Ceramic Matrix Composites Market To Generate Revenue worth $7,596 Million by 2030

The global ceramic matrix composites market is projected to generate USD 7,596 million revenue by 2030, advancing at a CAGR of 11.90% during 2022–2030. This can be attributed to the growing urbanization coupled with industrialization and rising demand from end-use industries, such as aerospace, defense, and energy & power. Moreover, the increase in R&D practices by key players and favorable government policies are also led the market demand.

Energy & Power Category To Show Fastest Growth

Based on application, the market is bifurcated into aerospace, defense, energy & power, electrical & electronics, and others. Among these, the energy & power category will register the fastest growth during the forecast period, advancing at a CAGR of 14.2%. This is due to the high technological advancements, growing need for energy and power generation associated with the increasing population specifically in the emerging economies, and its mounting usage owing to its wear, corrosion, and high-temperature resistance. Furthermore, such CMCs are used to manufacture heat exchangers, burners, nuclear reactors, and furnace hardware, which further contributes to the market demand.

In addition, the category of electrical & electronics accounted for significant share in 2022 in the market. This can be attributed to the rising demand for smart devices, increasing standard of living coupled with a rise in per capita income, and its surging usage as isolators. Moreover, such composites are also used in the manufacturing of LEDs, fuel cells, and laser diodes, which further support the category growth.

Based on product, the market is classified into oxide, SiC, carbon, and others. Of these, the oxide category contributes the majority of revenue to the market and it will maintain its position during the coming years. This is due to its high use across industries owing to the high-temperature resistance, wear resistance, corrosion resistance, and hardness.

Additionally, the SiC category will witness significant growth during the forecast period. Moreover, SiC is vastly used in composite material due to the several benefits offered by it, which include hardness, high strength, high thermal stability, corrosion resistance, and low mass density.

Geographically, APAC will register the fastest growth during the projection period. Owing to the rise in government spending on defense, surging technological advancements, increasing manufacturing capacity, low-labor cost, and easy availability of raw materials. In addition, emerging economies, such as China, India, and South Korea, contribute the majority of revenue to the regional market owing to the high government spending on the army and aerospace sector.

Furthermore, the North American region held the highest revenue share in 2022 and it is predicted to do so during the forecast period. This is due to the huge aerospace industry, surging demand from the energy & power sector, and the high number of industry giants. Additionally, large-scale production of passenger and military aircraft in the region will also contribute to the market.

The 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 the smooth functioning of aircraft. Moreover, CMCs provide durability, stiffness, wear resistance, and higher strength-to-weight ratio, owing to which they are vastly being used in 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.

Some of the major players in the ceramic matrix composites market are 3M, COI Ceramics Inc., General Electric Company, CeramTec GmbH, Lancer Systems LP, SGL Carbon SE, and CoorsTek Inc.