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.
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.
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.
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.
Information Source: –
https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360
