New York , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global automotive ceramics market size is slated to expand at 6% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 3 billion by the end of 2033, up from a revenue of USD 2 billion in the year 2022. This growth of the market is predicted to be dominated by rising sales of automotive. Globally sales of automobiles went up from almost 65 million vehicles in 2021 to roughly 66 million vehicles in 2022. Hence, the market revenue for automotive ceramics is growing.
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Due to their higher operating temperatures, improved thermal efficiency, and lighter weight, ceramic components and coatings have the unique advantages of consuming less fuel and producing fewer exhaust emissions as a result of the more complete combustion of fuel at higher operating temperatures. For instance, it can be claimed that alumina ceramics are an essential ingredient to decrease diesel engine fuel consumption by over 29%.
Automotive Ceramics Market: Key Takeaways
- Market in Asia Pacific region to gather the highest market share
- The passenger cars segment to garner the highest growth
- Market in the North America region to grow at a notable rate
Growing Urban Population to Boost the Growth of Global Automotive Ceramics Market
There were approximately 5 billion people living in urban areas and 4 billion living in rural areas around the world as of 2021. In 1950, there were roughly more than 750 million people who were considered city residents. By 2021, that number had nearly doubled to about 5 billion, and by 2050, it is predicted to reach over 7 billion, adding an additional 3 billion people to urban regions. As a result, the demand for advanced automotive is surging. Modern automobiles consist of sensors that further predict to demand for ceramics. Car sensors need to be tiny, light, highly reusable, and have a broad range of output. They also must have the capacity to operate for extended periods of time in a specific hostile environment. As manufacturing technology in automotive has advanced in recent years, ceramic substrates have been extensively utilized for their potential great electromagnetic and optical properties as well as their resistance to heat, corrosion, and wear.
Automotive Ceramics Industry: Regional Overview
The global automotive ceramics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Demand for Electric Vehicles to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for automotive ceramics is set to capture the highest revenue by the end of 2033. This growth in the market revenue in this region is poised to be influenced by rising demand for electric vehicles. With approximately 5 million electric vehicles sold in the Asia-Pacific region in 2022, China experienced the highest sales of electric vehicles. Hence, the rise in the purchase of electric vehicles is set to drive the market demand. This is because, by substituting metals and plastics with technical ceramics, electrified powertrains are considered to be more capable.
Rise in Disposable Income to Drive the Market Demand in North America
The North America market for automotive ceramics is predicted to have significant growth in the market over the coming years, this growth could be on account of rising disposable income in this region. In 2021, the average American's personal income could have been used to purchase goods and services worth USD 14 trillion. The average person's personal disposable income in that year was roughly 45,342 USD.
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Automotive Ceramics Segmentation by Passenger Type
- Passenger Vehicles
- Commercial Vehicles
- Others
The passenger vehicles segment is set to gather the highest revenue by the end of 2033. This growth of the segment is set to be dominated by rising demand for passenger vehicles. For instance, it is anticipated that over 55 million passenger automobiles will be sold globally in 2022, an approximately 3% increase over the previous year.
Automotive Ceramics Segmentation by Material
- Alumina Oxide
- Titanate Oxide
- Zirconia Oxide
- Others
The alumina oxide nitrate segment is predicted to have notable growth in the market over the forecast period. Due to its strong physical, thermal, and electrical characteristics, alumina is an extremely widely used and reasonably priced ceramic material in technical applications. Alumina ceramics are an excellent choice for many automobile parts as a result of their high mechanical strength, superior chemical resistance, electrical characteristics, and dimensional stability at high temperatures. Hence, with the surge in production of automotive the market is growing. Throughout the world, close to 84 million automobiles were produced in 2022—an about 4% increase over 2021.
Automotive Ceramics Segmentation by Application
- Engine Parts
- Exhaust Parts
- Electronics
- Others
A few of the well-known market leaders in the global automotive ceramics market that are profiled by Research Nester are KYOCERA Corporation, CeramTec GmbH, NGK Spark Plug Co., Ltd, CoorsTek, Inc., Morgan Advanced Materials plc, Saint-Gobain Ceramics & Plastics, Inc., Ibiden Co., Ltd., Corning Incorporated, Murata Electronics North America, Inc., Aearo Technologies LLC., and others.
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Recent Development in Automotive Ceramics Market
- The German company Friatec, which makes ceramic and plastic components, had its advanced ceramics operations acquired by KYOCERA Corporation. Friatec is located in Mannheim.
- The innovative technical ceramic material ROCAR 3D has been introduced by CeramTec GmbH. For the creation and production of one or more prototypes or components, silicon carbide (SiSiC) is an appropriate material for additive manufacturing.
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