Multilayer Ceramic Capacitor

Multilayer Ceramic Capacitor Market Outlook

The global Multilayer Ceramic Capacitor (MLCC) market is anticipated to reach an impressive size of approximately USD 14 billion by the year 2035, reflecting a compound annual growth rate (CAGR) of around 8.5% from 2025 to 2035. This significant growth can be attributed to several factors, including the rapid advancement of consumer electronics, the increasing demand for electric vehicles, and the expansion of the telecommunications sector. Additionally, the push towards miniaturization in electronic devices along with the growing trend towards renewable energy sources are driving the demand for efficient and compact capacitors. As industries continue to evolve and innovate, MLCCs are expected to play a pivotal role in enhancing the performance and reliability of electronic components across various applications.

Growth Factor of the Market

The Multilayer Ceramic Capacitor market is driven by a variety of growth factors that contribute to its expansion across multiple sectors. One notable factor is the escalating requirement for miniaturized electronic components, which has been fueled by trends in consumer electronics such as smartphones, tablets, and wearable devices. These devices demand components that not only fit within limited space but also maintain high performance levels and reliability, which MLCCs provide. Furthermore, the automotive industry has witnessed a remarkable uptick in the adoption of electric vehicles (EVs), thereby increasing the demand for MLCCs to support the sophisticated electronics that these vehicles require, such as power management systems and battery management. In addition to automotive and consumer electronics, the expanding Internet of Things (IoT) ecosystem and advancements in telecommunications technologies, including 5G, are further bolstering the demand for MLCCs. Overall, the convergence of these trends creates an optimistic outlook for the MLCC market as it seeks to meet the needs of modern electronic applications.

Key Highlights of the Market

• The global MLCC market is projected to reach USD 14 billion by 2035, with a CAGR of 8.5% from 2025-2035.
• Consumer electronics and automotive applications are the leading segments driving market growth.
• The increasing trend of miniaturization in electronic devices is significantly impacting MLCC demand.
• Technological advancements in telecommunications, especially 5G, are expected to contribute to market expansion.
• The Asia Pacific region is anticipated to dominate the market due to robust manufacturing capabilities and demand.

By Product Type

X7R:

X7R type MLCCs are widely utilized for their versatility and relative stability across a range of temperatures and applied voltages. These capacitors are characterized by their ability to maintain capacitance values in environments with substantial temperature fluctuations, making them suitable for applications where thermal stability is crucial. Industries such as automotive and consumer electronics benefit significantly from X7R capacitors due to their compact size, which allows for integration into smaller devices without compromising performance. Their ability to operate effectively in a variety of circuits, including filtering and bypassing applications, further adds to their attractiveness. As demand for more robust and reliable electronic components continues to grow, X7R MLCCs are well-positioned to cater to this need across various applications.

X5R:

X5R MLCCs offer a good balance between capacitance stability and size, making them a popular choice in consumer electronics. Typically, they can operate effectively in temperatures ranging from -55°C to +85°C, with voltage coefficients that make them suitable for high-density applications. Their moderate capacitance values and small footprint allow them to be used widely in smartphones, tablets, and other portable devices where space is at a premium. The flexibility in capacitance values ensures that manufacturers can select the appropriate range needed for different applications, which amplifies their utility in diverse sectors. As electronic devices become increasingly compact and complex, the demand for X5R capacitors is expected to rise significantly.

C0G:

C0G capacitors are known for their exceptional stability and precision, particularly in high-frequency applications. They exhibit a minimal change in capacitance across a wide temperature range, making them ideal for RF circuits and precision timing applications. With their ability to maintain performance under varying environmental conditions, C0G capacitors are favored in critical applications such as telecommunications and aerospace, where reliability is paramount. Although they typically come in lower capacitance values compared to X7R and X5R types, their attributes make them indispensable in applications requiring high accuracy and stability. As technological advancements continue to push for better performance and efficiency, C0G capacitors will maintain a strong presence in the market.

