The global ceramic matrix composites market size is likely to attain over USD 15.6 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 11.4% during the forecast years 2021-2028. Ceramic matrix composites (CMCs) are defined as a group of composite materials consisting of ceramic fibers embedded in a ceramic matrix. Ceramic materials are inorganic and nonmetallic solids, which are crystalline in nature. CMCs exhibit improved crack resistance and do not rupture easily under heavy loads as compared to conventional technical ceramics.
The present and future ceramic matrix composites market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the ceramic matrix composites market opportunities during the forecast years. Properties such as the high-temperature stability, exceptional mechanical properties, and vast scope of applications offered by Ceramic Matrix Composites (CMC), are the key factors driving the market growth for ceramic matrix composites.
rapid growth in automotive sector across developing economies such as India and China and increase in demand for ceramic matrix composites owing to their low weight, high friction, and temperature-resistant properties are the key factor that fuel the growth of the ceramic matrix composites market. However, high cost of CMCs as compared to other metal alloys is hampering the market growth. Furthermore, incorporation of low-cost production technologies is likely to provide lucrative development opportunities for the ceramic matrix composites market in the forthcoming years.
The report also emphasizes several distinctiveness of the global ceramic matrix composites industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the ceramic matrix composites industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The ceramic matrix composites market has tough competition among the new emerging and pre-established market vendors. Besides, the ceramic matrix composites industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Application segment, the market is bifurcated into Automotive, Aerospace, Defense, Energy & Power, Electrical & Electronics, and Others. The Aerospace & Defense segment is predicted to achieve the largest growth during the forecast years 2021-2028. The growth of this segment is largely ascribed to their properties such as lightweight, enhanced fuel efficiency, and prolonged durability. In addition, increase in R&D activities in aerospace & defense technologies and rise in production of military aircrafts have led to increase in demand for ceramic matrix composites, thus driving the growth of the ceramic matrix composites market.
Asia Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the ceramic matrix composites market in this region is mostly ascribed to the the rising fund in novel nuclear power plants, defense, power stations, and aerospace. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increase in consumption of these composites in the automotive, aerospace & defense, and electrical & electronics industries.
The major players of the global ceramic matrix composites market are General Electric Company, Rolls-Royce Plc, SGL Carbon, United Technologies, COI Ceramics Inc., Lancer Systems, Coorstek Inc., Applied Thin Films Inc., Ultramet, and CFC Carbon Co., Ltd. Moreover, the additional prospective market players in the ceramic matrix composites market are Composites Horizons, and Pyromeral Systems. Renowned companies are offering new and modern ceramic matrix composites solutions, and have increased production capacity in Asia Pacific due to application growth in the region. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Ceramic Matrix Composites Market
Composite Type Overview, 2019-2028 (USD Million)
- C/C Ceramic Matrix Composites
- C/SIC Ceramic Matrix Composites
- Oxide/Oxide Ceramic Matrix Composites
- SIC/SIC Ceramic Matrix Composites
Application Overview, 2019-2028 (USD Million)
- Energy & Power
- Electrical & Electronics
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America