Global ceramic matrix composites (CMC) market is projected to reach $6.0 billion by 2024, according to P&S Intelligence.
The high cost of ceramic fibers has greatly influenced the market growth. Unlike the carbon fiber, which is used in most of the metal and polymer composites and thus, is produced in bulk, other ceramic fibers are produced in small quantities, which refrains them from enjoying the cost benefits of mass production. Ceramic matrix composites production being a high enthalpy process, adds up to the product cost, which makes it useful in applications such as defense, aerospace, thermal management, and other.
Insights on market segments
On the basis of product, the ceramic matrix composites market has been segmented into oxide, silicon carbide (SiC), carbon, and others. SiC matrix composite has been holding the largest share in the ceramic matrix composites market, with an estimated contribution of over 25% in 2017. SiC composites were commercially developed a long time back and their higher oxidation resistance than carbon matrix composites has made them attractive for aerospace applications.
On the basis of application, the ceramic matrix composites market has been segmented into aerospace, defense, electrical and electronics, energy and power, and others. Of these, aerospace is estimated to be the dominating category in terms of share, during the forecast period. The major factor expected to propel the demand of CMC in defense applications is its lightweight material and good abrasion-resistance properties. Their excellent impact and tensile strength coupled with high hardness makes these composites apt for manufacturing bullet-proof armor, defense equipment, and insulation in small arms platforms. A majority of ceramic materials is transparent to specific types of light and kinetic energy, which make them suitable for applications in infrared domes, multi-spectral windows, and sensor protection.
North America holds the largest share in the ceramic matrix composites market
North America is estimated to hold the largest share in the ceramic matrix composites market, accounting for more than 30% in 2017. This can be attributed to the presence of major aviation industries, their investment for developing ceramic matrix components for manufacturing aviation components, and private-public partnerships for upgrading defense and aerospace equipment. The growing demand for ceramic composites in the manufacturing sector of the U.S. has been identified as the future growth driver for the market. Ceramic matrix composites’ demand in the power and energy sector in North American countries is boosting the overall growth prospects of the market.
Browse report overview with detailed TOC on "Ceramic Matrix Composites (CMC) Market by Product (Oxide, Silicon Carbide, Carbon), By Application (Aerospace, Defense, Energy & Power, Electrical & Electronics), by Geography (U.S., Germany, France, U.K., China, India, Japan) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024" at:https://www.psmarketresearch.com/market-analysis/ceramic-matrix-composites-market
In Asia-Pacific, the increasing expenditure on defense and space exploration projects has fueled the growth of the ceramic matrix composites market during the forecast period. Also, initiatives such as ‘Make in India’ have resulted in the growth of the manufacturing sector in this region. Growing defense and aerospace sectors along with increasing spending on construction of nuclear power plants, power distribution centers, utilities, and others, are expected to foster the market growth in the region.
Some of the major players operating in the global ceramic matrix composites industry are The 3M Company, Applied Thin Films, Inc., COI Ceramics Inc., General Electric, CoorsTek Inc., CeramTec, KYOCERA Corporation, Lancer Systems LP, SGL Carbon SE and Starfire Systems Inc.
GLOBAL CERAMIC MATRIX COMPOSITES MARKET
GLOBAL CERAMIC MATRIX COMPOSITES MARKET, BY GEOGRAPHY
North America Ceramic Matrix Composites Market
Europe Ceramic Matrix Composites Market
Asia-Pacific Ceramic Matrix Composites Market
MEA Ceramic Matrix Composites Market
CSA Ceramic Matrix Composites Market