Ceramic Matrix Composites Market Analysis, Development, Growth and Demand Forecast to 2025
Ceramic matrix composites (CMCs) are a type of composite material as well as a kind of technical ceramic. The increased application for CMCs in electrical power generation, aerospace, and maritime propulsion is projected to increase the demand for ceramic matrix composites to a great extent over the coming period.
The report discusses key information about major growth drivers, restraints, opportunities, and trends observed in the global market for ceramic matrix composites. Factors such as market projections, the supply-demand ratio, market size, market attractiveness, technological advances, and key segments have been studied in detail. The market shares, product portfolios, and business strategies of the major market players have been revealed, along with authentic statistical data, figures, charts, and tables.
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Global Ceramic Matrix Composites Market: Drivers and Restraints
Some manufacturers have come up with CMCs that are fabricated through a fast melt infiltration process, which is time and cost efficient when compared with traditional chemical vapor infiltration process. This reduction in cost and time will contribute towards higher production of ceramic matrix composites. Governments of several countries such as the U.S. have been making large-scale investments in the manufacturing of CMCs. Moreover, rocket engines, jet engines, furnaces, nuclear components, welding tools, refractory components, spacecraft re-entry shielding, gas turbines, and engines for automobiles also incorporate CMCs. Replacement of superalloys also requires CMCs. The aforementioned applications will significantly fuel growth of the market for ceramic matrix composites.
Since CMCs are good conductors of electricity, are light weight, and stable even at high temperatures, they are becoming increasingly adopted across various industries such as electronics, defense, and thermal management. Furthermore, ceramic matrix compounds are likely to replace conventional alloys on account of their thermal stability, increasing their demand.
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However, the market growth will be obstructed by the costs of ceramic matrix composites, which are heavily dependent on the cost of ceramic fibers. Besides this factor, high costs of raw materials used for ceramic matrix composites on account of energy intensive production will also restrain market expansion. Nonetheless, substantial opportunities will be presented by the energy and power sector, as it is a rapidly growing application segment.
The defense segment is another application segment which will adopt CMCs to a great extent. CMCs have exceptional impact strength and thermal stability, both of which qualities are treasured by the bulletproof armor producing industry. As they can operate at a temperature as high as 1300 C, CMCs will be increasingly preferred by several technologically advanced engines, widening growth opportunities.
Global Ceramic Matrix Composites Market: Regional Outlook
Based on geography, North America, Europe, Asia Pacific and MEA can be the major regional segments. Of these, Europe and North America, on account of the presence of most number of the leading market players, are at the headmost position. Moreover, high development of defense and aerospace sectors in North America is also responsible for growth in this region. Asia Pacific is projected to advance rapidly because of large-scale investments by multinational companies in order to meet the continuously rising demands from various applications. The increased defense expenditures of China and India will also benefit the global market for CMCs.
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Global Ceramic Matrix Composites Market: Key Vendors
Key market vendors are emphasizing cost efficiency, as current production requires high amount of capital. In 2013, GE Aviation, one of the leading companies in the market for CMCs, announced its intention of building an advanced composite component factory in North Carolina, where CMC components will be manufactured. This is expected to lead to an increase in competition amongst the leading companies.
Some of the major companies operating in the global market for CMCs are Applied Thin Films, Inc., 3M Company, General Electric Company, Ube Industries, Ltd., and CoorsTek, Inc.
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