Ceramic Matrix Composites Market Analysis

Ceramic Matrix Composites Market Analysis

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Based on matrix material, the market is segmented as Oxide-based CMCs, and Non-oxide-based CMCs. Non-oxide-based CMCs held a majority market value of USD 8.2 billion in 2022. The trends in the oxide and non-oxide CMC market differ in the CMC (Ceramic Matrix Composites) market. Thermally stable oxide-based CMCs that are widely used in such high temperature applications are referred to as ceramic matrix composites. The strongest non-oxide CMCs such as SiC are common in the aerospace industry. Both are driven by the trend towards lightweight, high-temperature materials, each application pulling at a particular segment of the highly active composite material market.

Based on fiber type, the market is segmented as Continuous Fiber, and Discontinuous/SiC Whisker. Continuous Fiber segment held a dominant market share of around 75% in 2022 and is expected to grow at a lucrative pace till 2032. These include the continuous fibers carbon-matrix composites which are superior in strength and thermal conductivity thus preferable in the aerospace and defense operations. On the other hand, Discontinuous/SiC Whisker CMCs are gaining ground among low-cost applications such as the automotive industry. This shows equilibrium of high performance versus affordability depending on an application. In demanding environment, it is still important continuous fibre CMCs whereas for applications that put more emphasis on low cost and less drastic decrease on performance Discontinuous/SiC Whisker CMCs are considered.

Based on end-use, the market segmented as aerospace & defense, automotive, energy & power, industrial, and others. In the end-use segment, the aerospace & defense holds the dominant share in the ceramic matrix composites market. CMCs are increasingly being used in the aerospace and defense industry as material for engine components boosting energy utilization while decreasing mass. This is the essence of automotive applications, which focus on fuel-economy and emission reduction. These are important in the high temperature applications in gas turbines which includes energy and power industry among others. The CMC market is fueled by research and development across all three sectors and a joint approach is adopted for the purpose.

U.S. dominated the North American region with majority market share and a revenue of USD 3.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The Ceramic Matrix Composites (CMC) market in the US is growing strong due to significant demand from the aerospace and defense sector for the lightweight and high performance properties provided through CMC products. Fuel efficiency is driving growth in automotive applications. Moreover, development of green and affordable manufacturing processes along with new applications in the country’s energy and electronics sectors are further catalyzing market growth in the U.S.