Ceramic Matrix Composites Market worth 7.51 Billion USD by 2026 – Report by MarketsandMarkets™
The growing demand for lightweight and high-temperature materials in aerospace and defense structural applications is enhancing the growth of the ceramic matrix composites market globally
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North America is expected to be largest and the fastest-growing market for ceramic matrix composites during the forecast period. The high demand for ceramic matrix composites in this region is due to the rising demand in aerospace and defense applications such as exhaust nozzle, nose cap, and turbofan engines. The high penetration of ceramic matrix composites in this region can also be attributed to the growing strength of USD, low interest rates, presence of large number of ceramic matrix manufacturers, and increasing R&D in new matrix types and R&D activities. The need for developing lightweight materials to curb oil prices and reduce carbon footprint is further boosting the aerospace composites market in North America.
With the highest concentration of ceramic matrix composites manufactures, the U.S. leads the ceramic matrix composites market in North America as well as globally. Lightweight, increased fuel efficiency, and high performance properties are driving the growth of ceramic matrix composites in the commercial airlines of this region. Further, major ceramic composite manufacturers such as General Electric Company (U.S.) are extensively investing and increasing their production capacities of ceramic matrix composites to meet the high demand for LEAP engines from commercial airline companies such as Boeing.
The use of silicon carbide/silicon carbide (SiC/SiC) ceramic matrix composites in aircraft engine applications is projected to grow during the forecast period. Owing to their ability to survive at ultra-high temperatures without corroding, SiC/SiC ceramic matrix composites manufacturers are increasing their production facility/capacity of the same. In addition, various advantages offered by SiC/SiC composites such as low weight, high friction and high temperature resisting property over their counterparts have propelled their demand in aerospace applications. Further, the advent of low cost technologies for manufacturing ceramic matrix composites’ fibers would boost the penetration of SiC/SiC in various newer applications.
C/C ceramic matrix composites is estimated to be the fastest-growing ceramic matrix composite type from 2016 to 2026 due to its growing demand for C/C brakes in aircraft and automotive vehicles. Owing to their light weight and increased fuel efficiency, the demand for C/C composites is expected to increase during the forecast period. Further mass production of ceramic matrix composites using carbon fiber leads to lower price of carbon/carbon ceramic matrix composites, which makes it a popular choice over other ceramic matrix composites.
Ceramic matrix composites are more extensively used in structural applications of aircraft & defense such as braking applications, nozzle, nose cap, turbine shroud of LEAP engines, and others. It is used in advanced aircraft engines such as Airbus A320neo, Boeing 737MAX, and Comac C919, among others. After aerospace & defense, ceramic matrix composites are used mainly in automotive sector largely for brake discs. However, energy & power is projected to be the fastest-growing application segment for ceramic matrix composites owing to their ability to survive at ultra-high temperature, anti-corrosive properties, and crack resistance.
Key players in the global aerospace composites market have adopted new product launches, agreements/partnerships/joint ventures, investments & expansions, and acquisitions as their key growth strategies during the last five years. The major companies operating in this market are General Electric Company (U.S.), Rolls-Royce Plc. (U.S.), SGL Group (Germany), CeramTec (Germany), Lancer Systems (U.S.), and others.
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