Global Automotive Ceramics Market projected to grow to USD 4.13 billion by 2033 due to increasing demand

From GlobeNewswire: 2024-07-09 03:00:00

The Global Automotive Ceramics Market is projected to grow from USD 2.39 billion in 2023 to USD 4.13 billion by 2033, with a CAGR of 5.62%. Ceramics are crucial in manufacturing lightweight auto parts due to their strength and durability. Factors such as reliability and cost-effectiveness drive the use of ceramics in automotive applications.

Zirconia oxide accounted for the largest revenue share in the automotive ceramics market, thanks to its exceptional mechanical properties like high strength and wear resistance. Zirconia oxide is commonly used in engine components, sensors, and bearings due to its ability to withstand high temperatures without deforming.

The commercial vehicle segment is expected to grow at the highest CAGR in the automotive ceramics market. Commercial vehicles require high-performance and durable materials like ceramics for essential components such as engine parts and exhaust systems. The industry values materials that can withstand severe conditions and increase reliability.

The exhaust systems segment dominated the market with the highest market share of the automotive ceramics market. In order to maximize engine performance and adhere to pollution regulations, automotive ceramics, particularly zirconia oxide, are extensively used in diesel particle filters and exhaust system catalytic converters.

Asia Pacific is anticipated to hold the largest share of the automotive ceramics market due to the rising demand for automobiles in the region. With more individuals purchasing cars for personal and professional use, the need for automotive ceramics in vehicle manufacturing is increasing. Asia Pacific is also leading in technological innovation in integrating electronic components into vehicles.

North America is expected to grow at the fastest pace in the automotive ceramics market, driven by the increasing use of electric vehicles. Ceramic materials are essential components for electric cars, utilized in power electronics, batteries, and electric motors. The lightweight nature of ceramic materials makes them ideal for applications where weight reduction is crucial in EVs.



Read more at GlobeNewswire: Global Automotive Ceramics Market Size To Worth USD 4.13