The global ceramic matrix composites market is expected to grow at with a CAGR greater than 10% during the forecast period. One of the major factors driving the market is the growing demand from aerospace sector. However concerns regarding the recyclability and repairs of the ceramic matrix composites hinder the growth of the market studied.
- Increasing R&D activities regarding ceramic matrix composites are expected to provide a major growth opportunity for the market studied.
- North America accounts for the highest share of the ceramic matrix composite market and is expected to witness the highest growth rate during the forecast period.
- Among the application areas, electrical & electronics application dominated the market studied and is expected to dominate the market studied during the forecast period.
Key Market Trends
SIC/SIC Ceramic Matrix Composites to Drive the Market Growth
- SiC/SiC ceramic matrix composites are majorly used for in gas turbines and are major alternatives for metallic alloys.
- In the recent years, SiC/SiC ceramic matrix composites application in energy & power industry has been increasing owing to its exceptional oxidation and radiation resistance properties.
- Besides this, exceptional performance properties of these composites at very high temperatures further add to the advantage of using these composites for application in the energy & power sector.
- Owing to such favourable properties, the demand for SiC/SiC matrix composites is projected to dominate the market studied during the forecast period.
North America to Witness the Highest Growth Rate
- North America accounts for the highest share of the global ceramic matrix composites market. Majority of the demand for the ceramic matrix comes from the end-user industries like aerospace & defense, energy, electrical & electronics, etc.
- The aerospace & defense industry of the United States is the largest in the world. It is also the largest exporter of commercial aircrafts.
- The growing investments in the defense and aerospace sector in the region are contributing to the growth of the ceramic matrix composite market in the country.
- Hence, owing to the above-mentioned trends North America is likely to dominate the market studied during the forecast period.
The ceramic matrix composites market is moderately fragmented as the market share is divided between many players. Key players in the market include 3M, CeramTec, COI Ceramics, Inc., CoorsTek Inc., and GENERAL ELECTRIC, among others.
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