In a nut shell, it is like wax, however, it lasts much longer.
Brief...
Cost: $840 for me in Idaho
How long on market: No idea
Benefits: UV protection, gloss finish, easily cleaned, hydrophobic, protects from bird crap, resists swirls
Lasts: 1-5 years depending on product and care.
Would I pay for it again in a couple years?? You betcha!
Not brief...
Not sure how long it has been on the market but from what I can research, ceramic coatings have been on the market for a few years. It is a less expensive alternative to paint protection film (PPF) but does not provide you with quite the same protection.
How long it lasts also depends on how you take care of it. If you wash your truck yourself, I was told that it will last 3-5 years, however, if you use touch car washes, it will only last 1-2 years. How long the product lasts also depends on the product you are using or that the detail shops use in your area. The detail shop that I went to has 2 different types. One is slightly higher gloss than the other but also needs more personal care (i.e. handwash only).
Benefits: UV protection on the paint. High gloss finish. Allows dirt and grime to be washed off more easily. Hydrophobic and acts like wax to repel water. Most don't allow water spots to stay no matter how long they are left on the vehicle. Bird crap won't damage it no matter how long it has been on the vehicle as well (usually bird crap can eat right through a clearcoat due to the high acidity). Resists swirls when washing.
Cost: Mine was about $840 which included a polish to remove any swirls and then a coating. I know it can costs upwards to $2,000 depending on where you are from, but in less expensive Idaho, that is what I paid.
One last thing I would recommend is a product call bead maker. It is another way to add protection on top of the ceramic coating which will make it last longer. It is inexpensive and very easy to apply. Lasts about 2 months then you must reapply. Once you apply this to your truck you will be AMAZED at the results. It blew me away when I first saw it. You can find it on amazon or theragcompany.com. I prefer the rag company because they are local in Idaho.
Here is a video that goes over the coating along with how to apply it yourself. He has many other videos that are beneficial in taking care of your vehicle.