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 .
The rising cases of people suffering from the novel coronavirus have not only disrupted the healthcare services 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 immediate screeching halt . However , collective efforts from the government and the industries are expected to ensure getting the economy back on track .
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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 .
SEGMENTATION
Increasing Demand for Alumina Oxide Ceramics in Automotive to Promote Growth
The alumina oxide ceramics segment based on the by type , held about 8.85 % share in 2019 and is expected to witness growth during the forecast period . This is attributable to increasing demand for these ceramics for the production of vehicles owing to its superior qualities such as excellent corrosion resistance , good electrical insulation , and low dielectric constant properties .
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 .