Automotive Ceramics Market Worth 2.05 Billion USD by 2022
PUNE, India, April 18, 2018 /PRNewswire/ --
The report "Automotive Ceramics Market by Material (Alumina Oxide Ceramic, Titanate Oxide Ceramic, Zirconia Oxide Ceramic), Application (Automotive Engine Parts, Automotive Exhaust Systems, Automotive Electronics), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Automotive Ceramics Market is expected to grow from USD 1.59 Billion in 2017 and is projected to reach USD 2.05 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022.
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Browse 75 market data Tables and 33 Figures spread through 122 Pages and in-depth TOC on "Automotive Ceramics Market"
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The growth of the Automotive Ceramics Market can be attributed to the increasing demand for automotive ceramics from the automotive engine parts, automotive exhaust systems, and automotive electronics applications across the globe. The Automotive Ceramics Market is expected to witness significant growth during the forecast period, which can be attributed to its characteristics such as superior performance, safety, dependability, and environmental sustainability. These materials can efficiently function under extreme conditions such as high temperature, pressure, radiation, and corrosive exposures. Therefore, the increasing use of automotive ceramics in wide-ranging automotive applications is expected to drive the Automotive Ceramics Market during the forecast period.
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Among materials, in terms of value, the zirconia oxide ceramics market is projected to grow at the highest CAGR during the forecast period.
Based on material, the Automotive Ceramics Market has been segmented into alumina oxide ceramic, titanate oxide ceramic, zirconia oxide ceramic, and others. The alumina oxide ceramic material segment accounted for the largest share of the Automotive Ceramics Market in 2016. The zirconia oxide ceramics material segment is projected to grow at the highest CAGR during the forecast period. Owing to their superior properties, such as high density, high fracture toughness, high flexural strength, and high chemical resistance properties, leading market players prefer the use of zirconia oxide ceramics to manufacture automotive components and parts.
Thus, the increased demand for zirconia oxide-based ceramic components is expected to drive the demand for ceramic materials globally during the forecast period.
The automotive engine parts application segment accounted for the largest share of the Automotive Ceramics Market in 2016.
Based on application, the automotive engine parts segment accounted for the largest share of the Automotive Ceramics Market in 2016. Automotive ceramics are used in various applications, ranging from automotive engine parts, automotive exhaust systems, automotive electronics, and others. Automotive ceramics are replacing metals and plastics in the automotive engine application, as they are lightweight, electrically/thermally insulating, and resistant to heat, and chemicals, shockproof, wear-resistant, and reliable. Other applications of automotive ceramics include automotive brakes, coatings, and lighting. Automotive electronics is the fastest-growing application segment of the Automotive Ceramics Market. Automotive ceramics are extensively used in the manufacturing of various electronics such as power electronics, sensor systems, and temperature management electronics.
The Asia Pacific Automotive Ceramics Market is projected to grow at the highest CAGR during the forecast period.
The Automotive Ceramics Market has been studied for Asia Pacific, North America, Western Europe, Central & Eastern Europe, Middle East & Africa, and South America. The Asia Pacific Automotive Ceramics Market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific Automotive Ceramics Market can be attributed to the growing demand from of automotive parts and components from automobile manufacturers. The region is witnessing the highest growth due to rapid economic expansion, especially in China and India.
The automotive ceramics manufacturers are shifting to this region mainly due to developing local markets and greater manufacturing competitiveness of developing economies in APAC. The growth of the APAC market is mainly driven by China, South Korea, and Japan, as these countries account for the largest share of the Automotive Ceramics Market in the region. Moreover, increase in automotive manufacturing activities combined with the region's emergence as a cost-effective production hub is expected to drive the Automotive Ceramics Market. These factors are propelling the demand for automotive ceramics in the region.
Kyocera (Japan), CeramTec (Germany), NGK Spark Plug (Japan), CoorsTek (US), and Morgan Advanced Materials (UK), among others, are the key players operating in the Automotive Ceramics Market.
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