The global ceramic matrix composite market size is anticipated to reach USD 7.72 billion by 2025, according to a new report by Radiant Insights, Inc. It is projected to expand at a CAGR of 12.9% during the forecast period. Properties of Ceramic Matric Composites (CMC) including superior wear and corrosion resistance coupled with light weight and higher strength retention at elevated temperatures has generated demand from the defense, aerospace, and automotive sectors. Increasing fuel prices coupled with growing focus on energy conservation has generated the need for lightweight components to improve fuel efficiency.
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The U.S. Environmental Protection Agency (EPA) and the Department of Transportation-administered National Highway Traffic Safety Administration (NHTSA) have outlined standards to reduce the vehicular emissions and to enhance fuel efficiency. Moreover, governments in the European Union (EU), China, U.S., Japan, Canada, Mexico, Brazil, South Korea, and India have greenhouse gas emission regulations in place for light commercial and passenger vehicles. Such regulations are expected to fuel the demand for CMC over the forecast years.
High strength coupled with reduced weight and high thermal stability has increased the popularity of ceramic matrix composites. CMC possess high thermal stability and electrical conductivity and are very useful in several electronic and thermal management applications where high efficiency is essential.
In terms of product, oxides ceramic matrix composites was worth USD 0.97 billion in 2018 and is expected to reach USD 2.36 billion by 2025. Enhanced properties of oxides such as high fracturing toughness and no oxidation in addition to the less expensive production process is expected to propel the demand from aerospace, defense, and energy and power applications. Silicon carbide ceramic matrix composites (SiC) emerged as the largest product segment in terms of volume and accounted for 35.24% of market share in 2018.
Aerospace segment of the ceramic matrix composites market was worth USD 1.38 billion in 2018 and is likely to witness robust growth over the forecast period. Excellent properties, including high-temperature stability, light weight, and dynamic load resistance are suitable for manufacturing aircraft components. Energy and power application is anticipated to have the highest CAGR of 14.7% in terms of volume over the forecast period. The defense application accounted for 18.40% market share by volume in 2018 and is expected to grow significantly over the forecast period. Superior abrasion resistance properties and lightweight are the major factors expected to fuel the demand in defense applications.
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Further key findings from the report suggest:
• Oxide ceramic matrix composites is expected to register the highest CAGR of 14.5% in terms of volume owing to its improved properties and growing demand from defense, aerospace, and energy and power applications
• Aerospace emerged as the largest application segment accounting for 36.32% of total market share by volume in 2018. Increasing R&D activities and expansion of manufacturing facilities by key players is expected to foster the growth
• Asia Pacific emerged as the fastest growing market for ceramic matrix composites due to growing end-use industries as well as presence of various unexploited markets
• The key players operating in the ceramic matrix composite market include 3M Company; CeramTec International; General Electric Company; Coorstek, Inc.; COI Ceramics, Inc.; and UBE Industries, Ltd.; among others.
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