Y5V:

Y5V capacitors are known for their high capacitance values along with a relatively low cost, making them attractive for various electronic applications, particularly in consumer electronics where cost efficiency is critical. However, they have a lower temperature stability compared to X7R and X5R types, which limits their effectiveness in high-temperature environments. Despite this limitation, Y5V capacitors are widely utilized in applications where high capacitance is needed but precision is less critical, such as decoupling and bypassing circuits in low-cost electronic products. Their capacity to provide significant capacitance in a compact form factor contributes to their widespread use in devices like toys, basic household appliances, and other low-end electronics where cost-effectiveness is a primary concern.

NPO:

NPO capacitors stand out for their temperature stability and low loss characteristics, making them ideal for high-frequency applications. They are commonly used in precise timing circuits and high-performance RF applications due to their ability to maintain consistent capacitance even under varying environmental conditions. The applications for NPO capacitors span across industries like telecommunications, aerospace, and medical devices, where failure is not an option, and stability is crucial. Their superior performance attributes ensure they are favored in applications requiring high reliability and precision, and as the push for advanced electronic solutions continues, the demand for NPO type capacitors is expected to remain strong.

By Application

Consumer Electronics:

In the consumer electronics sector, MLCCs are essential components found in a multitude of devices including smartphones, laptops, tablets, and gaming consoles. The increasing demand for high-performance, compact electronic devices drives the need for MLCCs, as they provide the necessary capacitance while occupying minimal space. Additionally, advancements in display technologies, such as OLED and LCD, require stable capacitance for effective operation, further boosting MLCC usage in consumer products. As manufacturers strive to innovate and enhance device functionality, MLCCs will continue to play a crucial role in delivering improved performance and reliability in consumer electronics.

Automotive:

The automotive industry is undergoing a significant transformation, particularly with the rise of electric vehicles (EVs) and the integration of advanced electronics in traditional vehicles. MLCCs are critical for various automotive applications including power management systems, infotainment systems, and safety features. The demand for reliable and compact components in vehicles is escalating, as manufacturers aim to enhance fuel efficiency, performance, and driver assistance technologies. Furthermore, as regulatory standards for emissions and energy consumption become stricter, the need for efficient and effective electronic components like MLCCs will only increase, positioning this segment for substantial growth in the coming years.

Industrial:

Within the industrial sector, MLCCs play a vital role in various applications ranging from automation systems to machinery control. Their ability to operate effectively in harsh environments with high reliability makes them suitable for industrial equipment where performance consistency is paramount. Industries are increasingly leveraging MLCCs for their energy efficiency and ability to support high-frequency signals, which are essential in automation and control processes. The ongoing expansion of the industrial automation sector, driven by the fourth industrial revolution and the Internet of Things (IoT), is expected to elevate the demand for MLCCs in this domain as manufacturers aim to enhance productivity while minimizing operational costs.

Telecom:

The telecommunications sector is rapidly evolving, particularly with the advent of 5G technology, which necessitates the use of advanced electronic components to support higher frequencies and improved data transmission rates. MLCCs are integral to telecom equipment such as base stations, routers, and other communication devices, where they contribute to the stability and reliability of performance. As the demand for faster and more reliable communication grows, so does the need for high-quality capacitors that can handle the increased workload and operational requirements. The transition towards 5G networks presents a significant opportunity for MLCC manufacturers to expand their market presence by providing solutions suited for next-generation telecommunications technologies.

Aerospace & Defense:

The aerospace and defense sector demands the highest standards of reliability and performance, making MLCCs critical components in applications such as satellite communications, avionics, and military electronics. These capacitors must withstand extreme conditions, including temperature fluctuations and mechanical stress, which requires a robust design and superior materials. The increasing focus on national security and advancements in aerospace technologies are driving the demand for high-quality electronic components in this sector. As the aerospace industry continues to innovate and evolve, MLCCs will remain a vital component in ensuring the functionality and reliability of critical systems.

