Ceramic Matrix Composites Market to experience an impressive growth of 9.1% during 2019-2024
February 06, 2020
Ceramic matrix composites market is projected to witness an excellent CAGR of 9.1% over the next five years, driven by increasing demand for advanced lightweight materials in the aerospace & defense and automotive industries to enhance fuel efficiency and to reduce carbon emissions, increasing production rates of key aircraft programs, and development of new ceramic matrix composite applications.
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Ceramic Matrix Composites Market Segment Insights:
By Product Type:
Global ceramic matrix composites market is segmented based on product type as oxide/oxide, silicon carbide/silicon carbide, carbon/carbon, and others. Carbon/Carbon is expected to remain the most dominant product type over the next five years, driven by its excellent properties, such as high temperature resistance, low coefficient of thermal expansion, wear resistance, corrosion resistance, and hardness. Carbon/Carbon is preferred in a wide array of industries including aerospace & defense and automotive. Brakes, nose cone, and wing leading edges are some of the key carbon/carbon applications in the aerospace & defense industry. Silicon carbide/Silicon Carbide is projected to witness the highest growth for the same period, driven by development of new applications in the aircraft engines, such as low-pressure turbine blades and turbine shroud.
By End-Use Industry Type:
The market for ceramic matrix composites is segmented based on end-use industry as aerospace & defense, transportation, energy, electrical & electronic, and others. Aerospace & defense industry dominates the global CMC market and is expected to remain the largest segment over the next five years. Increasing use of carbon/carbon brakes by replacing conventional steel brakes, development of new applications, increasing penetration of ceramic matrix composites in the commercial and military aircraft engines, and increasing production rates of key commercial aircraft programs in order to meet huge order backlogs are some of the major drivers contributing to a healthy demand for CMC in the aerospace & defense industry.
By Region:
North America is expected to remain the largest market for CMCs during the forecast period. High aircraft engine production and manufacturing capital of aerospace & defense industry with presence of several small to large players are major growth drivers of the CMC market in North America. The US alone accounted for more than 90% of the North American CMC market and is projected to remain the growth engine of the region.
Asia-Pacific is projected to witness the highest growth in the global CMC market during the forecast period, driven by China and India. Increasing effort for the development of commercial, regional, and military aircraft to become self-sustained, increasing military expenditures, and commencement of assembly plants by both commercial aircraft manufacturers in China will act as the key driving factors of the region.
Key Players:
3M, CeramTec, COI Ceramics Inc., CoorsTek Inc., GE Aviation, Lancer Systems, Rolls Royce Plc, SGL Group, Ultramet, and United Technologies are the key players in the global CMC market. Major players are raising their CMC capacities by either rolling out additional plants or ramping up capacities in their existing plants. New product development, geographical expansion, and collaboration with customers are some of the key strategies adopted by major companies to gain competitive edge over others.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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