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(MoneyNewsWire.Net, May 09, 2018 ) The global ceramic matrix composites market is projected to reach USD 7.51 Billion by 2026, at a CAGR of 9.65%, from 2016 to 2026. The increasing demand for high strength, lightweight, and fuel efficient materials and the high worldwide growth in the aerospace & defense industry are the key factors responsible for the growth of the global ceramic matrix composites market.
The global ceramic matrix composites market is segmented by matrix type, application, and region. The ceramic matrix composites market, by matrix type is further segmented into carbon/carbon (C/C), carbon/silicon carbide (C/SiC), oxide/oxide, and silicon carbide/ silicon carbide (SiC/SiC). C/C ceramic matrix composites segment had the largest market share in terms of volume owing to the high demand from aerospace & defense and automotive applications.
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Ceramic matrix composites are used in structural components of aircraft which include gas turbine engines, nose cap, exhaust nozzle, braking systems, thermal barriers, missile propulsion systems, and engine components. The penetration of ceramic matrix composites is increasing in various applications such as energy & power, electricals & electronics, marine, and industrial applications. There is a high demand for C/C ceramic matrix composites in braking systems of aircraft and luxury cars due to low weight, high friction, fracture toughness, and temperature resisting properties. Aerospace & defense is the largest application segment while energy & power is the fastest-growing application segment of the ceramic matrix composites market.
North America is expected to be the fastest-growing market for ceramic matrix composites from 2016 to 2026. The North American region comprises the U.S. and Canada. The growth of the ceramic matrix composites market in this region is driven mainly by growing the aerospace & defense industry owing to low interest rates, presence of established players, and stringent environmental regulations emphasizing on the use of lightweight and fuel-efficient materials. The major ceramic matrix composites manufacturers in this region have adopted acquisitions and investments & expansions as major strategies to increase their market share. For instance, Rolls-Royce Plc. had acquired Hyper-Therm in May 2013, which helped to extend its product portfolio of ceramic matrix composites.
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The global ceramic matrix composites market size is growing rapidly in terms of value. However, issues related to higher costs of matrix generation by expensive batch processes at high temperature compared to other metals and alloys and high customization requirements for end-use applications are the major restraints for this market.
Companies such as General Electric Company (U.S.), Rolls-Royce Plc. (U.S.), SGL group (Germany), CeramTec (Germany), and Lancer Systems (U.S.) are the leading players in the global ceramic matrix composites market. They have been adopting various organic and inorganic growth strategies such as agreements/partnerships/joint ventures, new product launches, investments & expansions, and acquisitions to enhance their shares in the global ceramic matrix composites market.
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