Automotive Ceramics Market Business Opportunity, Global Trend, Future Growth, Key Findings and Forec
The global automotiveceramics market size is expected to gain momentum byreaching USD 2.11 billion till 2027 while exhibiting a CAGRof 5.2% between 2020 and 2027. This is attributable to the increasingfocus on producing advanced ceramics by the manufacturers across the globeduring the forecast period. Fortune Business Insights, in its latest report,titled “Automotive Ceramics Market Size, Share & COVID-19 ImpactAnalysis, Types (Zirconia Oxide Ceramics, Alumina Oxide Ceramics, TitanateOxide Ceramics, Others), By Application (Automotive Engine Parts, AutomotiveElectronics, Automotive Exhaust Systems, Others), and Regional Forecast,2020-2027,” mentions that the market was worth USD 1.47billion in 2019.
The rising cases of people suffering from the novel coronavirus have not onlydisrupted the healthcare services but have also affected international tradeand global supply chains. With major countries under lockdown imposed by thegovernment across the globe, the movements of people and trade activities havecome to an immediate screeching halt. However, collective efforts from thegovernment and the industries are expected to ensure getting the economy backon track.
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Automotive ceramics include components such as sensors, catalysts, and sparkplug insulators, among others that are reliable and robust. They possess highthermal, mechanical, and electrical properties that are being favored byautomotive and vehicle manufacturers. In addition to this, they impart superiorshock resistive property, high tensile strength, improved stiffness, and goodchemical resistance than metals across the varying temperature ranges. Theincreasing demand for fuel-efficient and light-weight automotive is furtherdriving the demand for ceramic products across the globe.
What does the Report Include?
The market report includes a detailed assessment of various marketdrivers and restraints, opportunities, and challenges that the market will faceduring the projected horizon. Additionally, the report provides comprehensiveresearch into the regional developments of the market, affecting its growthduring the forecast period. It includes information sourced from the advice ofexpert professionals from the industry by our research analysts using severalresearch methodologies. The competitive landscape offers further detailedinsights into strategies such as product launches, partnerships, merger andacquisition, and collaborations adopted by the companies to maintain marketstronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Adoption of Advanced Automotive Ceramics to FosterGrowth
These ceramics are highly durable and cost-efficient than plasticand thereby, are increasingly adopted in the automotive industry. The recentadvancements in automotive manufacturing have resulted in the high complexityamongst automotive components. Therefore, advanced automotive ceramic materialsare adopted into vehicle designs, wherein, the testing conditions demand areliable and robust material.
The electrical and thermal properties of advanced ceramics enablethem to be adopted in the automotive applications such as mechanical seals,sensors, valves, and ceramic bearings. Furthermore, owing to their highchemical and heat resistance properties, they are in huge demand to improvecomponent life span and engine performance. Therefore, the increasing need foradvanced ceramics in the automotive industry is expected to boost the globalautomotive ceramics market growth during the forecast period.
SEGMENTATION
Increasing Demand for Alumina Oxide Ceramics in Automotive toPromote Growth
The alumina oxide ceramics segment based on the by type, heldabout 8.85% share in 2019 and is expected to witness growth during the forecastperiod. This is attributable to increasing demand for these ceramics for theproduction of vehicles owing to its superior qualities such as excellentcorrosion resistance, good electrical insulation, and low dielectric constantproperties.
REGIONAL INSIGHTS
Increasing Investment by Major Companies in North America toBolster Growth
Among all regions, North America was worth USD 243.8 million in2019 and is expected to showcase augmented growth in the global automotiveceramics market during the forecast period. This is attributable to theincreasing investment in the automotive sector to develop superior quality ceramicsby major companies such as General Motors in the region. Owing to the presenceof a large urban population and higher living standards in this region, themarket will exhibit an exponential growth in the forthcoming years. Europe isexpected to experience significant market growth during the forecast period.This is ascribable to the increasing focus on implementing stringentenvironment regulations and the presence of a well-established automotiveindustry between 2020 and 2027.
COMPETITIVE LANDSCAPE
CoorsTek Showcasing New Technical Ceramics to Strengthen ProductPortfolio
In September 2019, CoorsTek, a global technical ceramics provider,showcased several benefits of technical ceramics at the Electric & HybridTechnology Expo 2019 (EVT19). The company supplemented detailed insights on howthe technical automotive ceramic components are bringing upon dynamic changesin the hybrid and EV systems. According to the company, it will displaytechnical ceramic substrates that aim at improving the performance and safetyof the electronic systems even in a harsher environment. The global automotiveceramics market report mentions that the companies are adopting strategies suchas the introduction of new products, merger and acquisition, and collaborationto strengthen their position in the fiercely competitive global marketplaceduring the forecast period.
Browse Summary of this Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360
