Wilmington, Delaware, United States, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ceramic matrix composites market was projected to attain US$ 4.3 billion in 2022. It is anticipated to garner an 8.1% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 8.5 billion by 2031.
Ceramic matrix composites of SiC and SiC are frequently used in gas turbines. South Africa is home to over 33 wind farms in various phases of construction. The nation possesses more than 1,365 wind turbine generators with an installed capacity of 3.672 MW, of which 2.020 MW are fully operational. The market environment for ceramic matrix composites is being driven by the increase in wind farms.
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High-temperature ceramic composites are more expensive than metals and alloys, though, and this is probably going to have an adverse effect on market growth throughout the projected timeframe.
Key Findings of the Market Report
- The modern automobile industry seeks to reduce carbon emissions, vehicle weight, and fuel consumption while maintaining vehicle performance and safety.
- Since ceramic matrix composites are utilized to make brake discs, exhaust and intake systems, turbine components, braking system parts, and valves, they serve this function.
- The Organisation Internationale des Constructeurs d'Automobiles (OICA) reports that Malaysian and Vietnamese automakers are growing their production by 1% to 2% annually. Annual growth in car manufacturing is 2.5% in Brazil and 4% in the United States.
- The market demand for ceramic matrix composites is therefore being driven by an increase in vehicle manufacturing.
Market Trends for Ceramic Matrix Composites
- Turbine blades are made using ceramic matrix composites of the next generation. The primary benefit of modern ceramic composites is its ability to provide internal dampening, which helps bladed turbines with their unstable flow loads by reducing vibratory stress.
- To meet the rising demand for renewable energy resources, suppliers in the wind energy industry are expanding their production capacity. The local government permitted GE Renewable Energy to open a manufacturing facility in Teesside, United Kingdom, in September 2021.
- The factory is anticipated to be run by LM Wind Power to manufacture the 107-meter-long blades for GE's Haliade-X offshore wind turbines. Similarly, Siemens Gamesa declared in October 2021 that it would construct a revolutionary offshore wind turbine blade manufacturing plant in Virginia. Increased investment in wind energy is fueling the growth of the ceramic matrix composites industry.
Global Market for Ceramic Matrix Composites: Regional Outlook
- In 2022, Asia Pacific held the most notable share. The dynamics of this sector in the region are being driven by advancements in aerospace production.
- Over the projection period, the industry in North America is expected to increase steadily. The regional ceramic matrix composites market statistics are anticipated to be driven by an increase in spending in the aerospace and defense industries.
- The United States Department of Defense (DOD) announced in March 2023 a proposal to invest US$ 842.0 billion in 2024, an increase of US$ 26 billion from 2023. Air and missile defenses, hypersonic missiles, unmanned systems, surface warships, artificial intelligence (AI), and combat aircraft are all included in the projected DOD budget for 2024.
Some key developments by the players in this market are:
- Brembo and SGL Carbon decided to increase manufacturing capabilities for their joint venture, Brembo SGL Carbon Ceramic Brakes (BSCCB), in September 2023. It is anticipated that BSCCB would invest around €150 million until 2027 in order to increase manufacturing capacity at the locations in Meitingen, Germany, and Stezzano, Italy, by more than 70%.
- Utilizing automated fiber placement (AFP) technology, the Automated Technologies Laboratory for Aerospace Systems (ATLAS) at Wichita State University's National Institute for Aviation Research (NIAR) collaborated with Axiom Materials in April 2021.
- The objective of this collaboration was to create an oxide-oxide ceramic matrix composite prepreg. AX-7810UD-330N610 is a solvent-based unidirectional material that may be utilized in engine components and other high-temperature applications up to 1,650 °F.
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Global Ceramic Matrix Composites Market: Key Players
Important companies in the ceramic matrix composites market are launching new products, forming alliances, and buying out other companies. The following companies are well-known participants in the global ceramic matrix composites market:
- General Electric Company
- Rolls-Royce Plc
- SGL Group
- COI Ceramics
- United Technologies
- CeramTec
- Lancer Systems LP
- CoorsTek
- Applied Thin Films
- Ultramet
- Clariant Corporation (KiON Corporation)
- Specialty Materials Inc.
Global Ceramic Matrix Composites Market Segmentation
Product Type
- Carbon/Carbon
- SiC/SiC
- Oxides/Oxides
- Others
End-Use Industry
- Aerospace & Defense
- Automotive
- Energy & Power
- Electrical & Electronics
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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