PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1496680
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1496680
The ceramic matrix composite market 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. Carbon/Silicon Carbide ceramic matrix composites are a type of ceramic matrix composite that consist of carbon fibers embedded in a silicon carbide matrix. They are used for high temperature applications such as gas turbines, aerospace components, and thermal protection systems due to their exceptional properties. These exceptional properties make them highly desirable for end use industries like aerospace, automotive, energy and power, and industrial sectors.
Scope of the Report | |
---|---|
Years Considered for the Study | 2019-2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Units Considered | Value (USD Million/Billion), Volume (Kiloton) |
Segments | By Fiber Type, By Matrix Type, By End-Use Industry, By Region |
Regions covered | Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
Ongoing research and development efforts continue to enhance the properties and expand the range of applications for C/SiC ceramic matrix composites.
''In terms of value, Automotive end-use industry accounted for the second largest share of the overall ceramic matrix composites market.''
The automotive industry accounts for the second largest end-use industry of ceramic matrix composites market. These composites are used in automotive industry owing to their exceptional properties such as high tolerance to adverse temperatures, corrosion resistance, and fracture toughness. Ceramic matrix composites are much lighter than traditional alloys, which helps to improve the fuel efficiency of the vehicles and reduce the carbon emissions. The rising demand for electric and hybrid vehicles is driving the use of CMCs, as these vehicles require lightweight components to maximize range and battery life.
''The continuous fiber type segment expected to register for the highest CAGR during the forecast period, in terms of value.''
Based on fiber type, the continuous fiber type segment is expected to register the highest CAGR during the forecast period for the ceramic matrix composites market. Continuous fibers are a type of advanced composite material that consist of continuous ceramic fibers embedded in a ceramic matrix. These fibers run uninterrupted through the entire area of the composite, providing continuous reinforcement. Embedding the continuous ceramic fibers in the ceramic matrix improves the composite's fracture toughness, thermal shock resistance, and overall mechanical properties compared to traditional materials. Continuous fiber CMCs are used in high-temperature applications such as aerospace components, gas turbines, and thermal protection systems due to their excellent mechanical and thermal properties.
"During the forecast period, the ceramic matrix composite market in Europe region is projected to register the second largest market share."
The ceramic matrix composite market has been studied in North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. Europe accounted for the second largest market share in 2023, whereas North America accounted for the largest market share in 2023. At the third place in terms of market share stood Asia Pacific. The European market will experience considerable growth in the upcoming years. The demand for lightweight and electric vehicles is rising in the European region, hence driving the market for ceramic matrix composites. The mechanical properties of CMCs make them indispensable in the aerospace and defense sectors, where high-performance materials are crucial. Thus, Europe's strong presence in these industries contributes significantly to the region's dominance in the CMC market.
Prominent companies include General Electric Company (US), Rolls-Royce Plc (United Kingdom), SGL Carbon (Germany), CoorsTek Inc. (US), Lancer Systems (US), Axiom Materials (US), Ultramet (US), CFCCarbon Co., Ltd. (China), Spirit Aerosystems, Inc. (US), COIC (US), among others.
Research Coverage
This research report categorizes the Ceramic matrix composite market By Fibre Type (Continuous, Woven, Others), End-use Industry (Aerospace & Defence, Automotive, Energy & Power, Industrial, Others), and Region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the study includes thorough information on the important elements impacting the growth of the ceramic matrix composites market, such as drivers, restraints, challenges, and opportunities. A comprehensive review of the top industry participants has been conducted in order to provide insights into their business overview, solutions, and services; important strategies; contracts, partnerships, and agreements. New product and service launches, mergers and acquisitions, and current developments in the ceramic matrix composites sector are all covered. The report includes a competitive study of upcoming startups in the ceramic matrix composites industry ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ceramic matrix composite market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.