The global ceramic matrix composites market size is estimated to be USD 7.9 billion in 2021 and reach USD 15.59 billion in 2027, registering a CAGR of 12% during the forecast period, 2021-2027. The enormous demand for lightweight, fuel efficiency-compatible materials with superior mechanical and thermal properties from the automobile, aerospace, and defense industries are projected to drive the market for ceramic matrix composites. Ceramic matrix composites are replacing titanium metal and other composites-based components in many industries. The rising rate of production of the significant aircraft programs and rapidly widening application base of the ceramic matrix composites are collectively fueling the market growth. Exceptional performance delivery of ceramic matrix composites at higher temperatures is particularly driving the sales in the defense industry. One of the world’s key industrial sectors – the energy industry, has also been responsible for generating substantial demand for ceramic matrix composites in the global market.
Top Market Influencers for Global Ceramic Matrix Composites Market over Forecast Period
The ceramic matrix composites are finding increased application in automobile and aerospace & defense industries due to their high damage tolerance, corrosion resistance, and fracture toughness, among others. This burgeoning demand is projected to propel the growth of the market over the forecast period. The tightening of government regulations regarding fuel efficiency is a major concern for automobile and aircraft manufacturers. To comply with these regulations, manufacturers are shifting towards lightweight ceramic matrix composites, which enables them to achieve high efficiency. This rapid shift towards ceramic matrix composites is expected to boost the demand for ceramic matrix composites.
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Higher costs of ceramic matrix composites compared to other metals and alloys, limiting its application to premium products, are a major hurdle for the market's rapid growth. The use of ceramic matrix composites leads to issues concerning reparability and recyclability. The damages in ceramic matrix composites are extremely hard to find, and skilled human resources are required for the job. However, the increasing awareness regarding ceramic matrix composites repair techniques is likely to tackle this issue in a short time span and support the market's growth over the forecast period.
Impact of COVID-19 on Ceramic Matrix Composites Market
The COVID-19 crisis has significantly affected the ceramic matrix composites market, causing a dramatic decline in overall demand and calls for quick actions from every stakeholder, including manufacturers, vendors, distributors, and consumers. The economic slowdown has caused a major decrease in demand for products of the end-use industries, which is expected to negatively impact the ceramic matrix composites market in the initial years of the forecast period. However, the negative impact of the pandemic is expected to be compensated over the medium-term future.
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Scope of the Report
The report outlines the global ceramic matrix composites market study based on composite type, category, production process, and end-use
Based on the composite type, the ceramic matrix composites market has been segmented into –
- Oxide/Oxide
- Carbon/Silicon Carbide
- Carbon/Carbon
- Silicon Carbide/Silicon Carbide
- Others
Based on the category, the ceramic matrix composites market has been segmented into –
- Short Fiber
- Long Continuous Fiber
- Whiskers
- Others
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Based on the production process, the ceramic matrix composites market has been segmented into –
- Powder Dispersion
- Reactive Melt Infiltration
- Polymer Impregnation & Pyrolysis
- Sol-gel
- Others
Based on the end-use industry, the ceramic matrix composites market has been segmented into –
- Energy & Power
- Electronics
- Aerospace & Defense
- Transportation
- Other
Ceramic Matrix Composites Market: Regional Outlook
The ceramic matrix composites market has been segmented into the Asia Pacific, Europe, North America, the Middle East, and Africa. North America dominates the global market on account of massive demand from the aerospace & defense, and automobile sector. North America is expected to hold the largest share of the market over the forecast period due to the presence of the large number of ceramic matrix composites manufacturers, heavy investments in R&D, and implementation of environmental regulations.
Key Global Ceramic Matrix Composites Market Competitors Includes
The global ceramic matrix composites market is highly fragmented, with the presence of a large number of small players across the globe. The ceramic matrix composites manufacturers operating in the global market are –
- General Electric (US)
- 3M (US)
- Ultramet (US)
- CeramTec (Germany)
- Ube Industries, Ltd (Japan)
- CoorsTek (US)
- Rolls-Royce (Uk)
- Safran (France).
The key players in the ceramic matrix composites market are focusing on growth strategies such as expansion, acquisitions, joint ventures, new product lines, and advance technology adaption on a global level to enhance their market share. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country.
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