Ceramic Matrix Composites Market worth $23.3 billion by 2029 | Key Players include General Electric Company, Rolls-Royce, SGL Carbon, United Technologies, COI Ceramics, Lancer Systems, CoorsTek, Applied Thin Films, Ultramet, and CFC Carbon

According to recent market research "Ceramic Matrix Composites Market by Matrix Type (Oxide/Oxide, C/SiC, C/C, SiC/SiC), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), Region (North America, Europe, APAC, Middle East & Africa,) - Global Forecast to 2029", The ceramic matrix composites market size is expected to grow from USD 9.4 billion in 2019 to USD 23.3 billion by 2029, at a CAGR of 9.5% during the forecast period.

The market is witnessing significant growth because of the growing demand from various end-use industries such as aerospace & defense, automotive, and industrial. Ceramic matrix composites have properties such as high strength at elevated temperature, corrosion resistance, durability, mechanical strength, and high-temperature stability.

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It is crucial for manufacturers to reduce the weight of automobiles to achieve higher efficiency. This, in turn, will help counter the effect of growing fuel prices and reduce carbon emission. Moreover, the high-temperature resistance and high tensile strength reduce the use of cooling air in automobile engines, which further results in improved efficiency. Manufacturers of luxury and sports car engines prefer to use ceramic matrix composites in their engine components as they are strong, lighter, and can withstand very high temperatures. They are expected to increasingly replace conventional alloys and metal components in automotive engines as conventional alloys need extensive dedicated cooling air while ceramic matrix components can operate with little or no cooling. This growing need to reduce weight and improve efficiency is driving the demand for ceramic matrix composites.

However, the cost has been a concern for many industries over the last decade. The prices of ceramic matrix composites are controlled, to a large extent, by the costs of ceramic fibers. The prices of carbon/carbon ceramic matrix composites are comparatively lower than silicon carbide/silicon carbide and oxide/oxide ceramic matrix composites due to the large-scale production of carbon fibers in the last few years. On the other hand, the production of alumina and silicon carbide fibers is still very low. Another factor contributing to high prices of ceramic matrix composites is the manufacturing of the matrix; the production of a matrix needs expensive batch processes at high temperatures in a controlled atmosphere. Also, ceramic matrix components involve densification costs and machining costs, along with numerous inspection steps if the component is to be used commercially or where the risk of failure may endanger lives.

Many industries consider ceramic matrix composites for a limited number of premium applications owing to the high costs of raw materials, fabrication, and inspection compared to monolithic ceramics and other conventional materials. This high cost is a major restraint to the growth of the market.

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The customization requirement for ceramic matrix composites for specific applications involves higher costs and has impacted the market growth in the past. The large-scale production of simple shapes, such as plates and pipes, would help in eliminating the manual steps involved in the processing of ceramic matrix composites. Other than standardization, manufacturers are emphasizing on building more complex components using new joining techniques.

Some of the manufacturers are using computer-based design for new components. The standardization of using simple shapes and computer-based designs will result in the rapid growth of the ceramic matrix composites market in the near future.

The risk associated with introducing ceramic matrix composites in new applications is considered to be a big roadblock for the market growth. The major part of this risk is the customer’s confidence in this material system. They are considered to be the material of choice for applications in aerospace and defense industries. However, it is going to take some time for them to be a part of low-cost applications. Market players are anticipating high growth in the ceramic matrix composites market in the coming years due to their use in newer applications. For instance, Japanese researchers are considering it for building next-generation nuclear reactors. These composites are increasingly finding applications in the medical and diagnostic industry for making implants and diagnostic kits. However, due to the high manufacturing cost and time associated with these composites, gaining customer confidence is a major challenge for the market players.

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General Electric Company is a well-established company in the global ceramic matrix composites market. The company possesses a wide product portfolio of basalt fiber. It is constantly engaged in providing high-grade ceramic matrix composites. As a part of its growth strategy, it is highly focused on investment & expansion. For instance, in 2018, the company invested USD 105 million to construct two ceramic matric composites manufacturing plants in North Carolina.

Rolls-Royce PLC is a major manufacturer and producer of ceramic matrix composites. The company is mainly focused on new partnership and expansion as its major growth strategies. In 2016, the company invested USD 30 million for expanding its production of ceramic matrix composites materials and processes in South California. It helps the company in developing lighter and stronger fibers for aircraft. Recently, the company, in partnership with Liebherr-Aerospace (France), launched power gearbox (PGB) for the UltraFan engine design. The product offer heat-resistant components due to the use of advanced ceramic matrix composites that work more effectively and require less cooling air. Through these strategies, Rolls-Royce PLC would be able to increase its market share and maintain a huge customer base in the ceramic matrix composites market.

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