Ceramic Matrix Composites Market Size, Share & Trends Analysis Report 2020-2027
The Global ceramic matrix composites market was estimated at USD 4.2 billion in 2019 and is expected to flourish at a CAGR of 13.2% over the upcoming years. The ceramics matrix composites (CMC) have high-temperature stability and exceptionally good mechanical properties, which is one of the prime reasons for its growth and utilisation. Due to good stability and mechanical properties, CMSs are largely used in defence applications like infrared domes, sensor protection, multi-spectral windows and in lightweight defence vehicles. Good demand for such defence equipment is expected to further grow the ceramic matrix composites market.
The manufacturing of CMCs consumes high energy and significantly good initial cost which increases the overall cost of the product and makes it useful for only defence equipment which has a good budget allocated by the government. CMCs are widely used in the aerospace industry for the same reason. Due to the initial investment for manufacturing required, CMCs are produced in small quantities. Improvements in manufacturing techniques such as using metal mining and joining technologies are expected to lower the production cost for ceramic fibres and thereby increasing the utilisation over the upcoming years.
Certain factors such as intense competition, rising customer preference and evolving technology encourage major players in the CMC market to invest in research and developments and innovate the product to maintain their considerable market share. CMCs are widely being also used in high-end sports equipment, electronics and thermal management for its properties like sturdy structure and providing high comfort. Some extraordinary material properties such as high heat resistance allow them to function with no cooling. CMC production is a high investment and energy-intensive process and hence the manufacturers are investing a good amount of time, effort and money to optimise the production processes.
Ceramic matrix composites are segmented on the basis of product in, Silicon carbide ceramic matrix, Oxide matrix composites and carbon matrix composites. Silicon carbide ceramic matrix composites are the largest of all segment and have the highest market share. The matrix is mainly used in aerospace applications. The Oxide matrix composites are expected to be the fastest-growing composites over the upcoming years, owing to the properties like high toughness and low oxidation, these are widely used in aerospace, energy and power sector and the market share is expected to grow gradually. Carbon composites have unique properties like temperature resistance, high friction and low weight which makes it suitable to use in braking components for aircraft and some luxury vehicles. The growth of these composites is expected to grow the CMC market in the upcoming years.
CMCs are largely used in the aerospace industry and which is the largest application segment with a market share of around 37%. CMC having some unique properties like dynamic load resistance, high-temperature stability, great flexibility, excellent thermal shock resistance etc are all suitable to manufacture aircraft components such as fins, rudders, exhaust nozzles, leading edges, nose cap, gas turbine engines, body flaps, panels and other engine components. With such excellent properties and applications, companies are focusing on extensive research and development activities to further explore the potential of CMCs.
Defence application segment is further expected to grow at a CAGR of 14% over the upcoming years. Good abrasion properties and lightweight are some of the excellent properties which aid the growth of CMCs in the defence application segment. The potential of CMCs in various sectors such as electrical and electronics, energy and power and industrial applications is expected to gain good momentum in the upcoming years as forecasted.
By volume, North America market held the largest market share in 2019 which was 47.23%. The largest growth is owing to the presence of big aviation companies in the region such as Boeing, Lockheed Martin. This encouraged the CMCs supplier to focus on more research and development activities and further grow this market in the region. Government expenditure on defence equipment and investing huge capital in buying defence products assisted the growth of CMCs market in the region.
Asia Pacific market is expected to be the fastest-growing market and is anticipated to grow by 15% in the upcoming years. Technological development in various industries and increasing demands in the energy sector are the major drivers of the growth of CMCs in this region. The region is also comprised of emerging economies like, India, China, Thailand and Malaysia, having a low cost of labour and raw material which further improved its growth. Favourable initiatives like Make in India movement, government norms for start-up are further expected to boost the growth of this market. The overall consumption of oil which favoured the growth of the energy sector had also a positive impact on the CMC market in this region.
CMC manufacturing companies invest a good amount of capital in research and development due to the high demand from industries such as aerospace and defence. These companies have initiated their value chain to further focus on product development and improvement in production technologies. Some of the major players of CMC manufacturing are UBE industries, Coorstek Inc., General Electric Company, COI Ceramics Inc. etc. Apart from these, some bid players such as GE Aviation is likely to invest in the research and development of CMCs for manufacturing aircraft engines. Some of the key players have their own patented technology while many borrow the patents for commercial usage.
The report forecasts focus on revenue growth at the local, regional and global level and provided an in-detail analysis of the latest industry trends in each sub-segment. For the research study purpose, Confianza Market Research has segmented the global ceramic market on the basis of application, product and region and is detailed as under:
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