Theglobal automotiveceramics market size is expected to gain momentum by reaching USD 2.11 billion till 2027 whileexhibiting a CAGRof 5.2% between 2020 and 2027. This is attributable to theincreasing focus on producing advanced ceramics by the manufacturers across theglobe during the forecast period. Fortune Business Insights, in its latestreport, titled “AutomotiveCeramics Market Size, Share & COVID-19 Impact Analysis, Types (ZirconiaOxide Ceramics, Alumina Oxide Ceramics, Titanate Oxide Ceramics, Others), ByApplication (Automotive Engine Parts, Automotive Electronics, AutomotiveExhaust Systems, Others), and Regional Forecast, 2020-2027,” mentions thatthe market was worth USD1.47 billion in 2019.
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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?
Themarket report includes a detailed assessment of various market drivers andrestraints, opportunities, and challenges that the market will face during theprojected horizon. Additionally, the report provides comprehensive researchinto the regional developments of the market, affecting its growth during theforecast period. It includes information sourced from the advice of expertprofessionals from the industry by our research analysts using several researchmethodologies. The competitive landscape offers further detailed insights intostrategies such as product launches, partnerships, merger and acquisition, andcollaborations adopted by the companies to maintain market stronghold between2020 and 2027.
DRIVING FACTORS
Increasing Adoption of Advanced Automotive Ceramics to FosterGrowth
Theseceramics are highly durable and cost-efficient than plastic and thereby, areincreasingly adopted in the automotive industry. The recent advancements inautomotive manufacturing have resulted in the high complexity amongstautomotive components. Therefore, advanced automotive ceramic materials areadopted into vehicle designs, wherein, the testing conditions demand a reliableand robust material.
Theelectrical and thermal properties of advanced ceramics enable them to beadopted in the automotive applications such as mechanical seals, sensors,valves, and ceramic bearings. Furthermore, owing to their high chemical andheat resistance properties, they are in huge demand to improve component lifespan and engine performance. Therefore, the increasing need for advancedceramics in the automotive industry is expected to boost the global automotiveceramics market growth during the forecast period.
SEGMENTATION
Increasing Demand for Alumina Oxide Ceramics in Automotive toPromote Growth
Thealumina oxide ceramics segment based on the by type, held about 8.85% share in2019 and is expected to witness growth during the forecast period. This isattributable to increasing demand for these ceramics for the production ofvehicles owing to its superior qualities such as excellent corrosionresistance, good electrical insulation, and low dielectric constant properties.
REGIONAL INSIGHTS
Increasing Investment by Major Companies in North America toBolster Growth
Amongall regions, North America was worth USD 243.8 million in 2019 and is expectedto showcase augmented growth in the global automotive ceramics market duringthe forecast period. This is attributable to the increasing investment in theautomotive sector to develop superior quality ceramics by major companies suchas General Motors in the region. Owing to the presence of a large urbanpopulation and higher living standards in this region, the market will exhibitan exponential growth in the forthcoming years. Europe is expected toexperience significant market growth during the forecast period. This isascribable to the increasing focus on implementing stringent environmentregulations and the presence of a well-established automotive industry between2020 and 2027.
COMPETITIVE LANDSCAPE
CoorsTek Showcasing New Technical Ceramics to Strengthen ProductPortfolio
InSeptember 2019, CoorsTek, a global technical ceramics provider, showcasedseveral benefits of technical ceramics at the Electric & Hybrid TechnologyExpo 2019 (EVT19). The company supplemented detailed insights on how thetechnical automotive ceramic components are bringing upon dynamic changes inthe hybrid and EV systems. According to the company, it will display technicalceramic substrates that aim at improving the performance and safety of theelectronic 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
