COVID-19 Impact Affects Automotive Ceramics Market Globally in 2020

 

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.

What does the Report Include?

The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027. 

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.

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.

Browse Summary of this Research Report with TOC: https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360