The ceramic matrix composites market size is projected to be worth USD 12,532.42 million by 2028, registering a CAGR of 9.63% during the forecast period (2020–2028). The market was valued at USD 6,098.89 million in 2020.
Ceramic matrix composites (CMCs) are ceramic fibers embedded in a ceramic matrix, forming a ceramic fiber-reinforced material. Composite materials comprise at least two parts, i.e., the reinforcement, which provides special mechanical properties such as stiffness or strength, and the matrix material, which holds everything together. CMCs are a particular type of composite material in which both the reinforcement (refractory fibers) and the matrix material are ceramics.
These composites are designed to improve the toughness of conventional ceramics, the main disadvantage of which is brittleness. They offer advantages such as excellent wear and corrosion resistance, lightweight, and chemical stability.
COVID-19 Impact on the Ceramic matrix composites Market:
The first half of 2020 proved to be an unexpected turning point for the chemical industries. The combined effects of the COVID-19-related economic downturn and the oil price collapse reverberated throughout these industries, which were already dealing with complex long-term trends. The emergence of COVID-19 has exacerbated the situation by depressing the automotive and aerospace sectors (among many others) and disrupting existing supply chains. The global pandemic has had a considerable impact on the ceramic matrix composites market.
Many prominent players have continued operations at their production facilities while taking preventive measures such as practicing social distancing, remote working when possible, and enforcing travel restrictions. Looking at the global scenarios, various governments have lifted restrictions and allowed ease for the supply of ceramic matrix composites. Furthermore, businesses are having to adapt and respond in an ever-changing global environment to de-risk supply chains, safely maintain operations, continue production, and ensure the availability of their products.
Ceramic matrix composites are widely used in the aerospace industry to manufacture aircraft components such as gas turbine engines, engine nozzles, tail cones, nose caps, rudder, fins, leading edges, body flaps, panels, and other engine components. The advantages of using CMCs include excellent wear and corrosion resistance in a wide range of environments and temperatures, high strength to weight ratio, high strength retention at elevated temperatures, high chemical stability, hardness, and lightweight. Thus, the growth of the aerospace industry is expected to increase the demand for CMCs and drive the growth of the global ceramic matrix composites market during the forecast period.
Ceramic matrix composites production requires a significant amount of energy, which increases the cost of the final product. This is because of the high processing temperature, resulting in complex manufacturing, thus increasing the cost. Additionally, long processing times and expensive raw materials increase the cost, which negatively impacts market growth. Such factor is expected to restraint the market growth.
Recent studies on ultra-high temperature ceramics (UHTCs) have shown that they exhibit outstanding erosion resistance at temperatures up to 2000°C or even higher; however, they cannot resist thermal shocks and damage. To overcome these technological limitations, the C³HARME project aims to combine the superior features of CMCs and UHTCs to develop ultra-high temperature ceramic matrix composite (UHTCMCs) with self-healing capabilities. Thus, the development of new products using CMCs with superior properties is expected to offer lucrative opportunities.
Ceramic matrix composites are being used to optimize the performance of parts used in pumps, liners, filters, valves, seals, and bearings to increase the service life of the equipment used in exploration, drilling, and processing. The requirement of wellheads used in oil and natural gas extraction to withstand temperatures over 1,000°C while maintaining 5,000-psi pressure drives the demand for CMCs in the oil & gas industry.
By Production Process
North America accounted for the largest market share and is projected to exhibit a healthy CAGR over the forthcoming years. This growth rate can be attributed to the rapid growth of major end-use industries such as aerospace, automotive, electrical & electronics, and energy & power in the region. The US is the leading military power across the globe and is the major consumer of CMCs. Moreover, the US Department of Energy is studying CMC cladding for fuel rods in light-water nuclear reactors, which is further expected to propel the demand for CMCs in the energy & power sector. Asia-Pacific is expected to be the fastest-growing regional market, after North America, due to the fast-paced industrialization and urbanization in emerging economies such as India, China, Thailand, and Malaysia. The growth of key end-use industries such as aerospace, automotive, electrical & electronics, and energy & power is likely to boost the demand for CMCs during the forecast period. Furthermore, the demand for ceramic matrix composites materials is high in the Middle East & Africa. Thus, the regional market is likely to register significant growth in the upcoming years due to the increasing infrastructure and construction activities in GCC countries.
The competitive landscape offers an analysis of the key developments by the companies operating in the global market. The global ceramic matrix composites market is expected to exhibit a healthy CAGR during the forecast period. The growth of the global market is primarily driven by the widespread use of CMCs in major end-use industries such as aerospace, automotive, electrical & electronics, energy & power, industrial, and others. This is due to their properties such as lightweight, excellent wear and corrosion resistance, high strength to weight ratio, high strength retention at elevated temperatures, high chemical stability, and hardness. The key players operating in the global ceramic matrix composites market include 3M (US), Applied Thin Films, Inc (US), DACC Carbon (South Korea), CeramTec (Germany), CoorsTek Inc (US), Ube Industries, Ltd (Japan), Safran (France), General Electric (US), KYOCERA Corporation (Japan), Rolls-Royce plc (UK), Ultramet (US), Lancer Systems (US), Schunk GmbH (Germany), Axiom Materials (US), and SGL Carbon (Germany).
The Ceramic matrix composites market is segmented by type, production process, category, end use and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global ceramic matrix composites emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2028: USD 12,532.42 millions|
|CAGR||9.63% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||3M (US), Applied Thin Films, Inc (US), DACC Carbon (South Korea), CeramTec (Germany), CoorsTek Inc (US), Ube Industries, Ltd (Japan), Safran (France), General Electric (US), KYOCERA Corporation (Japan), Rolls-Royce plc (UK), Ultramet (US), Lancer Systems (US), Schunk GmbH (Germany), Axiom Materials (US), and SGL Carbon (Germany)|
|Key Market Opportunities||• Development of ultra-high temperature ceramic matrix composites (UHTCMCS)|
|Key Market Drivers||• Increasing use of ceramic matrix composites in the aerospace industry • High demand for lightweight automobiles across the globe • Growth of the electrical & electronics industry|
The global Ceramic matrix composites market would register a growth of 9.63%.
The aerospace industry will play a prominent role in taking the market forward.
High cost of ceramic matrix compositess could restrain the market
North America would enjoy the upper hand in the Ceramic matrix composites market.
China, as the largest consumer, would set the trend.