ALBANY, New York, May 16, 2019 /PRNewswire/ -- Vendors operating in the global ceramic matrix composites market are focusing on using advanced technologies to enhance the production of the ceramic matrix. Leading players are aiming to provide high comfort, improved performance, and robust structures that can be used in high sports equipment and thermal management. They are extensively engaged in research and development activities to expand the applicability of the material. For example, GE Aviation is projected to invest in the development of ceramic matrix composites that will be used in manufacturing aircraft engines. By considering these tipping points, the competition in the global ceramic matrix composites market is expected to increase significantly in the coming years.
In the report presented by Transparency Market Research (TMR), analysts elucidated on few key vendors that are contributing to the growth of the global ceramic matrix composites market. They are Clariant Corporation (KiON Corporation), Specialty Materials, Inc., CoorsTek, Ultramet, Ceram Tec, Lancer Systems, and COI Ceramics.
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Acknowledging these initiatives, the global ceramic matrix composites market is expected to reach a valuation of US$6.5 bn by the end of 2026. To reach this figure, the market is projected to progress at 8.1% CAGR over the forecast period between 2017 and 2026. These statistics are based on the analysis carried out by researchers in TMR.
At the global level, the demand for SiC/SiC – a type of ceramic matrix composites is highest among other types. The property of oxidation resistance that is higher than other composites is a key factor driving demand for SiC/SiC. But, the high costs involved in developing processes of SiC CMC might restrict its growth.
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With respect to geography, Asia Pacific is expected to hold maximum share in the global ceramic matrix composites market. Continuous and significant efforts made in the aerospace manufacturing are one of the key factors augmenting growth in Asia Pacific ceramic matrix composites market. Low cost and presence of large workforce have further triggered growth in this market.
Developments in Automobile Sector Accelerating Expansion in Ceramic Matrix Composites Market
Growing demand for ceramic matrix composites in energy and power industry has stoked up the demand in the global ceramic matric composites market. Aerospace and defense has also shown high demand for ceramic matrix composites. Rising use of ceramic matrix composites in manufacturing has increased growth prospects in this market. Use of composites is also witnessed in engineering applications such as gas turbines components, heat shield systems, rocket engines, brake system, and brake disks components in cars and airplanes to protect from extreme thermal shock, wear resistance, and high corrosion. Additionally, the necessity to reduce weight to optimize the efficiency of automobiles is likely to fuel growth in this market. All these above-mentioned factors are expected to stoke up the demand in the global ceramic matrix composites market.
Moreover, financially strong upcoming players are also expected to take the global ceramic matrix composites market to newer heights. Key contenders are collaborating with business intelligence units to get their hands on valuable information about the customers depending on their experience and activities.
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Issues Related to Recyclability and Reparability Challenges Market's Growth
Factors such as high customization requirement for end-use applications and issues related to recyclability and reparability might restrict the growth in the global ceramic matrix composites market. Slower adoption in few industries is also acting as a constraint in this market. Moreover, higher costs compared to other alloys and metals are likely to pose a challenge in this market.
But standardization of ceramic matrix composites production and incorporation of low-cost production technologies are creating lucrative growth opportunities for the global ceramic matric composites market.
The study presented here is based on a report by Transparency Market Research (TMR) 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".
The global ceramic matrix composites market is segmented based on:
End Users Industries
- Aerospace & Defense
- Energy & Power
- Electrical & Electronics
- Other End-Use Industries
- North America
- Rest of North America
- Rest of Europ
- Asia Pacific
- Rest of Asia Pacifi
- Latin America
- Rest of Latin Americ
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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