Rising Demand from Aerospace Industry Driving Ceramic Matrix Composites Market

In 2015, the global ceramic matrix composites (CMC) market reached a value of 41,891.3 million and is projected to generate a revenue of $6,006.1 million in 2024, registering a 13.7% CAGR during the forecast period (2016–2024). The market is witnessing growth due to the rising utilization of CMC materials in the defense sector and increasing requirement for lightweight composites in aerospace and manufacturing industries. CMCs are manufactured using ceramic slurry infiltration process, liquid silicon infiltration process, pyrolysis process, and polymer infiltration process.

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When product is taken into consideration, the ceramic matrix composites market is divided into carbon, silicon carbide, oxide, and others. Out of these, the silicon carbide division dominated the market during the historical period (2014–2015), both in terms of value and volume, and is further predicted to account for the major share of the market during the forecast period. The reason for this is the extensive utilization of silicon carbide in different industries. The oxides division is expected to advance at the fastest pace during the forecast period.

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The rising requirement for lightweight composites in the aerospace industry is a key driving factor of the ceramic matrix composites market. These materials have high strength to weight ratio and superior chemical properties, which is why they are increasingly being utilized in the aerospace industry. The industry needs materials that are rigid and light in weight for utilization in applications such as jet-engine fan exit guide vanes, robots and high-speed machine parts, fighter-aircraft ventral fins, helicopter rotor-blade sleeves, and power-transmission lines. The weight of the material is a crucial aspect for the performance of these parts.

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Geographically, North America held the major share of the ceramic matrix composites market during the historical period, both in terms of volume and value, and is further predicted to lead the market during the forecast period. This is ascribed to the increasing investments for the development of ceramic matrix components for manufacturing aviation components and the presence of key aviation industries. Moreover, the rising demand for CMCs for the power & energy sector in the region. The Asia-Pacific region is expected to grow at the fastest pace during the forecast period.

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

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