By Distribution Channel

Direct Sales:

Direct sales channels in the MLCC market involve manufacturers selling their products directly to end-users or large volume buyers. This distribution method allows for significant cost savings and fosters a strong relationship between manufacturers and their clients. Through direct sales, companies can emphasize product features, provide tailored solutions, and deliver better customer service, enhancing the overall purchasing experience. Moreover, this direct engagement helps manufacturers gather valuable feedback and insights into market trends and customer preferences, enabling them to refine their offerings. As demand for customized solutions grows, direct sales channels are expected to play a crucial role in shaping the market dynamics.

Distributors:

Distributors serve as critical intermediaries between manufacturers and end-users in the MLCC market. They facilitate the efficient movement of products by maintaining inventory and providing logistical support, which is particularly important in a market characterized by varying demand across different regions and applications. Distributors help manufacturers reach a wider audience by making their products available in multiple markets, including small and medium enterprises that may not have the capacity to purchase directly from manufacturers. In addition, distributors often provide value-added services such as technical support, product training, and inventory management. As the MLCC market continues to expand, the role of distributors will be crucial in ensuring seamless product availability and accessibility.

Online Retail:

The rise of e-commerce has transformed the way MLCCs are purchased, with online retail emerging as a convenient channel for consumers and businesses alike. Online platforms allow buyers to compare products, prices, and reviews more easily, which enhances informed purchasing decisions. This distribution channel is particularly beneficial for smaller firms or individual engineers who may need specific types of MLCCs for unique applications. The convenience and accessibility of online shopping are driving more customers to explore this option, thus expanding the reach of MLCC manufacturers. As online retail continues to grow, it is poised to capture a significant share of the MLCC market, especially among tech-savvy consumers and professionals seeking easy access to specialized products.

By Capacitance Value

Below 1μF:

Capacitors with capacitance values below 1μF are frequently used in high-frequency applications where small capacitance is crucial for filtering and decoupling purposes. These capacitors are commonly found in consumer electronics, telecommunications, and industrial machines, aiding in signal stability and noise reduction. The demand for compact, reliable components in various electronic applications drives the need for capacitors in this category. As technologies advance and devices become increasingly sophisticated, the requirement for efficient capacitors that can perform reliably at lower capacitance values continues to grow, thus expanding the market for MLCCs in this segment.

1-10μF:

The 1-10μF capacitance range is particularly popular for use in a wide variety of electronic applications, including consumer electronics, automotive systems, and industrial equipment. This range of capacitors strikes an optimal balance between size and performance, making them suitable for applications that require moderate capacitance with compact dimensions. As industries increasingly prioritize energy efficiency and miniaturization in their products, the demand for capacitors within this range is expected to increase. Their versatility allows for broad applications, from power management systems to signal coupling and bypassing, further solidifying their significance in the market.

10-100μF:

Capacitors in the 10-100μF range are extensively used in power supply applications, where larger capacitance values are necessary for energy storage and delivery. They play a vital role in smoothing out voltage fluctuations and ensuring stable voltage levels in electronic circuits, making them essential in automotive, industrial, and renewable energy applications. As the global push towards electrification and the increase in demand for efficient power management systems continue, the market for MLCCs in this capacitance range is expected to expand significantly. Their ability to handle higher energy loads while maintaining compact sizes makes them invaluable in modern electronic designs.

Above 100μF:

Capacitors with capacitance values above 100μF are typically utilized in applications requiring significant energy storage, such as in power electronics and electric vehicle applications. These larger capacitors can stabilize voltage levels and manage energy fluctuations in systems with high power demands. Their robustness and performance capabilities make them suitable for use in renewable energy systems, such as wind and solar power, where energy storage is critical. As the global shift towards sustainable energy solutions continues to accelerate, the demand for high-capacitance MLCCs is expected to grow, making them an essential component in the future of energy management systems.

