The global automotive
ceramics market
size is expected to gain momentum by
reaching USD 2.11 billion till 2027
while exhibiting a CAGR
of 5.2%
between 2020 and 2027. This is attributable to the increasing
focus on producing advanced ceramics by the manufacturers across the globe
during the forecast period. Fortune Business Insights, in its latest report,
titled “Automotive Ceramics Market Size, Share & COVID-19 Impact
Analysis, Types (Zirconia Oxide Ceramics, Alumina Oxide Ceramics, Titanate
Oxide Ceramics, Others), By Application (Automotive Engine Parts, Automotive
Electronics, Automotive Exhaust Systems, Others), and Regional Forecast,
2020-2027,”
mentions that the market was worth USD 1.47
billion in 2019
.
The rising cases of people suffering from the novel coronavirus have not only
disrupted the healthcare services but have also affected international trade
and global supply chains. With major countries under lockdown imposed by the
government across the globe, the movements of people and trade activities have
come to an immediate screeching halt. However, collective efforts from the
government and the industries are expected to ensure getting the economy back
on track.
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Automotive ceramics include components such as sensors, catalysts, and spark
plug insulators, among others that are reliable and robust. They possess high
thermal, mechanical, and electrical properties that are being favored by
automotive and vehicle manufacturers. In addition to this, they impart superior
shock resistive property, high tensile strength, improved stiffness, and good
chemical resistance than metals across the varying temperature ranges. The
increasing demand for fuel-efficient and light-weight automotive is further
driving the demand for ceramic products across the globe.
What does the Report Include?
The market report includes a detailed assessment of various market
drivers and restraints, opportunities, and challenges that the market will face
during the projected horizon. Additionally, the report provides comprehensive
research into the regional developments of the market, affecting its growth
during the forecast period. It includes information sourced from the advice of
expert professionals from the industry by our research analysts using several
research methodologies. The competitive landscape offers further detailed
insights into strategies such as product launches, partnerships, merger and
acquisition, and collaborations adopted by the companies to maintain market
stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Adoption of Advanced Automotive Ceramics to Foster
Growth
These ceramics are highly durable and cost-efficient than plastic
and thereby, are increasingly adopted in the automotive industry. The recent
advancements in automotive manufacturing have resulted in the high complexity
amongst automotive components. Therefore, advanced automotive ceramic materials
are adopted into vehicle designs, wherein, the testing conditions demand a
reliable and robust material.
The electrical and thermal properties of advanced ceramics enable
them to be adopted in the automotive applications such as mechanical seals,
sensors, valves, and ceramic bearings. Furthermore, owing to their high
chemical and heat resistance properties, they are in huge demand to improve
component life span and engine performance. Therefore, the increasing need for
advanced ceramics in the automotive industry is expected to boost the global
automotive ceramics market growth during the forecast period.
SEGMENTATION
Increasing Demand for Alumina Oxide Ceramics in Automotive to
Promote Growth
The alumina oxide ceramics segment based on the by type, held
about 8.85% share in 2019 and is expected to witness growth during the forecast
period. This is attributable to increasing demand for these ceramics for the
production of vehicles owing to its superior qualities such as excellent
corrosion resistance, good electrical insulation, and low dielectric constant
properties.
REGIONAL INSIGHTS
Increasing Investment by Major Companies in North America to
Bolster Growth
Among all regions, North America was worth USD 243.8 million in
2019 and is expected to showcase augmented growth in the global automotive
ceramics market during the forecast period. This is attributable to the
increasing investment in the automotive sector to develop superior quality ceramics
by major companies such as General Motors in the region. Owing to the presence
of a large urban population and higher living standards in this region, the
market will exhibit an exponential growth in the forthcoming years. Europe is
expected to experience significant market growth during the forecast period.
This is ascribable to the increasing focus on implementing stringent
environment regulations and the presence of a well-established automotive
industry between 2020 and 2027.
COMPETITIVE LANDSCAPE
CoorsTek Showcasing New Technical Ceramics to Strengthen Product
Portfolio
In September 2019, CoorsTek, a global technical ceramics provider,
showcased several benefits of technical ceramics at the Electric & Hybrid
Technology Expo 2019 (EVT19). The company supplemented detailed insights on how
the technical automotive ceramic components are bringing upon dynamic changes
in the hybrid and EV systems. According to the company, it will display
technical ceramic substrates that aim at improving the performance and safety
of the electronic systems even in a harsher environment. The global automotive
ceramics market report mentions that the companies are adopting strategies such
as the introduction of new products, merger and acquisition, and collaboration
to strengthen their position in the fiercely competitive global marketplace
during the forecast period.
Browse Summary of this Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360