Pune, India, May 11, 2021 (GLOBE NEWSWIRE) -- Ceramic Matrix Composites Market: Key Insights
According to our new research study on “Ceramic Matrix Composites Market to 2027 – Global Analysis and Forecast – by Product and End-Use Industry,” the Ceramic Matrix Composites Market Size was valued at US$ 196,477.3 million in 2019 and is projected to reach US$ 260,930.3 million by 2027; it is expected to grow at a CAGR of 3.6% during 2020–2027.
Ceramic Matrix Composites Market: Competition Landscape and Key Developments
COI Ceramics, Inc.; General Electric Company; Lancer Systems; SGL Carbon; Rolls-Royce Plc; CoorsTek, Inc.; Applied Thin Films Inc.; Ultramet, CFCCARBON CO, LTD; and Matech are among the key companies operating in the ceramic matrix composites market. Companies such as SGL carbon; CoorsTek, Inc.; and Rolls-Royce have been implementing various strategies that have helped the growth of the company, and in turn, have brought about various changes in the market. Mergers & acquisitions, product launches, market initiatives, and investment scenario have been a few of the strategies followed by these companies to expand their market shares and grow their business.
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For instance, in July 2019, SGL carbon extended its contract with Elbe Flugzeugwerke to supply impregnated carbon fiber textiles for use in airbus a350 cabin’s floor panels to end of 2020.
In 2019, North America accounted for the largest share of the market, followed by Europe and Asia Pacific. The largest share of North America can be attributed to the rigorous increase in aerospace and defense spending in the region. The commercial aerospace sector is also expected to gain significant movement in this region during the forecast period. Rigorous research and development activities by the United States Environmental Protection Agency (USEPA) for developing renewable energy sources are expected to create lucrative opportunities for ceramic matrix composites market in the region.
Ceramic matrix composites are extensively used for broad applications in the aerospace & defense industry, owing to their high damage tolerance; fracture toughness; and high temperature, wear, and corrosion resistance. Ceramic matrix composite materials can benefit aerospace in thrust, exhaust, thermal protection, and primary structure applications, which require heat resistance. In the defense industry, ceramic matrix composites applications include helicopter rotor blades, ballistic protection plates, control surfaces, radomes, doors, and fuselages. The major growth drivers for this market include increasing use of lightweight and high-performance materials in defense programs, as well as growing need for lightweight materials in ballistic protection solutions. Also, properties such as high-temperature performance, better wear resistance, and excellent compressive strength have increased the use of ceramic matrix composites for body armor in the defense industry. Thus, aforementioned factors are driving the global ceramic matrix composites market.
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Ceramic Matrix Composites Market: Segmental Overview
Based on product, the oxides/oxide segment dominated the market, accounting for more than one-third of the market share in 2019. The oxide ceramic matrix composites have significant potential in the oxidation sensitive component applications. The demand for oxide ceramic matrix composites has been growing considerably in the aerospace sector for turbine engines and other high-temperature components. In terms of end-use industry, the automotive segment is anticipated to dominate the market, owing to growing importance of ceramic matrix composites in the automotive industry, along with rising industrialization and urbanization. These composites can withstand extreme temperatures. They offer resistance to oxidation and corrosion and can be used for materials requiring lightweight yet high strength.
Impact of COVID-19 on Ceramic Matrix Composites Market:
The extended lockdowns and travel bans owing to the rise in the number of COVID-19 positive cases are restricting the supplies of chemicals and materials, which is causing a significant loss for ceramic matrix composites manufacturers. The global chemical & materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology event cancellations, and office shutdowns because of this outbreak. For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various chemicals and materials.
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