Ceramic Matrix Composites Market Size, Share, Growth Drivers and Business Opportunities | P&S Intelligence

From $1,891.3 million in 2015, the ceramic matrix composites (CMC) market size is projected to witness a 13.7% CAGR during 2016–2024 (forecast period), to reach $6,006.1 million by 2024. The key factors driving product sales include the rising usage of lightweight composites in aircraft manufacturing and surging demand for CMCs in the defense sector. These materials consist of a ceramic matrix with ceramic fibers embedded in it. Their biggest advantages are high-temperature functionality, resistance to wear and tear, high stiffness, and corrosion resistance.

Silicon carbide (SiC), oxide, carbon, and others are the categories when the market is segmented on the basis of product. Among these, during the historical period (2014–2015), the SiC category dominated the ceramic matrix composites market on account of the rising demand for SiC-based CMCs in the defense, aerospace, and electronics industries. The hardness, high strength, corrosion resistance, high thermal stability, and low mass density of SiC make it a preferred choice for CMCs in these sectors.

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Lightweight vehicles are trending in the ceramic matrix composites market because of the global outcry for mitigating pollution and climate change. According to the U.S. Department of Energy, a reduction in the weight of a vehicle by 10% can raise its fuel efficiency by 8%. Moreover, the replacement of steel and iron automobile components with those made of aluminum alloys, polymer composites, magnesium alloys, and carbon fiber can lead to a massive 50% reduction in the vehicle weight and, in turn, in considerable fuel savings.

Presently, North America dominates the ceramic matrix composites market because it is the largest aerospace and defense producer in the world. Moreover, the U.S. is also the largest buyer of defense equipment and one of the largest buyers of commercial aircraft for public and personal usage. As of May 2019, the largest airlines in the world by fleet size were American Airlines, United Airlines, Delta Air Lines, FedEx Express, and Southwest Airlines, all based in the U.S. Similarly, with over 13,00 aircraft of all types, the U.S. Air Force (USAF) is the largest on earth.

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Hence, with the burgeoning aerospace, defense, and automotive production, the market will reach new heights.

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This release was published on openPR.