Ceramic Matrix Composites Market to Generate Revenue Worth $6,006.1 Million by 2024
- Published: February 2018
The global ceramic matrix composites (CMC) market was valued at $1,891.3 million in 2015, which is projected to reach $6,006.1 million by 2024, at a CAGR of 13.7% during the forecast period (2016–2024). This can be attributed to the high-volume demand arising for the materials from the aerospace, defense, and energy & power sectors.
The energy & power category is projected to witness the fastest growth in the ceramic matrix composites market during the forecast period, based on application. This is owing to CMCs’ large-scale usage in heat exchangers, burners, nuclear reactors, and furnace hardware.
Application of CMCs in the Automotive Industry is Trending in the Market
The increasing usage of CMCs in automotive components is one of the latest trends in the ceramic matrix composites market. They have the ability to make the components lightweight, owing to which automobile manufacturers are expected to increasingly adopt CMCs in the coming years. The growth in the demand for lightweight vehicles, owing to their appreciable fuel efficiency, is expected to further propel the demand for the materials in the industry.
Rise in Demand for Lightweight Composites in the Aerospace Industry is Driving the Market
A key driver for the ceramic matrix composites market is the increasing consumption of such materials in the manufacturing of aircraft. The aerospace industry requires lightweight components, for smooth functioning of aircraft. CMCs provide durability, stiffness, wear resistance, and higher strength-to-weight ratio, owing to which they are vastly being used during the manufacturing of aircraft. In addition, the replacement of conventional materials with nano-composites not only helps in reducing the mass, but also in increasing the overall reliability and efficiency.
Segmentation Analysis of Ceramic Matrix Composites Market
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- The SiC category held the largest volumetric share in the ceramic matrix composites market in 2015, based on product. SiC is vastly used in composite material owing to the several benefits offered by it, which include hardness, high strength, high thermal stability, corrosion resistance, and low mass density.
- The aerospace category held the largest volumetric share, in the ceramic matrix composites market, in 2015, on the basis of application, and the trend is projected to continue throughout the forecast period. This is attributable to the benefits offered by CMCs, which include thermal protection, which is why they find application in the aircraft structures, including the fuselage, wings, and empennage. The energy & power category is projected to demonstrate the fastest volumetric growth during the forecast period. This can be ascribed to the adoption of these composites for wind turbine components, along with gas turbines. With the growing focus toward renewable energy sources, the market demand for CMCs is likely to witness a growth from the energy sector.
Geographical Analysis of Ceramic Matrix Composites Market
Together, North America and Europe are expected to account for over 70.0% volumetric share in the ceramic matrix composites market by 2024. This can be mainly credited to the large-scale production of passenger and military aircraft in the regions. In addition, a significant demand for the material is expected to arise from the energy & power sector in the North American region.
Competitive Landscape of Ceramic Matrix Composites Market
Some of the leading players in the global ceramic matrix composites market are COI Ceramics Inc., Lancer Systems LP, CeramTec, SGL Carbon SE, General Electric Company, CoorsTek Inc., and 3M Company.
- By Product – Oxide, Silicon Carbide, Carbon and Others
- By Application – Aerospace, Defense, Energy & Power, Electrical & Electronics and Others
- By Region – North America, Europe, Asia-Pacific, Middle East and Africa (MEA), and Central & South America (CSA)
GLOBAL CERAMIC MATRIX COMPOSITES MARKET, BY GEOGRAPHY
North America Ceramic Matrix Composites Market
- By Product
- By Application
- By Country – U.S.
Europe Ceramic Matrix Composites Market
- By Product
- By Application
- By Country – Germany, France, and U.K.
Asia-Pacific Ceramic Matrix Composites Market
- By Product
- By Application
- By Country – China, India, and Japan
MEA Ceramic Matrix Composites Market
- By Product
- By Application
CSA Ceramic Matrix Composites Market
- By Product
- By Application