Ceramic Matrix Composites Market worth $25.0 billion by 2031 – Exclusive Report by MarketsandMarkets
June 4, 2021
Ceramic: According to the new market research report on “Ceramic Matrix Composites Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), and Region – Global Forecast to 2031″, published by MarketsandMarkets, the Ceramic Matrix Composites Market size is expected to grow from USD 8.8 billion in 2021 to USD 25.0 billion by 2031, at a CAGR of 11.0% during the forecast period.
Ceramic: The market is witnessing significant growth because of the growing demand from various end-use industries such as aerospace & defense, automotive, and industrial. Ceramic matrix composites have properties such as high strength at elevated temperature, corrosion resistance, durability, mechanical strength, and high-temperature stability.
Aerospace &defense industry accounted for the largest share, in terms of value, of the overall ceramic matrix composites market in 2020.
The aerospace &defense end-use industry demands ceramic matrix composites in various aero-engine components, missile components, and space structures, among others. These composites are mainly used for their superior properties such as high damage tolerance, fracture toughness, wear & corrosion resistance at high temperature. The lightweight and high temperature resisting properties of ceramic matrix composites help manufacturers in increasing the overall efficiency of aircraft by reducing fuel consumption and in lowering emissions.
SiC/SiC ceramic matrix composite is the fastest-growing segment in the overall market.
Ceramic matrix composites are available in four matrix types, namely, C/C, C/SiC, oxide/oxide, and SiC/SiC.SiC/SiC matrix composites are expected to register the highest CAGR during the forecast period as these composites are used in high-temperature applications, such as engine components and heat exchangers, as an alternative to metallic alloys. The other applications of SiC/SiC ceramic matrix composites include combustion and turbine section components of aero-propulsion and land-based gas turbine engines, thermal protection systems, thruster nozzles, reusable rocket nozzles, and turbopump components for space vehicles.
North America is expected to be the largest market for ceramic matrix composites during the forecast period.North America is one of the leading ceramic matrix composites markets. The growing demand from end-use industries such as aerospace &defense, automotive, and energy & power is driving the ceramic matrix composites market in the region. The region has a presence of major ceramic matrix composites manufacturers who focus on the adoption of various business strategies to increase the production of ceramic matrix composites and meet the growing demand from end users.
General Electric Company (US), Rolls-Royce (UK), Axiom Materials, Inc. (US), SGL Carbon (Germany), United Technologies (US), CoorsTek Inc. (US), COI Ceramics Inc. (US), Lancer Systems (US), Applied Thin Films Inc. (US), Ultramet (US), and Fiber Materials Inc. (US) are some of the key players in the ceramic matrix composites market. These players have taken different organic and inorganic developmental strategies over the past few years.
Related Reports:Metal Matrix Composite Market by Matrix Type (Aluminum MMC, Magnesium MMC, Copper MMC, Super Alloys MMC), Reinforcement Type, Production Technology, Reinforcement Material, End-Use Industry, and Region – Global Forecast to 2025
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
This article is shared with Prittle Prattle News in the form of a Press Release.