Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "Ceramic Matrix Composites Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-use Industry (Aerospace and Defense, Automotive, Energy and Power, Industrial), and Region - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The global ceramic matrix composites market is set to witness substantial growth, with a projected value of USD 21.6 billion by 2028, growing at a CAGR of 10.5% during the forecast period 2022-2028. Key factors fueling this growth include the increasing demand for lightweight and fuel-efficient vehicles, the growing adoption of ceramic matrix composites in emerging economies, and the rising need for high-performance materials in aerospace and defense applications.
Ceramic matrix composites, particularly Carbon/SiC variants, offer an exceptional combination of high-temperature resistance, lightweight design, and superior mechanical properties, making them highly desirable in various industries, including aerospace, automotive, semiconductor, energy, and industrial sectors.
The aerospace and defense industry is the largest end-user of these composites, benefiting from their high damage tolerance, fracture toughness, and resistance to wear and corrosion. In this sector, ceramic matrix composites find applications in commercial aerospace gas turbine engines, nose caps, exhaust nozzles, and missile propulsion systems, contributing to improved performance, durability, and efficiency.
The Continuous fiber type segment is expected to register the second-highest CAGR during the forecast period. Continuous ceramic matrix composites provide enhanced strength, stiffness, and toughness, making them ideal for high-performance applications in aerospace and other industries.
North America leads the global market, accounting for the largest share in 2022. This growth is attributed to the significant potential of ceramic matrix composites in defense applications. These composites are being explored for use in armor systems, ballistic protection, blast-resistant structures, and other defense-related components to enhance military equipment's performance and survivability.
Premium Insights:
- Opportunities for Players in Ceramic Matrix Composites Market: The market presents lucrative opportunities for players in various regions, with North America witnessing high growth between 2023 and 2028.
- Aerospace & Defense and Europe: Aerospace & defense remains the largest end-use industry for ceramic matrix composites, with Europe accounting for the second-largest market share in 2022.
- Continuous Fiber Led Market: Continuous fiber type ceramic matrix composites are expected to experience significant growth during the forecast period due to their advanced mechanical properties and versatility.
- North America's Rising Potential: North America is expected to experience considerable growth due to the increasing adoption of ceramic matrix composites in defense applications, offering lightweight and high-strength properties.
Market Dynamics and Industry Trends
Drivers:
- Growing Demand for Ceramic Matrix Composites in Emerging Economies: The demand for CMC is increasing in emerging economies, likely driven by their applications in various industries such as aerospace and automotive.
- Increased Need for Lightweight Fuel-Efficient Vehicles: The automotive industry's focus on lightweight materials to improve fuel efficiency and reduce emissions is driving the demand for CMC.
Restraints:
- Higher Costs Compared to Other Metals and Alloys: CMC may have higher manufacturing costs compared to traditional metals and alloys, limiting its adoption in certain applications.
- Customization of End Products: Customizing CMC end products can be challenging, leading to some limitations in applications where tailor-made solutions are required.
Opportunities:
- Rising Demand for Lightweight Components: The increasing need for lightweight materials in various industries, including aerospace, defense, and automotive, presents opportunities for CMC.
- Standardization of Ceramic Matrix Composites: Standardizing CMC manufacturing processes and applications can lead to increased adoption and market growth.
Challenges:
- Limited Use Due to Reparability and Recyclability: The limited reparability and recyclability of CMC may hinder its usage in certain applications.
- Issues in Scaling Manufacturing Process: Scaling up the manufacturing process of CMC can be challenging, affecting production volumes and costs.
Case Study Analysis:
The report provides insights from case studies highlighting the applications and benefits of ceramic matrix composites. One such case study involves General Electric (GE), which has registered the highest number of patents in the market. GE has been utilizing ceramic matrix composites for various engine components, including pistons, cylinder liners, and valves, benefiting from their high-temperature resistance and wear resistance. These composites contribute to improved engine efficiency and durability, showcasing the potential of ceramic matrix composites in the aerospace industry.
The ceramic matrix composites market is poised for significant growth in the coming years, driven by increasing demand for lightweight and high-performance materials in aerospace, automotive, and other key industries. With North America leading the market and continuous fiber type composites gaining traction, players in the industry are positioning themselves strategically to capitalize on the abundant opportunities in the sector. Collaboration and technological advancements will play a crucial role in sustaining competitiveness and meeting the evolving market demands.
Key Players:
The ceramic matrix composites market features prominent players like Applied Thin Films, Axiom Materials Inc., CFC Carbon co., ltd., COI Ceramics, CoorsTek, General Electric, Lancer Systems, Raytheon Technologies Corporation, Rolls-Royce PLC, SGL Carbon, and Ultramet. These companies employ various growth strategies, including alliances, collaborations, and agreements, to stay ahead of the competition.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 234 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $11.9 Billion |
| Forecasted Market Value (USD) by 2028 | $21.6 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1p7peg
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