Market Overview: In 2021, the global Ceramic Matrix Composites (CMCs) market reached a size of USD 8.80 Billion, with an expected Compound Annual Growth Rate (CAGR) of 11.1% throughout the forecast period. The surge in demand for sustainable components in the automotive industry, geopolitical tensions leading to political instability, and the automotive sector’s increasing reliance on ceramic matrix composites for lightweight and fuel-efficient vehicles are significant drivers for revenue growth. CMCs find extensive applications in aerospace for gas turbines and structural thermal protection, as well as in the energy sector for fusion reactor walls and heat exchangers. The material’s characteristics, such as high-temperature stability, lightweight nature, non-conductive and non-magnetic properties, thermal shock resistance, and corrosion resistance, contribute to its rising global demand.
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The construction and manufacturing industries benefit from composite materials like CMCs due to their reduced weight, enhanced strength, and cost-effectiveness. The impact of COVID-19 has reshaped individuals’ perceptions, leading to increased interest in innovative solutions, particularly in the housing sector. The pandemic has also altered working habits, with a significant rise in the percentage of individuals spending more time working from home. This shift has influenced the renovation of living spaces, driven by trends promoted by social media influencers advocating for a modern and sustainable lifestyle, aligning with the lightweight and sustainable properties of CMCs.
Technological advancements play a crucial role across various sectors, with missile manufacturers focusing on identifying new airframe technologies and CMC materials for sustainable high-speed flights. Market dynamics are driven by factors such as the growth of the automotive industry, rising demand in the wind energy sector, and the importance of enhancing vehicle performance and safety while reducing fuel consumption and emissions.
Matrix Type Insights: The ceramic matrix composites market is segmented into OX/OX, SIC/SIC, C/C, and SIC/C based on matrix type. The OX/OX segment dominated the market in 2021, witnessing a substantial increase in usage for oxidation-sensitive components. Despite its high cost, efforts to create budget-conscious OX/OX CMC designs are expected to drive rapid expansion in this segment. The SIC/SIC segment is anticipated to experience steady revenue growth due to the increasing production and export of fighter jets, especially from developed to developing countries.
Fiber Type Insights: In terms of fiber type, the market is categorized into continuous, woven, and others. The continuous fiber segment held the largest revenue share in 2021, owing to its high length-to-diameter ratio, resulting in increased stiffness and strength. Continuous fiber-reinforced composites offer enhanced strength at higher temperatures, contributing to their growing applications. The woven segment is expected to witness steady revenue growth, with 3-D woven and braided preforms addressing interlinear cracking failure in CMCs.
End-Use Industry Insights: The end-use industry segmentation comprises aerospace & defense, automotive, energy & power, industrial, and others. The aerospace & defense segment led the market in 2021, driven by trends in consumer order activities and commercial air travel growth. The automotive segment is expected to experience steady revenue growth, supported by digitization in manufacturing, new business models, and increasing automation. The rising demand for Electric Vehicles (EVs) globally further boosts the demand for CMCs in the automotive industry.
Regional Insights: In 2021, North America accounted for the largest revenue share, primarily due to a growing aerospace industry and increased satellite experiments. The U.S., with its prominent defense and ammunition industry, is a significant contributor to CMC demand. Asia Pacific is anticipated to register a steady revenue growth rate, driven by the growing population, rising disposable income in countries like China and India, and increased investments in plant facility expansions by manufacturers. Europe is expected to see moderate revenue growth, supported by technological advancements in aerospace production and research and development activities.
Competitive Landscape: The competitive landscape of the ceramic matrix composites market is consolidated, with key players such as 3M, CoorsTek Inc., General Electric, KYOCERA Corporation, SGL Carbon, and others operating globally and regionally. Major players are focused on product development and strategic alliances to expand their product portfolios and establish a strong presence in the market. Lockheed Martin, for example, announced an expansion of its Ultra-High Temperature (UHT) CMCs facility, targeting applications in aeronautics and hypersonic technologies. On the acquisition front, Kordsa, a subsidiary of Sabancı Holding, acquired Axiom Materials to broaden its consumer base in the U.S., marking a significant investment of USD 181 million.
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