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.
The rising cases of peoplesuffering from the novel coronavirus have not only disrupted the healthcareservices 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 immediatescreeching halt. However, collective efforts from the government and theindustries are expected to ensure getting the economy back on 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. The increasingdemand for fuel-efficient and light-weight automotive is further driving thedemand for ceramic products across the globe.
What doesthe Report Include?
The market report includes adetailed 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 regionaldevelopments of the market, affecting its growth during the forecast period. Itincludes information sourced from the advice of expert professionals from theindustry by our research analysts using several research methodologies. Thecompetitive landscape offers further detailed insights into strategies such asproduct launches, partnerships, merger and acquisition, and collaborationsadopted by the companies to maintain market stronghold between 2020 and2027.
IncreasingAdoption of Advanced Automotive Ceramics to Foster Growth
These ceramics are highly durableand cost-efficient than plastic and thereby, are increasingly adopted in theautomotive industry. The recent advancements in automotive manufacturing haveresulted 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 thermalproperties of advanced ceramics enable them to be adopted in the automotiveapplications such as mechanical seals, sensors, valves, and ceramic bearings.Furthermore, owing to their high chemical and heat resistance properties, theyare in huge demand to improve component life span and engine performance.Therefore, the increasing need for advanced ceramics in the automotive industryis expected to boost the global automotive ceramics market growth during theforecast period.
IncreasingInvestment by Major Companies in North America to Bolster Growth
Among all regions, North Americawas worth USD 243.8 million in 2019 and is expected to showcase augmentedgrowth in the global automotive ceramics market during the forecast period.This is attributable to the increasing investment in the automotive sector todevelop superior quality ceramics by major companies such as General Motors inthe region. Owing to the presence of a large urban population and higher livingstandards in this region, the market will exhibit an exponential growth in theforthcoming years. Europe is expected to experience significant market growthduring the forecast period. This is ascribable to the increasing focus onimplementing stringent environment regulations and the presence of awell-established automotive industry between 2020 and 2027.
CoorsTekShowcasing New Technical Ceramics to Strengthen Product Portfolio
In September 2019, CoorsTek, aglobal technical ceramics provider, showcased several benefits of technicalceramics at the Electric & Hybrid Technology Expo 2019 (EVT19). The companysupplemented detailed insights on how the technical automotive ceramiccomponents are bringing upon dynamic changes in the hybrid and EV systems.According to the company, it will display technical ceramic substrates that aimat improving the performance and safety of the electronic systems even in aharsher environment. The global automotive ceramics market report mentions thatthe companies are adopting strategies such as the introduction of new products,merger and acquisition, and collaboration to strengthen their position in thefiercely competitive global marketplace during the forecast period.
BrowseSummary of this Research Report with TOC: https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360