FELTON, California, February 7, 2018 /PRNewswire/ --
The Global ceramic composites (CMC) market was valued over USD 1.80 billion in the year 2015. It is anticipated to experience substantial market growth. The product is popular owing to its higher temperature stability as well as low weight and significant strength. In the coming year's CMC are expected to replace traditional alloys & other metals components as owing to its high thermal stability they can perform with little cooling. Huge demand from the aerospace industry is most likely to drive the ceramic matrix composite market.
High product price acts as a restraint and bound their functions to niche application segments. A number of multinational brands are participating and investing in the emerging parts of the world to fulfill the growing need for these products from various applications.
GE Aviation, a large marine and jet engines manufacturing company, has invested for the development of these composites to produce aircraft engines. Profitable and efficient processes are expected to standardize the components for sequential production significantly. Also, leading companies in the industry is anticipated to emphasize on the cost efficient process for manufacturing matrix.
Silicon carbide matrix is a type of composite which has higher oxidation resistance than the traditional carbon matrix composite and has made them popular among the aerospace industry. SiC compounds are anticipated to capture a large share the global market with an estimated demand of 1020.1 kilotons as of 2015.
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Global aerospace application segment generated a value of USD 773.6 million in 2015. Outstanding properties of the product such as higher temperature stability, excellent thermal shock resistance, greater flexibility, dynamic load resistance is anticipated to propel its demand for the production of aircraft components.
CMC's are characterized by high temperature stability combined with higher oxidation strength and also its ability to survive radiation, makes it favorable for the fission and fusion type nuclear reactors. Thus power, as well as energy segments, is anticipated to be the fastest growing application segment for the product.
North America being the global leader in aerospace & defense sector dominates the global ceramic matrix composite market. Former research & developments activities for making these compounds have contributed the significant growth in this region. Asia Pacific is expected to emerge as the fastest developing region for the industry. Rising defense and aerospace sector in the area coupled with growing investments in the new nuclear power plant, power stations, etc. is anticipated to drive the market growth. Increase in spending in defense segment for emerging as self-sustained countries by China and India is also one of the reasons for the exponential regional growth. Regarding revenue, Asia Pacific is projected to experience the speedy growth at a projected CAGR of over 14.3% over the forecast period of 2015 to 2024.
Major players in the industry have patented their technology for manufacturing CMC's, and very few companies borrow the registered technology such as NASA is utilizing technology provided by Pratt & Whitney, used for developing ultra-high bypass ratio which is geared by a turbofan engine. To gain competitive advantages, CMC manufacturers use patented technologies. The key players in the industry include 3M Company, Applied Thin Films, COI Ceramics, SGL Carbon Company, General Electric Company, Ube Industries, CeramTec International, CoorsTek, Inc., etc.
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Global Ceramic Matrix Composites (CMC) Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global Ceramic Matrix Composites (CMC) Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Energy & Power
• Electrical & Electronics
Global Ceramic Matrix Composites (CMC) Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• North America
• Asia Pacific
• Middle East & Africa
• Central & South America
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