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The Ceramic Matrix Composites (CMC) Market size is forecast to increase by USD 2.74 billion, at a CAGR of 10.41% between 2022 and 2027. The growth of the market is hinged on several factors, notably government initiatives and funding aimed at fostering innovation and sustainability. Technological advancements in manufacturing processes drive efficiency and product quality while meeting evolving market demands. Moreover, the increasing demand for energy-efficient systems amplifies market expansion, as industries and consumers prioritize sustainability and cost-effectiveness. These factors collectively propel the market forward, fostering innovation, investment, and adoption of advanced technologies. As governments worldwide prioritize environmental sustainability and economic growth, initiatives and funding directed toward the development of energy-efficient solutions play a pivotal role in shaping the trajectory of the market.
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This market report extensively covers market segmentation by product (oxide, silicon carbide, and carbon), application (aerospace and defense, automotive, power and energy, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is driven by diverse applications across various industries. Turbine blades, combustor liners, and nozzle vanes in aerospace and defense sectors utilize CMCs for their lightweight and high-temperature capabilities. In automotive, CMCs contribute to lightweighting and thermal management in brake systems and engine components. Moreover, the demand for CMCs is rising in consumer electronics, electric vehicles, and high-end sports equipment due to their superior performance. However, challenges such as high production costs and stringent environmental standards hinder market growth, necessitating ongoing innovation and cost-efficiency measures in CMC manufacturing prices and process. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for energy-efficient systems is notably driving the market growth. The increasing demand for energy-efficient systems in various industries, such as power generation, oil and gas, and chemical processing, has increased the demand for ceramic matrix composites. CMCs are used in high-temperature applications such as gas turbines and heat exchangers to improve efficiency and reduce emissions. Ceramic matrix composites such as gas turbines and heat exchangers are used in high-temperature applications to improve efficiency and reduce emissions. These materials can withstand extreme temperatures, making them ideal for use in energy-efficient systems.
Moreover, the use of CMC in these systems not only offers significant energy savings but also reduces carbon emissions. The use of ceramic matrix composites also helps reduce downtime and maintenance costs as these materials are extremely durable and resistant to wear and corrosion. This makes them ideal for energy-intensive industries where reliability and durability are key factors. Therefore, the rising demand for energy-efficient systems is expected to drive the market's growth during the forecast period.
The growing adoption in the automotive industry is a key trend influencing market growth. CMC is gaining increasing acceptance in the automotive industry due to its lightweight, high strength, and corrosion resistance. Using CMC helps reduce vehicle weight, thereby improving fuel efficiency and reducing emissions. Compared to traditional metal alloys, CMC has many advantages, including lightweight, high strength, and high-temperature resistance. These properties make CMC a desirable choice for automakers who want to reduce vehicle weight, improve fuel efficiency, and comply with environmental regulations.
Further, CMC is mainly used in high-performance automotive parts such as brake rotors, exhaust systems, and engine parts. The rising demand for electric and hybrid vehicles is another factor impacting the use of CMCs in the automotive industry. These vehicles require lightweight components to maximize range and battery life, and CMC offers manufacturers the preferred alternative. This is anticipated to drive the market's growth during the forecast period.
The lack of standardization of CMCs is challenging the Ceramic Matrix Composites Market growth. Currently, no industry standard exists for CMC, making it difficult for manufacturers and customers to compare and evaluate different products. This lack of standardization can also create uncertainty among customers who are unsure about CMC's quality and performance. Standardization refers to establishing industry-wide specifications, policies, and requirements for materials, products, and processes. For CMCs, lack of standardization means that there is no commonly agreed set of guidelines or specifications for manufacturing, testing, or performance of CMCs. This lack of standardization makes it difficult for manufacturers to compare and evaluate different products.
