Press release
Ceramic Matrix Composites Market Size, Share, Trends And Growth Report 2024 To 2033
Ceramic Matrix Composites Market
Market Size And Growth Forecast:
The ceramic matrix composites market size has grown rapidly in recent years. It will grow from $6.99 billion in 2023 to $7.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to increasing demand for consumer electronics, strong economic growth in emerging markets, rise in disposable income and increased demand for air travel.
The ceramic matrix composites market size is expected to see rapid growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to high demand for lightweight automobiles, increasing demand for electric vehicles, increasing demand for portable electronic devices using ceramic matrix composites and increasing demand from the medical industry. Major trends in the forecast period include focus on technological advancement, focus on partnerships and collaborations, focus on 3d printing technology, focus on creating new, innovative solutions, focus on r&d activities and focus on manufacturing geopolymer matrix composites.
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Market Segmentation:
The ceramic matrix composites market covered in this report is segmented -
1) By Type: Oxide/Oxide, Carbon/Silicon Carbide, Carbon/Carbon, Silicon Carbide/Silicon Carbide
2) By Category: Short Fiber, Long Continuous Fiber, Whiskers
3) By Production Method: Powder Dispersion, Reactive Melt Infiltration, Polymer Impregnation And Pyrolysis, Gaseous Infiltration, Chemical Vapor Infiltration, Sol-Gel, Other Production Methods
4) By End-Use Industry: Aerospace And Defense, Automotive, Energy And Power, Electricals And Electronics, Other End-Use Industries
Major Driver - Rising Demand For Lightweight Automobiles Propelling Ceramic Matrix Composites Market Growth
The high demand for lightweight automobiles across the globe is contributing to the growth of the ceramic matrix composites market. The increased demand for lightweight electric vehicles has turned automakers' focus to lightweight composite materials as a substitute for heavier steel and iron in vehicles. For instance, according to McKinsey, the automotive industry is expected to increase the use of lightweight materials by 30 to 70% by 2030. So, high demand for lightweight automobiles will drive the ceramic matrix composites market.
Competitive Landscape:
Major companies operating in the ceramic matrix composites market report are 3M Company, General Electric Company, CeramTec GmbH, Coorstek, Inc., Kyocera Corporation, Ube Industries Ltd, SGL Carbon Company, Rolls-Royce plc, Applied Thin Films Inc, Ultramet, CFC Carbon Co. Ltd, Karbon composites & Technology Co Ltd, Neo Carbon Fiber, China Composites Group Corp Ltd, DJT Carbon Co Ltd, ZhongAo Carbon, Tasuns Composite Technology, Zhejiang Xinchor Technology Co Ltd, HangFung Technology, Sichuan Chang Yang Composites Company Limited, ShenZhen RuiTai Carbon, Dongguan Roche Industrial Co. Ltd, Safran, Cemacon, Ceramica S.A, COI Ceramics,, Axiom Materials Inc., Raytheon Technologies, Lancer Systems, United Technologies
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Top Trend - Technological Advancements Driving Innovations In Ceramic Matrix Composites For Enhanced Aero-Engine Efficiency
Technological advancement is a key trend gaining popularity in the ceramic matrix composites market. The ceramic matrix composites manufacturers are increasingly focusing on adopting advanced technologies to manufacture aero-engine composites that enable high fuel efficiency in the engines and reduce CO2 emissions. For instance, in June 2021, GE Aviation, a US-based manufacturer of aircraft engines, and Safran S.A., a France-based manufacturer of aircraft engines, launched a bold technology development program with the goal of achieving an increase in fuel efficiency of more than 20% over current engines. The CFM RISE (Revolutionary Innovation for Sustainable Engines) initiative focuses on developing cutting-edge technology for engines that will be in use by the middle of the twenty-first century. Although composites are not specifically mentioned, the entire technology roadmap includes heat-resistant metal alloys, ceramic matrix composites (CMC), and composite fan blades, which suggests that composites will be crucial to the development of engines.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ceramic Matrix Composites Market Characteristics
3. Ceramic Matrix Composites Market Trends And Strategies
4. Ceramic Matrix Composites Market - Macro Economic Scenario
5. Ceramic Matrix Composites Market Size And Growth
…..
27. Ceramic Matrix Composites Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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