Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Ceramic Matrix Composites Market Size Report, Share, Demand, Growth Strategy, Industry Trends, and Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, End-use Industry, and Geography,” the ceramic matrix composites market size is expected to grow from US$ 8.56 Billion in 2018 to US$ 18.48 Billion by 2027; it is estimated to register a CAGR of 9.1% from 2019 to 2027. The projected growth of the matrix composites market is attributed to the rapid growth in the automotive sector across developing economies.
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Global Ceramic Matrix Composites Market: Competitive Landscape and Key Developments
The key players operating in the global ceramic matrix composites market include 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. Players operating in the global ceramic matrix composites market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
Ceramic Matrix Composites Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 8.56 Billion in 2018 |
| Market Size Value by | USD 18.48 Billion by 2027 |
| Growth rate | CAGR of 9.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 152 |
| No. of Tables | 55 |
| No. of Charts & Figures | 66 |
| Historical data available | Yes |
| Segments covered | Product ; End-use Industry and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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 |
In 2022, Europe held the largest share of the global ceramic matrix composites market. European continent comprises of several developing economies such as Germany, France, UK, and Italy, among others. The CMC industry has gained a significant place in the European economy, fostering growth, innovation, and employment. CMC is closely related to various industrial sectors such as defense, aerospace, energy and power electrical and electronics industries. The mechanical properties of the CMC such as high heat resistance and tensile strength make it an important part of the automotive, defense and aerospace sectors. The rising demands for lightweight and electric vehicles, and the large presence of defense and automotive manufacturers in Europe, are the factors that are propelling the CMC market growth. The growth in the ceramic matrix composites market in Europe is largely driven by France, UK, and Germany CMC markets. The demand for CMC is rising in these markets owing to its high damage tolerance, fracture toughness, wear & corrosion resistance at high temperature. Also, the growing demand for consumer goods coupled with the manufacturing of electro-mechanical components is expected to fuel the growth of the ceramic matrix composites market in Europe. According to global trends, the production and consumption of CMC is expected to grow in the region in forthcoming years. In addition, continuous research and development, and the growing use of the latest technology among the CMC manufacturers such as CeramTec GmbH, SGL Carbon SE, BJS Composites GmbH have spurred the production of CMC for end-use applications.
Rapid Growth in Automotive Sector across Developing Economies Propelling Demand for Ceramic Matrix Composites
The high-temperature resistance and high tensile strength of ceramic matrix composites make it ideal for automotive applications. Automotive manufacturers prefer to use ceramic matrix composites in their automotive engine components. Ceramic matrix composites are durable, lighter, and can withstand very high temperatures. They are heat-resistant and can operate with little or no cooling, thus reducing the use of cooling air in engines. These features of CMC projected to replace conventional alloys and metal components in automotive engines, which helps to reduce the weight of automobiles and achieve higher efficiency. The automobile industry in developing economies such as China, India & Japan is outpacing at a higher rate. According to the International Organization of Motor Vehicle Manufacturers, China continues to be the world’s largest vehicle market, with a rise of 3.19% in the annual production of motor vehicles. Factors such as reduced tariffs on imported cars and auto parts coupled with the increase in production of personal passenger cars and commercial vehicles will drive ceramic matrix composites market. On the other hand, the growing middle class and a young population, coupled with government investments and developments in the automobile sector, have driven the growth of the automotive sector in India. The growing demand for personal vehicles expected to increase demand for CMC in the Indian automobile industry. Likewise, in Japan, the shift of consumers towards electric cars is boosting the demand for ceramic matrix composites for automotive applications. Demand for premium, lightweight, and fuel-efficient vehicles form these developing economies expected surge the ceramic matrix composites market growth.
Ceramic Matrix Composites Market: Segmental Overview
Based on end-use industry, the global ceramic matrix composites market is segmented into aerospace & defense, energy and power, automotive, industrial, and others. In 2022, the aerospace & defense segment dominated the ceramic matrix composites market. The ceramic matrix composites materials provide high-performance and lightweight features to meet rigorous industry standards. These composites help in delivering enormous benefits to the aerospace and defense industry. The CMC helps in reducing fuel consumption and reduce the weight of the aircraft. The CMC finds its application in advanced aircraft LEAP engines, which demands higher thermodynamic efficiency and endurance for high temperatures. These composites have gained importance owing to their lightweight, high strength, and resistance towards oxidation and corrosion. These composites are preferred over metal alloys in nozzles, combustors, shrouds, and blades of aircraft engines. The CMCs are also known to provide durability and toughness to the aircraft. The high modulus of ceramic matrix composites makes it structurally suitable in the production of aircraft. Moreover, the demand for SiC fiber composites is high for manufacturing turbine & combustion section of aero-propulsion engines, which is expected to result in high product demand. The increasing use of aerospace composite materials like CMCs has played a significant role in the increased fuel efficiency and weight reduction of the aerospace.
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Impact of COVID-19 Pandemic on Ceramic Matrix Composites Market
The COVID-19 pandemic affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) with lockdowns, travel restrictions, and business shutdowns. These shutdowns disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the chemicals & materials industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the ceramic matrix composites market.
In second half of 2021, economies resumed their operations gradually, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them consolidate their efforts toward closing the gap between demand and supply. As large percentages of citizens of many countries were fully vaccinated by the end of 2021, the manufacturers of ceramic matrix composites focused on increasing their production to revive their businesses.
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