The report on ceramic matrix composites captures its global market size by volume and value. This market is growing at a rapid pace in Asia-Pacific and North America. The demand for ceramic matrix composites is driven by the following factors:
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• The growing demand for light-weight components in aircrafts for improving aircraft efficiency is driving the market for ceramic matrix composites. It is crucial for aircraft structure and engine manufacturers to reduce the weight of the aircraft in order to achieve higher efficiency, which in turn will counter the effect of growing aviation turbine fuel prices up to a considerable extent. Apart from enhancing the fuel efficiency, ceramic matrix composites have high-temperature resistance and tensile strength thus reducing the use of cooling air in the aircraft engines, which results in improved efficiency of aircraft.
The leading aircraft engine manufacturers prefer to use ceramic matrix composites in their engine components, as these are strong, lighter, and can withstand very high temperatures. The ceramic matrix composites are expected to replace the conventional alloys and metal components in the aircraft engines; as the conventional alloys need extensive dedicated cooling air; while ceramic matrix components can operate with little or no cooling.
• Ceramic matrix composites offer better corrosion resistance properties, which are desired in aerospace, energy & power, automotive, marine, and defense industries. Ceramic matrix composites offer superior corrosion resistance properties than other materials (such as aluminum & steel), resulting in decreased maintenance & other costs related to aircrafts, boats, automobiles, and armors. Stiffness offered by ceramic matrix composites is far better than other alternative materials (such as titanium, aluminum, and steel).
Thermal expansion is the most common defect, which happens in various energy & power, aircraft, defense, and automotive components due to high temperatures and changing environment, which ultimately results in the breakage of components. The thermal expansion of ceramic matrix composites is much lower as compared to other conventional alloys and metals, when placed under same environmental conditions. Ceramic matrix composites retain their shape & size when they are in extreme high temperature applications, such as aircraft engines, gas turbines, and fuel cells, providing dimensional stability and increasing safety.
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The global market for ceramic matrix composites has grown significantly during the last few years and is expected to grow at a rapid pace in the next five years. This market is mainly driven by the growing consumption in Asia-Pacific and North America. Currently, North America is the largest market for ceramic matrix composites, followed by Europe, Asia-Pacific, and RoW. Asia-Pacific is the fastest-growing ceramic matrix composites market across the world. The market in Asia-Pacific is projected to witness a CAGR of more than 15.0%, in terms of value, in the next five years. North America is the second fastest-growing market; followed by Europe and RoW.
The report estimates the market size for these materials in each region for 2022 and projects the expected demand by 2031. This report follows both top-down and bottom-up approaches to estimate the market size for each sub-segment. It also provides a comprehensive review of the market dynamics, industry trends, and value chain for ceramic matrix composites. In this report, secondary literatures have been used to collect the market information, and industry experts have been interviewed in order to verify the information.
Key manufacturers, such as 3M Co. (U.S.), General Electric Co. (U.S.), CeramTec GmbH (Germany), Kyocera Corp. (Japan), SGL Carbon SE (Germany), UBE Industries Ltd. (Japan), COI Ceramics Inc. (U.S.), Lancer Systems LP (U.S.), Ultramet Inc. (U.S.), Starfire Systems Inc. (U.S.), Applied Thin Films Inc. (U.S.), and CoorsTek Inc. (U.S.), have been profiled in detail.
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