Global Automotive Ceramics Market to Reach $1.7 Billion by 2024

Automotive ceramics are fine ceramic materials that are extensively used in automobile components. Some of the typical applications of automotive ceramics are spark plug insulators, different types of sensors, and catalysts for emission control devices. In the recent years, automotive ceramics have become an indispensable part of motorized vehicle production that involves high level of automation along with strong focus on advanced technical equipment, design variants and high utility value. Motorized vehicle production relies on various technologies and industries such as ceramic, chemical, electrical, and electronics. The production also involves several component assemblies like engine, car body and power transmission, which are characterized with specific technical needs for materials used.

Ceramics are increasingly used in fuel injectors, sensors, high pressure pump, particulate filters, spark & glow plugs, and PTC heaters, among others. High-quality ceramic materials are the key constituents of several components incorporated in motorized vehicles. With their extensive spectrum of industrial applications due to desirable properties, ceramic materials are widely perceived as critical engineering materials. The superior physical, electrical and thermal properties have established ceramic materials as a reliable, cost-efficient and durable alternative to non-ceramic based options. Ceramic materials are recognized for their thermal insulation properties and hardness. Since traditional ceramic materials are intrinsically brittle, automotive component manufacturers are increasingly moving towards engineered and advances ceramics, representing integral components of automotive components.

Amid the COVID-19 crisis, the global market for Automotive Ceramics is projected to reach US$1.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 3.9% over the analysis period. China represents the largest regional market for Automotive Ceramics, accounting for an estimated 26.4% share of the global total. The market is projected to reach US$554.1 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 4.9% over the analysis period. China and Asia-Pacific countries are leading the global market for automotive ceramics. The regions are also expected to post the fastest growth through the analysis period, led by the stable increase in automobile production and the rising use of ceramics in the manufacture of various automotive components and parts. A growing number of automotive ceramic manufacturers are moving operations to Asia-Pacific countries, due to the growing manufacturing clout of developing economies and the rapid development of local markets. The emergence of Asian countries as low cost manufacturing hubs augurs well for the market. The positive economic outlook in Asian economies, rising consumer disposable incomes, and presence of several major suppliers of ceramic materials are contributing to the growing importance of Asia-Pacific in the automotive ceramics market. The presence of several leading automakers in the region also favors the automotive ceramics market. China spearheads growth in the global automotive ceramics market, with South Korea and India also ranking as prominent regional markets.