ALBANY, New York, July 25, 2019 /PRNewswire/ -- The global ceramic matrix composite market is projected to grow at significant rate at 8.1% CAGR over the projected period 2017 to 2026, finds an upcoming Transparency Market Research (TMR) report.
The global ceramic matrix composite market is projected to reach an estimated value of US$6.5 Bn by the end of 2026. In terms of product, the market is expected to be dominated by oxide matrix. The growth in this segment is primarily due to the high demand from end users such as aerospace, automotive, and other industries.
With the advent of latest technologies and innovations, the technical ceramic proves to be one of the best ceramics composites in today's world. Technical ceramic composites are the best solution for the challenges that are faced by the usage of conventional materials. Additionally, applications of latest technologies in manufacturing and cost efficiency are some paving growth opportunities to the global ceramic matrix composite market.
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Automotive Industry to Promote Global Ceramic Matrix Composite Market
The automotive industry is the major user of ceramic matric composite due to various benefits it offers.
The ceramic matrix composites are used in automotive clutches and they increase the efficiency of the clutches. This pushes the global ceramic matrix composite market in future.
Additionally, the ceramic composites are largely used in making of brakes and brake systems to offer high shock absorption in the vehicles. This leads to the growth of the global ceramic matrix composite market in the upcoming years.
Further, the ceramic composite provided structural and weight advantage to the automotive industry, owing in the surge of the ceramic matrix composite market. It also provides longevity to the vehicles by offering corrosion resistance and minimal wear and tear. All these factors are expected to nudge the global ceramic matrix composite market to grow at a robust rate during the forecast period.
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The high cost involved in the installation of ceramic composite is expected to hinder the growth in the global ceramic matrix composite market. However, the rising disposable income and rising demand in the automotive industry is projected to play a catalyst in the growth opportunities of the global ceramic matrix composite market. Also, the demand from aerospace and other manufacturing industries are anticipated to boost the global ceramic matrix composite market.
North America to Dominate Global Ceramic Matrix Composite Market
The global ceramic matrix composite market is spread across North America, Latin America, Europe, Asia Pacific, Europe, and Middle East and Africa. However, North America is expected to stand tall and lead the global ceramic matrix component market over the forecast period. The reason for the growth can be due to the presence of many ceramic composite manufacturers. Also, the presence of large number of automotive giants, rising demand from military and aerospace aids in the growth of the global ceramic matrix composite market in this region.
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Additionally, rising research and development and latest technologies are projected to play a positive role in the growth of global ceramic matrix composite market in North America.
Alternatively, Asia Pacific is also expected to emerge as a promising region in the global ceramic matrix composite market. The growth here is attributed to rising demand for private and public vehicles, growing aviation infrastructure, and defense industry. Developing economies such as India, China, Thailand, and Malaysia are projected to emerge as a lucrative market.
This review is based on the findings of a TMR report titled, "Ceramic Matrix Composites Market (Product Type - Carbon/Carbon, SiC/SiC, Oxides/Oxides, and Others; End-Use Industries - Aerospace & Defense, Automotive, Energy & Power, Electrical & Electronics, and Other End-Use Industries)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026."
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The global ceramic matrix composite market is segmented into:
- Aerospace & Defense
- Energy & Power
- Electrical & Electronics
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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