Ceramic Matrix Composite Market worth $23.8 billion by 2031- Exclusive Report by MarketsandMarkets™
CHICAGO, June 12, 2024 /PRNewswire/ -- The report "Ceramic Matrix Composite Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), and Region - Global Forecast to 2031", is estimated at USD 12.0 billion in 2024 and is projected to reach USD 23.8 billion by 2031, at a CAGR of 10.3% from 2024 to 2031. There are various factors due to which the demand of ceramic matrix composites is being propelled from various end-use industries like the growing need to make vehicles and aircraft lightweight and fuel efficient. Apart from this ceramic matrix composites have high temperature capabilities that make them capable for use in the energy and power sector as well.
Additionally, the industry's shift towards sustainability, seeking materials that not only perform efficiently but also have a reduced environmental impact throughout their lifecycle, significantly influences the expansion of composite applications in aerospace.
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279– Tables
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Carbon/Silicon Carbide matrix type segment is expected to account for the largest market share in 2024.
In C/SiC ceramic matrix composites, the matrix type is typically a silicon carbide matrix embedded with carbon fibers. C/SiC ceramic matrix composites have high thermal, mechanical, and chemical stability, as well as a high strength-to-weight ratio. These composites are used in high-temperature applications such as gas turbines, aerospace components, and thermal protection systems due to their exceptional properties.
Continuous fiber type segment held the largest market share in the ceramic matrix composites market.
The continuous fiber ceramic matrix composites are a type of advanced composite material that consist of continuous ceramic fibers embedded in a ceramic matrix. The reinforcement in continuous fiber ceramic matrix composites is provided by long, continuous ceramic fibers such as carbon, silicon carbide, alumina, or mullite. These fibers have an amorphous structure that can withstand high temperatures. Therefore, continuous fiber ceramic matrix composites are used in aerospace and defense, automotive, and energy and power end-use industries.
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North America region is expected to account for the largest market share in 2024.
The ceramic matrix composite market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The North American ceramic matrix composites market is experiencing explosive growth, fuelled by a variety of factors. Soaring demand from industries like aerospace is at the forefront, with US leading the charge. The demand for lightweight and electric vehicles is also rising that in turn drives the demand for ceramic matrix composites in the region.
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Key players
Some of the key players in the global ceramic matrix composites market include General Electric (US), Rolls-Royce PLC (UK), SGL Carbon (Germany), Raytheon Technologies Corporation (US), Axiom Materials Inc. (US), CoorsTek Inc. (US), Lancer Systems (US), COIC (US), Applied Thin Films (US), Ultramet (US), CFC Carbon co., ltd. (China), among others.
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