Ceramic Matrix Composites (CMC) Market by 2024 : Growth Analysis by Manufacturers, Regions, Types and Demand

Global ceramic matrix composites (CMC) market is projected to reach $6.0 billion by 2024. The high cost of ceramic fibers has greatly influenced the market growth. Unlike the carbon fiber, which is used in most of the metal and polymer composites and thus, is produced in bulk, other ceramic fibers are produced in small quantities, which refrains them from enjoying the cost benefits of mass production.

Ceramic matrix composites production being a high enthalpy process, adds up to the product cost, which makes it useful in applications such as defense, aerospace, thermal management, and other.

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On the basis of product, the ceramic matrix composites market has been segmented into oxide, silicon carbide (SiC), carbon, and others. SiC matrix composite has been holding the largest share in the ceramic matrix composites market, with an estimated contribution of over 25% in 2017. SiC composites were commercially developed a long time back and their higher oxidation resistance than carbon matrix composites has made them attractive for aerospace applications.

North America is estimated to hold the largest share in the ceramic matrix composites market, accounting for more than 30% in 2017. This can be attributed to the presence of major aviation industries, their investment for developing ceramic matrix components for manufacturing aviation components, and private-public partnerships for upgrading defense and aerospace equipment.

In Asia-Pacific, the increasing expenditure on defense and space exploration projects has fueled the growth of the ceramic matrix composites market during the forecast period. Also, initiatives such as ‘Make in India’ have resulted in the growth of the manufacturing sector in this region.

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Some of the major players operating in the global ceramic matrix composites industry are The 3M Company, Applied Thin Films, Inc., COI Ceramics Inc., General Electric, CoorsTek Inc., CeramTec, KYOCERA Corporation, Lancer Systems LP, SGL Carbon SE and Starfire Systems Inc.

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