Global Automotive Ceramics Market is projected to exhibit a CAGR of over ~ 8.5% during 2017 – 2022
Date: 25 February 2017
Increasing government regulations regarding vehicle emission combined with rising fuel economy standards across the globe have led to the growth in the automotive ceramics market.
According to Azoth Analytics research report, “Global Automotive Ceramics Market –Sizing, Growth, Application (Matrix Composites,Ceramic Sensors, Engine Accessories, Ceramic Coatings): Analysis and Outlook(2017-2022)’’, Global Automotive Ceramics Market is projected to exhibit a CAGR of over ~ 8.5% during 2017 – 2022, driven by the tightening of automobile emission regulations. On the basis of application, the automotive ceramics market has been segmented into ceramic sensors, ceramic engine accessories, and ceramic coatings along with others.
Use of advanced ceramic materials in the automobiles is known to improve its efficiency. Moreover, with the help of ceramic emission control components such as catalytic converters, oxygen sensors etc., the production of harmful noxious gases and other hazardous pollutants can be significantly reduced. According to the International Energy Agency, more than 6.5 million deaths globally are caused due to air pollution. In light of these grave air quality standards, the government of most nations have imposed or are about to enact stringent regulations on the automotive industry.
Amongst the applications, the ceramic sensors are gaining traction on account of advancement in technology, coupled with the favourable sales of hybrid/electric vehicles in developed countries.
Among the regions, North America remains the largest market in terms of revenue, while APAC region is anticipated to witness remarkable growth, owing to the rise in the number of vehicle production. Key markets in United Kingdom and United States will continue to rise considering the growing emission control regulations by their respective governments.