According to a new report published by Allied Market Research, titled, "Ceramic Matrix Composites Market by Fiber Type, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global ceramic matrix composites market was valued at $3,900 million in 2016, and is projected to reach at $7,707 million by 2023, growing at a CAGR of 10.3% from 2017 to 2023. The oxide-oxide (Ox/Ox) segment accounted for the maximum share of total market in 2016.
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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 refractoriness and brittleness. Moreover, the ceramic fiber composites provide toughness and strength at high temperatures, therefore find wide application in aerospace & defense industry in ballistic applications.
At present, the global market witnesses numerous opportunities, owing to high temperature stability and better thermal shock resistance boosting the demand for aircraft component production. Moreover, the energy & power segment is estimated to emerge as the growing application of ceramic composites. In addition, growth in the aerospace & defense sectors and installation of new power plants in Asia-Pacific are expected to boost the market growth. However, surge in customization requirement and slower adoption in newer applications are expected to restrict the market growth during the forecast period.
The oxide-oxide segment accounted for the maximum share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand for aerospace, defense, and energy & power applications, owing to improved properties of oxide compounds such as no oxidation, fracture resistant, and less expensive production process.
Key Findings of the Ceramic Matrix Composites Market:
- In terms of value, the silicon carbide reinforced silicon carbide (SiC/SiC) segment is anticipated to exhibit the highest growth rate of 10.7% during the analysis period.
- Asia-Pacific is anticipated to lead the market in 2023, and is projected to grow with a CAGR of 11.0%, in terms of value.
- The aerospace & defense segment occupied one-third of the total market in 2016.
- Brazil occupied more than one-third of the total LAMEA ceramic matrix composites market in 2016.
- In terms of value, Japan is expected to grow at a CAGR of 11.7% from 2017 to 2023.
In 2016, North America accounted for nearly half of the total market, and is expected to continue this trend, owing to higher penetration of the aerospace & defense sector. The major companies profiled in the report include Rolls-Royce PLC., COI Ceramics Inc., SGL Group. Ceramtec, Lancer Systems., Coorstek Inc., Applied Thin Films, Inc., Ultramet, and Composites Horizons and Starfire Systems Inc.