The Global Automotive Ceramics Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Automotive Ceramics market is segmented by Material type (Alumina, Titanate, Zirconia and Others); Vehicle type (Passenger Vehicles and Commercial Vehicles); Component type (Automotive Engine Parts, Automotive Electronics, Automotive Exhaust Systems and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Automotive ceramics are the advanced structural ceramic materials which are used for the manufacturing of the different components which are highly used in the automobiles as spare parts. Ceramics are products which are hard, porous, and brittle in nature and for the manufacturing of the light weight parts which can used in the automotive.
Major properties include high melting point, low electrical and thermal conductivity, high durability, and hardness and strength.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global automotive ceramics market is expected to have incremental growth of $687.00 million during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with 5.82% CAGR.
The market is expected to recover from 2021 onwards with industrial and transportation activities getting back on track and functioning with full capacities.
Changing vehicle emission control regulations, increasing consumer demand for fuel-efficient vehicles, and growing electric vehicles are the key drivers of the global automotive ceramics market.
APAC is forecasted to remain as largest consumer for this market
Key Trends
Innovations in technology to offer sustainable products with minimal cost are projected to drive the demand for automotive ceramics
Increasing Demand From Automotive Electronics Applications and in Battery-Powered Vehiclesis expected to trigger the market growth in future.
Key Market Players
Some of the key players in the market are Morgan Advanced Materials, NGK Spark Plug, CeramTec, Kyocera, CoorsTek, Corning.
The key players are rigorously competing and offering custom solutions for high-performance low-cost automotive ceramics.
Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.
Growth Drivers and Challenges
Rising demand from the automotive and transportation industry is significantly driving the market.
Changing vehicle emission control regulations, increasing consumer demand for fuel-efficient vehicles, and growing electric vehicles are the key drivers of the global automotive ceramics market.
The development of ceramic components for the automotive industry is capital intensive for design and development which is restraining the market growth
High cost of these ceramics compared to alternatives such as metal and plastics is the key factor hampering the demand for automotive ceramics.
Issues pertaining to recyclability and reparability is hindering the market growth