According to a research report "Multilayer Ceramic Capacitor Market by Dielectric (Class I (C0G, X8G, U2J), and Class II (X7R, X5R, Y5V, X7S)), Rated Voltage (Low (Up to 50V), Medium (100-630V), and High (1000V & Above)), End User (Electronics, Automotive) - Global Forecast to 2027" published by MarketsandMarkets, the multilayer ceramic capacitor (MLCC) 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 CAGR of 13.8% from 2022 to 2027. Growing demand from the automotive industry due to advent of EVs is driving the market for multilayer ceramic capacitor. Moreover, 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 plays a key role in driving the growth of the MLCC market.

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Class I dielectric type to hold the largest size of MLCC market during the forecast period

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.

MLCC Market low rated voltage segment is expected to grow at the fastest CAGR during the forecast period

The MLCC market for low rated voltage segment is expected to grow at the fastest CAGR during the forecast period. The main reason for the dominance of low rated voltage MLCCs is their high demand in the electronics end-user industry. Most of the widely adopted electronics devices, especially small consumer electronics such as smartphones, smart wearables, true wireless stereo (TWS) headsets, headphones, and calculators, operate at a lower voltage. Further, the miniaturization of ICs lowers the required voltage, thereby accelerating the demand for low rated voltage MLCCs.

Asia Pacific expected to dominate the MLCC market during the forecast period

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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Key players in the MLCC market are Murata (Japan), Samsung Electro-Mechanics (South Korea), TAIYO YUDEN (Japan), YAGEO (Taiwan), Walsin Technology (Taiwan), TDK (Japan), Vishay Intertechnology (US), Kyocera (Japan), Darfon Electronics (US), Samwha Capacitor Group (South Korea), Nippon Chemi-Con (Japan), MARUWA (Japan), Fujian Torch Electron Technology (China), Holy Stone Enterprise (Taiwan), and Knowles (US). SMEs/startups covered in the study are CalRamic Technologies (US), Viking Tech (Taiwan), Würth Elektronik Group (Germany), Exxelia (France), Johanson Dielectrics (US), NIC Components (US), Kingtronics Kt (Hong Kong), Semec (China), Shanghai Yongming Electronic (YMIN) (China), EYANG Technology Development (China), and Fenghua Advanced Technology (Hong Kong).