Ceramic Matrix Composites Market

The global ceramic matrix composites market was valued at USD 5,681.2 million in 2018 and is projected to reach USD 11,276.3 million by 2024 at a CAGR of 12.21%. In terms of volume, the global market was sized at 887.5 kilo tons in 2018 and is expected to register a CAGR of 11.47% to be sized at 1,693.5 kilo tons by the end of the review period. The growth of the market is primarily driven by the use of ceramic matrix composites (CMCs) in manufacturing various components of the major end-use industries such as aerospace, automotive, electrical & electronics, and energy & power. This is due to their characteristics such as light weight, resistance to high temperatures, corrosion resistance, and strength. The increasing demand for lightweight aircraft, space vehicles, and automobiles is attributed to stringent regulations set by the US Environmental Protection Agency and the EU’s environmental standards to curb CO2 emission, which is expected to fuel the demand for CMCs during the review period.

The use of CMCs in the development of durable and conductive packaging structure for microelectronics and semiconductor chips further fuels its demand in the electrical & electronics industry. The market is also driven by the use of CMCs in manufacturing heat exchangers used in the energy & power industry.

The development of ultra-high temperature ceramic matrix composites (UHTCMCs) by a project called C³HARME, funded by the European Union under its Horizon 2020 Framework Programme, as well as the study of the CMCs for fuel rods cladding in light water nuclear reactors by the US Department of Energy are factors expected to offer lucrative opportunities to the players in this market.

As per Wantstats analysis, the global market has been segmented on the basis of type, category, production method, end-use industry, and region. By type, the global market has been segmented into oxide/oxide, carbon/silicon carbide, carbon/carbon, silicon carbide/silicon carbide, and others. Among these, the silicon carbide/silicon carbide segment type accounted for 29.2% of the market share in 2018 as these composites offer versatility of the production method used. Based on category, the market has been categorized as short fiber, long continuous fiber, whiskers, and others. The short fiber segment dominated the market in 2018 and is expected to reach a value of USD 4,459.0 million by 2024. Among the production methods, the gaseous infiltration method was valued at USD 1,870.9 million in 2018 and is projected to register a CAGR of 12.63% during the forecast period. Among the end-use industries, the aerospace segment accounted for more than 30% of the global market share in 2018 due to the extensive use of CMCs in gas turbine engines, engine nozzles, tail cones, nose cap, rudder, fins, leading edges, body flaps, and panels, among others.

By region, the market in North America accounted for more than 35% of the global market share in 2018. This is due to the high demand for CMCs in the major end-use industries such as aerospace, automotive, and electrical & electronics. Asia-Pacific is expected to be the second fastest-growing regional market, exhibiting a CAGR of 12.24% during the review period. The growth in this market can be attributed to the fast-paced industrialization and urbanization in emerging economies such as India, China, Thailand, and Malaysia.