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The global ceramic matrix composites (CMC) market was valued at $1,891.3 million in 2015, and it is predicted to register a CAGR of 13.7% during the forecast period (2016–2024), reaching $6,006.1 million by 2024.
Asia Pacific (APAC) is expected to be the fastest- growing ceramic matrix composites market during the forecast period. This can be mainly attributed to the increase in energy consumption, expenditure on defense, and investments in space exploration projects, in developing countries, such as China and India, which, in turn, are creating a high demand for CMCs.
Dynamics of Ceramic Matrix Composites Market
The usage of CMCs in automotive applications is the latest trend being observed in the ceramic matrix composites market. CMCs help in a reduction in vehicles’ weight, owing to which they attain high fuel efficiency and cause less pollution in the environment. With stringent environmental regulations being implemented across the globe, the market demand for CMCs is projected to increase in the coming years.
CMCs offer superior mechanical properties and high strength-to-weight ratio, because of which the demand for these material is witnessing a rise from the aerospace sector. They have applications in high-speed machine parts, power transmission lines, helicopter rotor blade sleeves, fighter aircraft ventral fins, and jet engine fans. There has been a significant rise in aircraft production, particularly in European nations, in order to meet the demands for international trade activities. With the projected increase in aircraft production, the ceramic matrix composites market is expected to grow in the coming years.
Segmentation Analysis of Ceramic Matrix Composites Market
Silicon carbide (SiC) generated the highest revenue in the ceramic matrix composites market in 2015, on the basis of product type. This is attributed to the large-scale usage of SiC-based matrices in numerous end-use industries, including aerospace, defense, and electronics. With the growth of these industries in developing nations, the demand for SiC CMCs is projected to increase in the coming years.
The usage of CMCs in aerospace applications generated the highest revenue in the ceramic matrix composites market in 2015, owing to their requirement in helicopter rotor blade sleeves and jet engine fans. The energy & power category is expected to witness the fastest CAGR during the forecast period, in terms of of revenue, owing to the projected large-scale adoption of CMCs for wind turbine blades and gas turbines along, and several other components in the the sector.
Geographical Analysis of Ceramic Matrix Composites Market
Geographically, North America held the largest volume and value shares, in the ceramic matrix composites market, in 2015. This is majorly attributable to the vast usage of CMCs in the aerospace and defense sectors of the U.S. In addition, the growth of the electronics manufacturing sector is expected to propel the demand for CMCs in the continent, in the coming years.
Competitive Landscape of Ceramic Matrix Composites Market
Some of the leading players in the global ceramic matrix composites market include the 3M Company, COI Ceramics Inc., General Electric Company, CeramTec, Lancer Systems LP, SGL Carbon SE, and CoorsTek Inc.
Market Size Breakdown by Segment
The Ceramic Matrix Composites Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2024.
Based on Product
Based on Application
Key Questions Answered in the Report