Fact.MR Report: Global Automotive Ceramics Market to Reach USD 6,6 Billion by 2032
The global automotive ceramics market was valued at USD 2,3 billion in 2021 and is expected to be valued at USD 2,42 billion in 2022. During the 2022–2032 period of assessment, demand is expected to rise at a 5,4 % value CAGR, likely to reach USD 6,6 billion. Increasing utilization of ceramic materials in the development and manufacturing of glow plugs, electronic fuel pumps, sealing and insulation rings, spark plugs, high-pressure pumps, and valves are likely to positively influence market growth over the projection period. Growing demand for automotive ceramics in automotive exhaust systems, automotive engine parts, and automotive electronics, drives the growth of the market. Modern electric cars rely on power electronics for the main propulsion motor control, as well as managing the battery system.
Future autonomous cars will rely on powerful computer systems, an array of sensors, networking, and satellite navigation, all of which will require electronics. Hence, sales of automotive ceramics are bound to incline significantly. The players and manufacturers functional within the global automotive ceramics market are adopting various growth strategies, such as enhancing their product quality, assessing and determining competitive pricing strategies, enhancing their current product inventory, and offering excellent after-sales services, and providing customized solutions in order to retain their consumer base.