By Region

The Asia Pacific region is anticipated to dominate the Multilayer Ceramic Capacitor market, accounting for over 45% of the global market share by 2035. This region is home to some of the largest electronics manufacturers, including countries like China, Japan, and South Korea, which are at the forefront of technological advancements in the consumer electronics and automotive sectors. The robust manufacturing capabilities and growing domestic demand for electronic components fuel the expansion of the MLCC market in this area. Furthermore, the increasing adoption of electric vehicles and the roll-out of 5G technology in Asia Pacific are expected to further accelerate MLCC demand, with a projected CAGR of around 9% over the forecast period.

North America and Europe are also significant markets for Multilayer Ceramic Capacitors, collectively accounting for approximately 35% of the global market share. The North American market is driven by advancements in telecommunications and aerospace applications, with companies heavily investing in research and development to enhance the performance of electronic systems. Similarly, Europe is witnessing a rising trend in automotive electrification and industrial automation, contributing to the demand for high-quality MLCCs. As manufacturers in these regions focus on innovation and sustainability, the MLCC market is expected to experience steady growth, though at a comparatively lower rate than the Asia Pacific region.

Opportunities

The Multilayer Ceramic Capacitor market presents numerous opportunities for growth, particularly due to the ongoing advancements in technology across various industries. One of the most promising opportunities lies in the electric vehicle sector, where MLCCs play a critical role in supporting the complex electrical systems required for efficient operation. As governments worldwide implement stricter emissions regulations and promote electric mobility, the demand for high-performance capacitors in EVs is expected to surge. Additionally, with the increasing adoption of renewable energy technologies, such as solar and wind power, MLCCs will be essential in energy storage solutions and power management systems, further broadening their application base. Manufacturers who invest in research and development to enhance the performance and reliability of MLCCs will likely capitalize on these emerging opportunities as the industry evolves.

Moreover, the rapid growth of the Internet of Things (IoT) is creating exciting prospects for MLCC manufacturers. As IoT devices proliferate across various sectors, the need for compact, efficient, and reliable capacitors will become more pronounced. The convergence of smart technologies in industries such as healthcare, agriculture, and smart cities will drive the demand for MLCCs as they are integral components in sensors, communication devices, and control systems. Companies that can innovate and deliver tailored solutions to meet the unique requirements of IoT applications will be well-positioned to thrive in this dynamic market landscape. Overall, the potential for growth in the MLCC market is vast, with opportunities arising from technological advancements and evolving consumer demands.

Threats

Despite the promising growth trajectory of the Multilayer Ceramic Capacitor market, several threats could pose challenges to its expansion. One of the primary concerns is the volatility of raw material prices, particularly for materials used in the manufacturing of capacitors, such as ceramic powders and metal electrodes. Fluctuations in raw material costs can significantly impact overall production expenses, leading to increased prices for end-users and potentially affecting demand. Additionally, the ongoing global supply chain disruptions, exacerbated by geopolitical tensions and pandemics, have raised concerns regarding the stability and availability of critical components for MLCC production. Manufacturers may face difficulties in sourcing materials, which could lead to production delays and lost revenue opportunities in the fast-paced electronics market.

Another significant threat is the competitive landscape of the MLCC market, characterized by the presence of numerous established players and new entrants. As the market grows, competition is expected to intensify, leading to price wars and decreased profit margins for manufacturers. Companies will need to invest in innovation and differentiation strategies to maintain their market share and remain competitive. Additionally, advancements in alternative technologies, such as solid-state capacitors, could potentially disrupt the market for traditional MLCCs. As these alternatives gain traction, manufacturers must stay vigilant and adapt to changing consumer preferences and technological advancements to ensure their continued success in the evolving electronics landscape.

