Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Automotive Ceramics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive ceramics market, which achieved a size of US$ 2.5 billion in 2022, is poised for steady growth, with projections indicating it will reach US$ 3.5 billion by 2028. This anticipated expansion represents a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period from 2023 to 2028.
Several factors are driving this growth, including the flourishing automotive industry, increased demand for electric vehicles (EVs), and ongoing product innovations.
Automotive Ceramics: The Future of Automotive Components
Automotive ceramics are hard materials employed in the production of various automotive components, ranging from valve systems, superchargers, and sensors to actuators, oxygen sensors, and fluid level sensors. These ceramics, primarily made from titanate, alumina, and zirconia oxides, offer enhanced protection to vehicles by repelling dirt and UV rays, and protecting against scratches and chemical contaminants.
Automotive ceramics are known for their durability, cost-effectiveness, lightweight properties, safety, corrosion resistance, and excellent wear characteristics. Consequently, they are extensively used in spark plug insulators, catalysts, and catalyst support for emission control devices in passenger cars and commercial vehicles.
Market Trends and Drivers
Several prominent trends and drivers are contributing to the positive outlook for the automotive ceramics market:
- Booming Automotive Industry: The thriving global automotive industry is a significant driver of market growth, with ceramics being widely employed in manufacturing various automotive components.
- Demand for Electric Vehicles: The increasing adoption of electric vehicles, which feature electronic ceramic components and sensors for smart traffic management and run systems, is propelling the market.
- Product Innovations: The introduction of high-tech glass ceramics with high technical strength, insulation properties, and resistance to electricity and heat is driving market growth.
- Emphasis on Lightweight Components: Growing demand for lightweight components is improving vehicle performance, cost-effectiveness, and fuel efficiency, thereby benefiting the market.
- Research and Development: Extensive research and development activities, coupled with government initiatives for emission control and greenhouse gas reduction, are further bolstering market growth.
Market Segmentation
The global automotive ceramics market is segmented based on the following criteria:
Component Insights:
- Automotive Engine Parts
- Automotive Exhaust Systems
- Automotive Electronics
- Others
These categories encompass various automotive components in which ceramics play a crucial role.
Material Insights:
- Alumina Oxide
- Titanate Oxide
- Zirconia Oxide
- Others
Materials like alumina oxide, titanate oxide, and zirconia oxide are the primary types used in automotive ceramics.
Application Insights:
- Passenger Vehicle
- Commercial Vehicle
This segment distinguishes between ceramics employed in passenger vehicles and those used in commercial vehicles.
Regional Insights
The Asia-Pacific region leads the global automotive ceramics market, driven by its rapidly growing automotive industry, surging sales of electric vehicles, and the adoption of eco-friendly materials. North America, Europe, Latin America, and the Middle East and Africa also contribute significantly to market growth.
Competitive Landscape
Key players in the global automotive ceramics market include Almatis GmbH, CeramTec GmbH, Compagnie de Saint-Gobain S.A., CoorsTek Inc., Corning Incorporated, Elan Technology, Ibiden Co. Ltd., International Syalons (Newcastle) Limited, Kyocera Corporation, Morgan Advanced Materials, NGK Spark Plug Co. Ltd., and Noritake Co. Limited. These companies engage in research and development, facility expansion, and collaborations to drive innovation and broaden their product portfolios.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.5 Billion |
| Forecasted Market Value (USD) by 2028 | $3.5 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/xbpzyc
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