According to a new report published by Allied Market Research, titled,"Ceramic matrix composites Market by Composite Type, Fiber Type, Fiber Material, and Application: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,"the global ceramic matrix composites market was valued at US$ 4,857.6 million in 2018 and is projected to reach US$ 11,516.1 million by 2026, growing at a CAGR of 11.4% from 2019 to 2026.
Ceramic matrix composites are considered as materials consisting of ceramic matrix combined with a ceramic, such as oxides and carbides, in the dispersed phase. These materials exhibit multiple physical & mechanical properties such as high electrical conductivity and high thermal stability. Moreover, they provide toughness and strength at high temperatures, and thus find wide application in the aerospace & defense industry.
In addition, rapid development of the automotive sector across developing economies such as India and China and increase in demand for ceramic matrix composites owing to their low weight, high friction, and temperature-resistant properties are the key factors that fuel the growth of the global ceramic matrix composites market. In addition, surge in demand for lightweight and fuel-efficient vehicle has boosted the demand for ceramic matrix composites in the automotive industry, which is expected to drive the market growth.
Based on composite type, the market is segmented into silicon carbide reinforced silicon carbide (SIC/SIC), carbon reinforced carbon (C/C), and oxide–oxide (OX/OX) and others (Silicon Carbide and Carbon (SIC/C)). Silicon carbide reinforced silicon carbide (SIC/SIC) possesses properties such as resistance to high temperature and fracture. Hence, it is widely used in automotive applications, such as in brake systems of high-performance road cars, namely, brake disc and brake pads.
Depending on fiber type, the market is categorized into short fiber and continuous fiber. Short fiber finds application in the manufacturing of light weight automobiles owing to its properties like high tensile and impact strength and resistance to high temperature. In addition, continuous fiber finds application in manufacturing of engines used in fighter jets due to its physical properties like toughness and durability.
On the basis of fiber material, the market is segmented into alumina fibers, amorphous ceramic fibers (RCF), silicon carbide fibers (SIC) and others. Silicon carbide fibers are widely used in the manufacturing of gas turbines used in aircrafts, owing to their properties such as high stiffness, enhanced tensile strength, low weight, superior chemical resistance, increased temperature tolerance, and improved thermal expansion. In addition, these fibers are used for automobile's catalytic converters, owing to their high compressive strength and superior thermal shock resistance.
Based on application, the market is segmented into aerospace & defense, automotive, energy & power, electricals & electronics, and others. Ceramic matrix composites are increasingly being utilized in electrical and electronics such as laptops, smartphones and LCD televisions, owing to their properties such as enhanced electrical conductivity and high thermal stability Upsurge in demand for consumer electronics globally has led to increase in need for these composites.. In addition, development of the automotive and aerospace & defense industries has increased the usage of ceramic matrix composites, owing to their lightweight, high fuel efficiency, and superior durability. All these factors together are expected to drive the growth of ceramic matrix composites market.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America has emerged as a global leader in ceramic matrix composites market, due to increase in demand for lightweight and fuel-efficient automobiles from consumers. In addition, increase in R&D activities in the field of aerospace technology and rise in production of war machines such as fighter jets have fueled the demand for ceramic matrix composite. These factors are anticipated to boost the growth of the North America ceramic matrix composites market.
Key Findings of the Ceramic matrix composites Market:
The North America ceramic matrix composites market share is predicted to hold a share of over 38.40% by the end of 2026.
- The continuous fiber in the fiber type segment is predicted to hold a share of over 69.35% in the global ceramic matrix composites market in terms of revenue in 2026.
- The ceramic matrix composites market trends has been analyzed across the major countries of the region.
The market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players operating in the ceramic matrix composites industry include Rolls-Royce Plc., Coi Ceramics INC., SGL Group, United Technologies, Ceramtec, Lancer Systems, Coorstek Inc., Applied Thin Films, Ultramet, and Composites Horizons.