The global ceramic matrix composites market was valued at USD 8.13 billion in 2018 and is expected to reach USD 20.76 billion in 2026, growing at a CAGR of 9.1% from 2019 to 2026.Ceramic matrix composites are basically a subgroup of composite materials which consist of ceramic fibers embedded in a ceramic matrix.
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These composites are primarily developed in order to overcome the drawback of conventional composites that are less resistant to fracture failure. Carbon fibers are used to form the ceramic matrix. Improved strength under fracture loading is one of the major advantages that ceramic matrix composites offer.The growth of the ceramic matrix composites market is primarily driven by the rapid growth in technology development and utilization of advanced materials in automobiles.
Moreover, growing industry competition is pushing manufacturers to focus on weight reduction without compromising on component strength. Additionally, the growing emphasis on developing military vehicles and space shuttle components is fuelling the growth of this industry. However, high cost compared to conventional engineering materials is one of the restraining factors which may hamper the growth of the global ceramic matrix composites market.The oxide/oxide ceramic matrix composites matrix type is poised to dominate the market throughout the forecast periodBased on matrix type, the ceramic matrix composites market has been segmented into an oxide/oxide ceramic matrix composites, C/SIC ceramic matrix composites, C/C ceramic matrix composites, and SIC/SIC ceramic matrix composites.
The oxide/oxide ceramic matrix composites segment accounted for approximately 32% of the share in the global ceramic matrix composites market in 2018. While C/SiC Ceramic Matrix Composites segment accounted highest CAGR of around 11.46% in the global ceramic matrix composites market during the forecast period owing to demand from aerospace and automobile industries.
Based on end-use industry, the automotive segment is expected to dominate during 2019 to 2026Based on end-use industry, the market has been segmented into aerospace & defense, automotive, energy & power, industrial and others. The automotive segment accounts of the largest share in the market and held for more than 26% of the total market in 2018. The major factors that are driving the growth of this segment are the growing number of new players and start-ups which offer cost-efficient solutions. Key players are investing a substantial amount of resources in order to develop efficient gas turbine engines is fuelling the demand for ceramic matrix composites market.Regionally, North America to dominate the ceramic matrix composites market throughout the forecast periodNorth America region accounted for nearly 37% share of the global ceramic matrix composites market in 2018 and is expected to dominate the market throughout the forecast period. The rapid growth in the aerospace & defense sector is the major driving factor for the region in the global market. Asia Pacific region is expected to hold the highest CAGR in the global market during the forecast period.
Manufacturers are investing in the Asia Pacific region countries to meet the growing demand of end-use industries. Company Profiles and Competitive Intelligence:The major players operating in the global ceramic matrix composites market are General Electric Company (US), Rolls-Royce (UK), SGL Carbon (Germany), United Technologies (US), COI Ceramics (US), Lancer Systems (US), CoorsTek (US), Applied Thin Films (US), Ultramet (US), and CFC Carbon (China) among others.
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