Implementing stringent eco-friendly regulations in developing and developed countries are expected to provide an opportunity for the ceramic matrix composites market's growth for the forecast period. North America emerged as the largest market for the global ceramic matrix composites market, with a 43% share of the market revenue in 2021.The presence of prominent players in the North America region and the implementation of stringent environmental regulations for fuel-efficient and lightweight vehicles adds impetus to the market's growth.
Newark, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global ceramic matrix composites market is expected to grow from USD 7.9 billion in 2021 to USD 17.4 billion by 2030, at a CAGR of 9.2% during the forecast period 2022-2030.
The rising developments in the automotive and aerospace sector are expected to increase demand for ceramic matrix composites as they do not rupture easily under heavy loads and exhibit improved crack resistance. The US Department of Energy is investigating ceramic matrix composite cladding for fuel rods in light-water nuclear reactors. Ceramic matrix composites are created to improve the toughness of conventional ceramics; however, the main disadvantage of the ceramic matrix is its brittleness. Apart from this, they also provide corrosion resistance, excellent wear, lightweight, and chemical stability.
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Ceramic Matrix Composites Market Report Scope
Matrix Type, End-Use Industry, Regions
North America, Europe, South America, Asia Pacific, the Middle East, and Africa
A recent study on ultra-high temperature ceramics (UHTCs) exhibits erosion resistance at temperatures up to 2000°C or higher; however, they cannot resist thermal damages and shocks. Ceramic matrix composites are also used for optimizing the performance of parts used in liners, pumps, filters, bearings, seals, and valves to increase the shelf life of the equipment used in drilling, exploration, and processing.
To enhance their market position in the global ceramic matrix composites market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In April 2020, Raytheon Company merged with United Technologies to form Raytheon Technologies. After the planned spinoffs, the company was valued at more than USD 100 billion and became the world's second-largest aerospace-and-defense company.
The increasing use of ceramic matrix composites in the aerospace and defense, and automotive sector is due to its properties such as rigidity, high stiffness, low weight, high-temperature tolerance, high tensile strength, high chemical resistance, and low thermal expansion is the primary factor driving the market growth. However, the outbreak of the Covid-19 pandemic negatively affected the market as lockdown restrictions were imposed, and several industries were temporarily closed to stop the spread of the disease, restraining the market's growth. Moreover, the stringent eco-friendly regulations imposed to curb carbon emissions in developing and developed regions provide an opportunity for the market's growth. Using lightweight vehicles increases fuel efficiency, thus reducing air pollution to a specific limit, providing an opportunity for the market's growth. The high cost of products manufactured using ceramic matrix composites increases the price of the products such as vehicles which restraints the market's growth.
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● In 2021, the Oxide/Oxide(OX/OX) segment dominated the market with the largest market share of 33% and market revenue of 2.6 billion.
The matrix type segment is divided into Silicon Carbide and Carbon(C/Sic), Silicon Carbide Reinforced Silicon Carbide(Sic/Sic), Carbon Reinforced Carbon(C/C), and Oxide/Oxide(OX/OX). In 2021, the Oxide/Oxide(OX/OX) segment dominated the market with the largest market share of 33% and market revenue of 2.6 billion. Oxide/Oxide(OX/OX) is a lightweight material widely used to manufacture lightweight and fuel-efficient vehicles, which drives the segment's growth.
● In 2021, the aerospace & defense segment accounted for the largest market share, with 36% and a market revenue of 2.8 Billion.
The end-use industry segment is divided into automotive, industrial, aerospace & defense, and energy & power. In 2021, the aerospace & defense segment accounted for the largest share of the market, with 36% and a market revenue of 2.8 billion. The segment has been growing owing to the increasing demand for lightweight aircraft and fuel-efficient vehicles.
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Regional Segment Analysis of the Ceramic Matrix Composites Market
● North America (U.S., Canada, Mexico) ● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) ● Asia-Pacific (China, Japan, India, Rest of APAC) ● South America (Brazil and the Rest of South America) ● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global ceramic matrix composites market, with a market share of around 43% and 3.3 billion of the market revenue in 2021. The increasing investment in research and development activities in the aerospace and defense sector in the region is driving the market's growth. Furthermore, the presence of prominent market players in the region and the implementation of stringent environmental regulations to reduce pollution boosts the market's growth.
Key players operating in the global ceramic matrix composites market are:
● General Electric Company ● Lancer Systems ● Rolls-Royce ● Axiom Materials Inc. ● SGL Carbon ● United Technologies ● Applied Thin Films ● CFC Carbon Co., Ltd. ● 3M Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global ceramic matrix composites market based on the below-mentioned segments:
Global Ceramic Matrix Composites Market by Matrix Type:
● Silicon Carbide and Carbon(C/Sic) ● Silicon Carbide Reinforced Silicon Carbide(Sic/Sic) ● Carbon Reinforced Carbon(C/C) ● Oxide/Oxide(OX/OX)
Global Ceramic Matrix Composites Market by End-use Industry:
● Automotive ● Industrial ● Aerospace & Defense ● Energy & Power
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The global ceramic matrix composites market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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