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Ceramic Matrix Composites Market Set for Continued Growth by 2024

Author : Rahul Varpe | Published Date : 2019-03-26 

Based on applications of the product, ceramic matrix composites market can be categorized into aerospace & defense, energy & power, automotive and electrical & electronics. The product also has applications in industrial, bio-medical and marine industry. Aerospace & defense was the largest application segment in 2016, followed by automotive industry. Energy & power segment of ceramic matrix composites market is projected to have significant gains in the coming years.

Global Ceramic Matrix Composites Market size is likely to witness significant gains, expanding at a high CAGR by 2024. Ceramic matrix composites are a subgroup of technical ceramics and composite materials. Properties such as electrical conductivity and high thermal stability have made ceramic matrix composites suitable for numerous thermal and related applications where weight to strength ratio and high efficiency is of utmost importance.

The enormous demand for lightweight, fuel efficient and superior durability materials from aerospace and defense industry is likely to propel the overall ceramic matrix composites market over the coming years.

To access the table of contents or view the Ceramic Matrix Composites Market report in detail, please click the link belowhttps://www.gminsights.com/request-toc/upcoming/1624

The overall ceramic matrix composites market, based on product type, can be segmented into carbon, silicon carbide (SiC), oxides and carbon fiber reinforced silicon carbon (C/SiC). Carbon/carbon matrix composites accounted for largest ceramic matrix composites market share in 2016.

The use of carbon/carbon matrix composites for braking system in automobile and aerospace industry due to its elevated temperature & friction resistant properties and low weight, has propelled the product demand in recent years. Moreover, mass production of ceramic matrix composites with carbon fibers, result in low product prices, which makes it a popular choice over other ceramic matrices. These factors altogether make carbon/carbon ceramic matrix composites market the fastest growing segment.

North America led the ceramic matrix composites market share in 2016 and is anticipated to witness fast pace by 2024. The regional ceramic matrix composites market size growth can be attributed to the developing aerospace and defense industry along with strict regulations stressing the use of fuel efficient and light weight products.

Asia Pacific shall be the fastest growing region for the ceramic matrix composites market over the forecast timespan. The growing aerospace and defense industry, along with huge investments flowing in from governments on construction of new nuclear and alternative energy source power plants are the key factors responsible for the rising product demand in Asia Pacific. China and India are two important countries which have increased their spending on defense and aerospace sector in the recent times. This amplified expenditure is expected to fuel the ceramic matrix composites market size growth in the coming years.

The prominent players operating in the industry are SGL group, General Electric Company, CeramTec International, Applied Thin Films Inc., 3M Company, COI Ceramics Inc. and Rolls-Royce PLC. Other companies include Ultramet Inc., Starfire Systems Inc., United Technologies and Ube Industries Limited. The major companies have their patented technology for the product manufacturing, and some companies borrow the patented technologies. This is done to gain competitive advantage in the business. For instance, NASA uses technology developed by Pratt & Whitney for designing ultra-high bypass ratio geared turbofan engines.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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