Ceramic Matrix Composites Market Worth USD 12,532.42

2022-05-28 17:33:29 By : Mr. Marcus Zhou

May 05, 2022 10:46 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, US, May 05, 2022 (GLOBE NEWSWIRE) -- Ceramic Matrix Composites Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Ceramic Matrix Composites Market Information by Category, Production Process, End-use and Region - Forecast till 2028”, the market is anticipated to grow at a CAGR of 9.63% CAGR to reach USD 12,532.42 Million by 2028.

Ceramic matrix composites or CMCs are ceramic fibers that are embedded in a ceramic matrix, which form a ceramic fiber-reinforced material. Composite materials contain around two parts, namely the reinforcement that offers certain mechanical properties including strength or stiffness, as well as the matrix material that holds everything together. These are a type of composite material wherein both the matrix material and reinforcement (refractory fibers) are ceramics.

Ceramic matrix composites are developed for improving the toughness of ceramics, which has the disadvantage of brittleness. These offer benefits including excellent corrosion and wear resistance, chemical stability and lightweight.

The prominent contenders in the ceramic matrix composites market include:

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The accelerated use of ceramic matrix composites in emerging countries, particularly in Asia Pacific in countries like China, Singapore, Thailand, and India should enhance the market share. Many of the developing countries are making use of fuel-efficient aircraft engines that are based on ceramic matrix composites. Other than this, ceramic matrix is largely consumed to make various aircraft engine parts including combustor liners, nozzles, shrouds and blades. High fuel efficiency results in a decline in the total operational costs of the aircraft.

The rapid economic growth in emerging countries, coupled with surging urbanization, and industrialization rates, and improving standards of living, also augment the use of fuel-efficient cost-cutting machinery.

One of the key use-cases of ceramic matrix composites include lightweight armors, since ceramic matrix composites help facilitate significant strength-to-weight ratio as well as low weight. The other crucial applications could be in the designing of fuel-efficient aircraft and cars. Therefore, the escalating manufacturing of sports cars as well as fuel-efficient aircraft will be propelling the market demand.

With extensive research and development, many modern technologies are emerging and used for manufacturing ceramic matrix composites that have a vast range of impressive properties and higher capability of offering structural efficiency at low weights compared to the existing technology.

Ceramic matrix composites are costlier than most of the other metals as well as alloys, which have almost the same application ranges. The costs of ceramic matrix composites are dependent on the price of the ceramic fibers. The costs of carbon/carbon ceramic matrix composites are relatively much lesser than oxide/oxide ceramic matrix and silicon carbide/silicon carbide composites owing to the huge production of carbon fibers to cater to the heightened demand for CFRP and CF products worldwide. In addition to this, the production of silicon and alumina carbide fibers is still extremely low across the globe.

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The ceramic matrix composites market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.

The automotive and aerospace & defense industries have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of ceramic matrix composites across most of the major end-use industries.

Types of ceramic matrix composites are Carbon/Silicon Carbide (C/SiC), Silicon Carbide/Silicon Carbide (SiC/SiC), Oxide/Oxide (O/O), and Carbon/Carbon (C/C).

Categories of CMCs are Whiskers, Short Fibers, Long (Continuous) Fibers, and others.

Production process-based segments can be Gaseous Infiltration/Chemical Vapor Infiltration (CVI) Process, Sol-Gel Production Processing, Reactive Melt Infiltration (RMI) Process, Polymer Impregnation & Pyrolysis (PIP) Process, Powder Dispersion, and more.

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 Ceramic Matrix Composites Market Regional Analysis

North America is the market leader and could exhibit decent growth rate in the future as well. North America’s fantastic performance out of all the regions can be attributed to the fast-paced expansion rate of the end-use industries including automotive, aerospace, energy & power and electrical & electronics. The United Sates is the top military power in the world and remains one of the leading consumers of CMCs. Other than this, the US Department of Energy is currently assessing CMC cladding in light-water nuclear reactors for fuel rods, which is bound to enhance the market demand in the energy & power sector in the years to come.

Asia Pacific could attain the fastest growth in the next couple of years, right behind North America, thanks to the rapidly surging industrialization and urbanization rates in the fast-developing countries like China, India, Malaysia and Thailand. The expansion of the major end-use industries like automotive, aerospace, energy & power and electrical & electronics in the region is likely to elevate the demand for CMCs between 2020 and 2027.

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