WorldWide Ceramic Matrix Composites Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Global Ceramic Matrix Composites Market size is likely to witness significant gains, expanding at a high CAGR by 2024. Ceramic matrix composites are a subgroup of technical ceramics and composite materials. Properties such as electrical conductivity and high thermal stability have made ceramic matrix composites suitable for numerous thermal and related applications where weight to strength ratio and high efficiency is of utmost importance.
 

The enormous demand for lightweight, fuel efficient and superior durability materials from aerospace and defense industry is likely to propel the overall ceramic matrix composites market over the coming years.
 

The soaring prices of the product limit the applications to niche segments. These high prices can be attributed to the high prices of ceramic fibers. The production volumes of alumina and silicon carbide are small as compared to carbon fibers, and only a few major players in North America and Europe lead the ceramic matrix composites market. Moreover, the ceramic matrix composites production being energy & fuel intensive adds up to the raw material prices and eventually increases the overall product price.
 

The product has been proved successful in overcoming the prominent disadvantages of conventional ceramics such as brittle failure and low thermal shock resistance & fracture toughness. Therefore, the product is expected to replace traditional alloys and other metal components, as it can function with little or no cooling owing to its high thermal stability.
 

The overall ceramic matrix composites market, based on product type, can be segmented into carbon, silicon carbide (SiC), oxides and carbon fiber reinforced silicon carbon (C/SiC). Carbon/carbon matrix composites accounted for largest ceramic matrix composites market share in 2016. The use of carbon/carbon matrix composites for braking system in automobile and aerospace industry due to its elevated temperature & friction resistant properties and low weight, has propelled the product demand in recent years. Moreover, mass production of ceramic matrix composites with carbon fibers, result in low product prices, which makes it a popular choice over other ceramic matrices. These factors altogether make carbon/carbon ceramic matrix composites market the fastest growing segment.
 

SiC matrix composites are developed commercially, and properties such as high oxidation resistance compared to carbon matrix composites have made the product segment desirable for aerospace applications. The superior characteristics of oxide matrix composites such as toughness, no oxidation at elevated temperatures along with cost effective production process will raise the product demand in aerospace & defense and automobile industry over the forecast timespan.
 

Based on applications of the product, ceramic matrix composites market can be categorized into aerospace & defense, energy & power, automotive and electrical & electronics. The product also has applications in industrial, bio-medical and marine industry. Aerospace & defense was the largest application segment in 2016, followed by automotive industry. Energy & power segment of ceramic matrix composites market is projected to have significant gains in the coming years.
 

North America led the ceramic matrix composites market share in 2016 and is anticipated to witness fast pace by 2024. The regional ceramic matrix composites market size growth can be attributed to the developing aerospace and defense industry along with strict regulations stressing the use of fuel efficient and light weight products.
 

Asia Pacific shall be the fastest growing region for the ceramic matrix composites market over the forecast timespan. The growing aerospace and defense industry, along with huge investments flowing in from governments on construction of new nuclear and alternative energy source power plants are the key factors responsible for the rising product demand in Asia Pacific. China and India are two important countries which have increased their spending on defense and aerospace sector in the recent times. This amplified expenditure is expected to fuel the ceramic matrix composites market size growth in the coming years.
 

The prominent players operating in the industry are SGL group, General Electric Company, CeramTec International, Applied Thin Films Inc., 3M Company, COI Ceramics Inc. and Rolls-Royce PLC. Other companies include Ultramet Inc., Starfire Systems Inc., United Technologies and Ube Industries Limited. The major companies have their patented technology for the product manufacturing, and some companies borrow the patented technologies. This is done to gain competitive advantage in the business. For instance, NASA uses technology developed by Pratt & Whitney for designing ultra-high bypass ratio geared turbofan engines.