitride market in electronic equipment for the aeronautical industry and defense industry. In addition to this, favorable government initiatives and regulations regarding the benefits of individual safety while using aluminium nitrate metal products is anticipated to fuel the growth of aluminium nitride market.
In contrast, high cost associated with production of high purity aluminium nitride powder is expected to dampen the growth of aluminium nitrite market. Carbon footprints and environmental impact are some of the restraining factor in aluminium nitride market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel