Rising Demand from Defense Sector Driving Ceramic Matrix Composites Market

In 2016, the global ceramic matrix composites (CMC) market generated a revenue of $2.2 billion and is predicted to advance at a 13.7% CAGR during the forecast period (2016-2024). The market is witnessing growth due to the rising demand for lightweight composites in the aerospace and manufacturing industries and increasing utilization of ceramic matrix composite materials in the defense sector. CMCs are manufactured by making use of ceramic slurry infiltration process, silicon infiltration process, pyrolysis process, and polymer infiltration.

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When product is taken into consideration, the ceramic matrix composites market is categorized into silicon carbide, carbon, oxide, and others. Among these, the silicon carbide category accounted for more than 25.0% share of the market in 2017, in terms of value, and is further predicted to dominate the market during the forecast period. The reason for this is the wide applications of silicon carbide in different industries. The oxides category is expected to grow at the fastest CAGR during the forecast period.

The rising requirement for lightweight composites in manufacturing and aerospace industries is a major driving factor of the ceramic matrix composites market. The weight of the materials plays a significant role in performance in the aerospace industry, which is why the industry is demanding lightweight and rigid materials for several applications. Apart from this, the automotive industry also needs lightweight components to increase fuel efficiency. Since combination or replacement of traditional materials with nano-composites or matrix compositesreduces mass along with enhancing overall efficiency and reliability, the demand for CMCs is rising.

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Together, North America and Europe are expected to account for over 70.0% volumetric share in the ceramic matrix composites market by 2024. This can be mainly credited to the large-scale production of passenger and military aircraft in the regions. In addition, a significant demand for the material is expected to arise from the energy & power sector in the North American region.

Competitive Landscape of Ceramic Matrix Composites Market

Some of the leading players in the global ceramic matrix composites market are COI Ceramics Inc., Lancer Systems LP, CeramTec, SGL Carbon SE, General Electric Company, CoorsTek Inc., and 3M Company.

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