Automotive Ceramics Market Size, Share And Major Industry Players Forecast
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.
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.
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.
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https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360