Ceramic Matrix Composites Market: Emerging Trends & Growing Popularity | Explosive Growth, Expansion Strategies and Future Trends by 2023
The use of ceramic matrix composites (CMCs) as a lightweight material is increasing in major end-use industries such as aerospace, automotive, electrical & electronics, and energy & power.
pune, India – October 9, 2019 /MarketersMedia/ —
Market Highlights:
The use of ceramic matrix composites (CMCs) as a lightweight material is increasing in major end-use industries such as aerospace, automotive, electrical & electronics, and energy & power. The increasing application of CMCs and ultra-high temperature ceramics (UHTCs) to design and develop ultra-high temperature ceramic matrix composites (UHTCMCs), as well as the use of CMC cladding in fuel rods of nuclear reactors, are key factors expected to create significant growth opportunities for the market players.
The Global Ceramic Matrix Composites (CMCs) Market is estimated to be valued at USD 11,276 Million by 2024, exhibiting a CAGR of around 12%.
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Market Players:
Market Research Future (MRFR) recognizes 3M (US), CeramTec (Germany), CoorsTek Inc (US), Ube Industries, Ltd (Japan), General Electric (US), KYOCERA Corporation (Japan), Rolls-Royce plc (UK), Safran (France), Ultramet (US), Lancer Systems (US), Applied Thin Films, Inc (US), DACC Carbon (South Korea), Schunk GmbH (Germany), Axiom Materials (US), and SGL Carbon (Germany) as the key players operating in the global ceramic matrix composites (CMCs) market.
Key Findings of the Study:
The global Ceramic Matrix Composites (Cmcs) Market is projected to reach USD 11,276 million by 2024 at a CAGR of over 12%during the review period of 2019 to 2024.
North America accounted for the largest market share in 2019 and expected to register a healthy CAGR of 13%.
Manufacturers in this market are focused on strategic growth initiatives such as expansion, acquisitions, and product development. For instance, in June 2019, Kyocera Fineceramics GmbH, a subsidiary of KYOCERA Corporation announced the acquisition of Friatec GmbH’s advanced ceramics business operation to strengthen its production and sales infrastructure in the European market.
Segment Analysis:
The global Ceramic matrix composites (CMCs) Market has been segregated on the basis of type, category, production method, end-use industry, and region.
The types covered under the scope of the global market are oxide/oxide, carbon/silicon carbide, carbon/carbon, silicon carbide/silicon carbide, and others. Among these, the carbon/silicon carbide segment is expected to register a healthy CAGR of 12.8% during the review period. The growth of carbon/silicon carbide is attributed to the excellent oxidation characteristics; they form a protective silica scale, which slows down the oxidation rate.
The global market, by category, has been segregated into short fiber, long continuous fiber, whiskers, and others. The shot fiber segment accounted for USD 2,186.2 million in 2019. The segment is expected to witness a healthy growth owing to its high strength and stiffness.
Based on production, the global market has been categorized into powder dispersion, reactive melt infiltration polymer impregnation and pyrolysis, gaseous infiltration/chemical vapor infiltration, sol-gel, and others. The reactive melt infiltration segment is further divided into liquid silicon infiltration and directed metal oxidation. The gaseous infiltration/chemical vapor infiltration process is expected to exhibit a CAGR of 12.6% during this period.
The end-use industries analyzed are aerospace, automotive, electronics, energy & power, industrial, and others. The automotive segment accounted for nearly 23% of the global market share in 2019. The growth of the segment is primarily attributed to the increasing manufacturing and sale of electronic vehicles across the globe. Moreover, with the increasing environmental concern and reducing carbon emission, the governments across the globe are making initiatives to promote the use of electric vehicles.
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