Competitor Outlook

• Murata Manufacturing Co., Ltd.
• Kyocera Corporation
• AVX Corporation
• Samsung Electro-Mechanics
• TDK Corporation
• Panasonic Corporation
• Yageo Corporation
• Walsin Technology Corporation
• Vishay Intertechnology, Inc.
• Johanson Technology, Inc.
• KEMET Corporation
• Nihon Dempa Kogyo Co., Ltd.
• Elna Co., Ltd.
• Rubycon Corporation
• Capacitor Industries

The competitive landscape of the Multilayer Ceramic Capacitor market is marked by several key players, each vying for market share through innovation, strategic partnerships, and extensive product portfolios. Companies like Murata Manufacturing and TDK Corporation lead the market, leveraging their technological expertise and strong manufacturing capabilities to deliver a wide range of MLCC products. These companies invest significantly in research and development to enhance the performance and reliability of their capacitors, ensuring they meet the demands of evolving electronic applications. Additionally, strategic collaborations and acquisitions among these key players are shaping the market dynamics, as companies look to expand their geographic presence and diversify their product offerings to cater to a broader customer base.

In particular, Murata Manufacturing Co., Ltd. stands out as a significant player in the MLCC market, known for its commitment to technological advancement and high-quality production. The company has consistently focused on developing innovative capacitor solutions that cater to various applications, including consumer electronics and automotive sectors. With a strong global presence, Murata is well-positioned to capitalize on emerging trends in the electronics industry and expand its market share further. Similarly, TDK Corporation, another major competitor, emphasizes innovation and sustainability in its product development efforts, aiming to meet the growing demand for energy-efficient electronic components. Their comprehensive product range and commitment to quality make them a formidable force in the MLCC market.

Additionally, companies like AVX Corporation and Kyocera Corporation have established themselves as key players by focusing on niche markets and specialized applications, which allows them to differentiate their offerings from the competition. AVX Corporation, for instance, is known for its high-performance capacitors used in telecommunications and aerospace applications, while Kyocera emphasizes the development of environmentally friendly products. These strategic focuses enable them to cater to specific customer needs and maintain competitiveness in a crowded market. Overall, the competitive landscape in the Multilayer Ceramic Capacitor market is dynamic, with established players continuously adapting to meet the demands of a rapidly evolving electronics industry.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Elna Co., Ltd.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 AVX Corporation
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 TDK Corporation
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 KEMET Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Yageo Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Kyocera Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Rubycon Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Capacitor Industries
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Panasonic Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Johanson Technology, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Samsung Electro-Mechanics
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Nihon Dempa Kogyo Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Vishay Intertechnology, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Walsin Technology Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Murata Manufacturing Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Multilayer Ceramic Capacitor Market, By Application
    • 6.1.1 Consumer Electronics
    • 6.1.2 Automotive
    • 6.1.3 Industrial
    • 6.1.4 Telecom
    • 6.1.5 Aerospace & Defense
  • 6.2 Multilayer Ceramic Capacitor Market, By Capacitance Value
    • 6.2.1 Below 1μF
    • 6.2.2 1-10μF
    • 6.2.3 10-100μF
    • 6.2.4 Above 100μF
  • 6.3 Multilayer Ceramic Capacitor Market, By Distribution Channel
    • 6.3.1 Direct Sales
    • 6.3.2 Distributors
    • 6.3.3 Online Retail

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Multilayer Ceramic Capacitor Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Multilayer Ceramic Capacitor market is categorized based on

By Application

• Consumer Electronics
• Automotive
• Industrial
• Telecom
• Aerospace & Defense

By Distribution Channel

• Direct Sales
• Distributors
• Online Retail

By Capacitance Value

• Below 1μF
• 1-10μF
• 10-100μF
• Above 100μF

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Murata Manufacturing Co., Ltd.
• Kyocera Corporation
• AVX Corporation
• Samsung Electro-Mechanics
• TDK Corporation
• Panasonic Corporation
• Yageo Corporation
• Walsin Technology Corporation
• Vishay Intertechnology, Inc.
• Johanson Technology, Inc.
• KEMET Corporation
• Nihon Dempa Kogyo Co., Ltd.
• Elna Co., Ltd.
• Rubycon Corporation
• Capacitor Industries