COVID-19 Impact Affects Automotive Ceramics Market Globally in 2020

January 11, 2021
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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.

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

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