The global ceramic matrix composites market was surpassed at USD 3.2 billion in 2021 and is expected to hit around USD 9.1 billion by 2030, growing at a CAGR of 12.31% from 2022 to 2030.
Increasing demand for ceramic matrix composites is being driven by their superior properties, such as high-temperature stability, reduced weight, and high strength.
Ceramic matrix composites have evoked keen interest from the aerospace and automotive sectors, owing to their superior mechanical properties, high strength-to-weight ratio, and vast application scope. Increasing fuel prices have triggered the need for lightweight components to boost fuel efficiency. The majority of automobiles today run on conventional fuel, so fuel-efficient products are in high demand. However, applications for CMCs are restricted due to their high prices. CMCs are mainly used in aerospace, automotive, and electronic or thermal management applications. CMC users come from industries such as Boeing, Airbus S.A.S., NASA, GE Global Research, etc.
Market players focus on expanding their product portfolio and implementing faster product delivery strategies to gain a competitive advantage in various regional markets. The industry's rivalry is expected to be moderate with major players adopting strategies such as new product developments, acquisitions, partnerships, and joint ventures.
Scope of The Report
|Market Size in 2021||USD 3.2 billion|
|Revenue Forecast by 2030||USD 9.1 billion|
|Growth rate from 2022 to 2030||CAGR of 12.31%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, application, region
|Companies Covered||3M Company; COI Ceramics, Inc.; Coorstek, Inc.; General Electric Company; Kyocera Corporation; Lancer Systems LP; SGL Carbon Company; Inc.; Ultramet, Inc.; Ube Industries, Ltd.|
The oxides product segment led the market and accounted for more than 29.97% share of the global revenue in 2021. Improved properties of oxide composites such as no oxidation and high fracturing toughness, and a less expensive production process, are expected to trigger the demand for aerospace, defense, and energy & power applications.
Sic segment is projected to register a CAGR of 12.8% in terms of value during the forecast period. The higher initial cost of SiC ceramic matrix composites is the most prominent growth barrier for the segment. Other costs indulged during usage and transportation, such as cleaning costs and repositioning costs, also restrain the demand growth.
Carbon products held a significant revenue share in 2021 due to the large-scale production of carbon fibers to fulfill the increased demand for CF and CFRP products globally. The costs of carbon/carbon ceramic matrix composites are significantly cheaper than silicon carbide/silicon carbide and oxide/oxide ceramic matrix composites.
The other segment is anticipated to expand at a CAGR of 12.2% during the forecast period, owing to advantages such as lightweight, excellent wear and corrosion resistance, high strength to weight ratio, high strength retention at elevated temperatures, and high chemical stability, and hardness.
The aerospace application segment led the market and accounted for more than 36.19% of the global revenue share in 2021. Factors such as the rising preference of consumers for manufacturing nose, rudder, fins, leading edges, body flaps, hot structure, tiles, and panels for aircraft are anticipated to expand the demand in the aerospace segment during the forecast period.
Their excellent impact strength coupled with high hardness makes these composites suitable for manufacturing bullet-proof armor and insulation in small arms weapons platforms. Ceramic materials are mostly transparent to certain types of energy, and light. As a result, they are widely used for infrared domes, sensor protection, and multi-spectral windows.
Energy and power are expected to emerge as the fastest-growing application segment for CMC materials. CMC properties such as high-temperature stability coupled with greater oxidation resistance and ability to withstand radiation make it suitable for fission and fusion applications.
Ceramic matrix composites are widely used as isolators in the electronics industry. They are also used in electronic circuits due to their high thermal conductivity. Other applications include ceramics for laser diodes, LED, artificial teeth, fuel cells, etc., which are also expected to drive the market.
North America region led the market and accounted for over 44.9% share of global revenue in 2021. The presence of major aviation industries, their investment in developing ceramic matrix components for manufacturing aviation components, and collaborations with government agencies for upgrading defense equipment are some of the essential factors anticipated to propel the CMC demand in North America.
Over consumption of oil in the Asia Pacific has stimulated the need for energy security with a focus on deriving energy from alternate sources, which include natural gas. Ceramic matrix composites are thus likely to play a major role in this segment. In addition, the growing need for fuel-efficient aircraft engines is also going to boost the market to reduce operational costs.
Central and South America are expected to gain from technological advancements in the aerospace industry, resulting in the establishment of the region as one of the important manufacturing hubs for the U.S. aviation industry. The increase in demand from aerospace, automotive, electrical & electronics, and energy & power industries is going to propel the market.
Lower production costs in Africa have attracted huge foreign investments in the region, which will have a positive impact on the market. In addition, technological developments are also expected to aid aerospace production in the region, which is, in turn, expected to drive the market in the region.