However, without standardized test methods and performance metrics, it is difficult to determine which CMC is best for a particular application. This may slow CMC adoption as potential customers may be hesitant to invest in materials of uncertain quality and performance. In industries that require consistent and predictable performance, such as aerospace and defense, the lack of CMC standards can create uncertainty about the long-term reliability of these materials. This uncertainty may deter the adoption of CMC, even though it may offer significant advantages over conventional materials. Therefore, a lack of standardization will hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers different types of oxide ceramic matrix composites which are primarily used in aerospace industries and gas turbine applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is propelled by diverse applications across various industries. Turbine blades, combustor liners, and nozzle vanes in aviation benefit from CMC's exceptional thermal protection and lightweighting properties, enhancing efficiency and durability. In the automotive sector, CMC finds utility in brake systems, engine components, and lightweight automobiles, contributing to fuel economy and performance, especially in electric vehicles. Additionally, CMCs are utilized in consumer electronics and portable electronics for their lightweight and durable characteristics. The military sectors and aerospace sectors leverage CMCs for applications in fighter planes and other defense systems, meeting stringent environmental standards while enhancing performance. This broad application spectrum underscores the versatility and growing importance of CMCs across industries.
The market share growth by the oxide segment will be significant during the forecast period. Oxides are advanced materials that combine ceramic materials with metal oxides, such as alumina (Al2O3) and zirconia (ZrO2). These materials are typically used in high-temperature applications requiring excellent mechanical and thermal properties such as aerospace, defense, and energy applications. Common types of oxides include alumina matrix composites (AMC), zirconia matrix composites (ZMC), and silicon carbide matrix composites (SiCMC). These materials have unique properties that make them ideal for different applications.
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The oxide segment was valued at USD 1.47 billion in 2017 and continued to grow until 2021. With continued research and development, it is expected that oxide-based CMCs will find new applications in various industries such as aerospace, defense, energy, and transportation. Therefore, the oxide-based market segment is trending to grow in the market during the forecast period.
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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North American region is an important market for CMCs due to the presence of several major players in the region and increasing demand for advanced materials in various end-use industries. The aerospace and defense sector is a key end-user industry for CMC in North America, as the materials offer significant weight savings and increased durability for aircraft parts. The region has also invested heavily in R&D activities to develop advanced CMCs with enhanced properties. Boeing and Airbus are also involved in their own internal research and development on the use of CMC in engine parts. The increasing adoption of CMC in various applications such as gas turbines, industrial furnaces, and automotive parts is expected to drive market growth in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.
The market is witnessing significant growth driven by diverse applications in various industries. Luxury and sports car manufacturers utilize CMCs in high temperature environments, enhancing performance and efficiency in engines. In the energy power segment, CMCs find application in gas turbine engines and power plants, contributing to improved operational efficiency and reduced emissions. Additionally, CMCs play a crucial role in renewable energy systems, offering high strength and thermal resistance. Continuous fiber types and woven materials variants are utilized in manufacturing, mitigating the risk of manufacturing defects. These advanced materials also find applications in portable electrical and electronic, military, and aerospace sectors, highlighting their versatility and growing significance in various industries.
Further, the market witnesses significant growth due to various factors such as the demand for materials capable of withstanding high temperatures. Diverse fiber type and material variants offer versatility in applications, including portable electronic and electrical components. The use of geopolymer matrix enhances structural integrity, while the incorporation of steel and iron, and other lightweight materials contributes to improved performance, particularly in the electric car industry. Initiatives like CFM RISE drive innovation in composite materials by market players like McKinsey, and others, optimizing manufacturing processes to control production costs amid fluctuating currency values. Additionally, the utilization of mullite, ceramic fibers, and carbon products underscores the diverse applications and advantages of CMCs across industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.41% |
Market growth 2023-2027 |
USD 2.74 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.87 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 50% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, market positioning of companies, competitive strategies, and industry risks |
Key companies profiled |
3M Co., Applied Thin Films Inc., Axiom Materials Inc., CeramTec GmbH, CFC Carbon Co. Ltd., COI Ceramics Inc., Composites United e V, CoorsTek Inc., General Electric Co., KYOCERA corp., Lancer Systems, Rolls Royce Holdings Plc, Safran SA, Compagnie de Saint Gobain, SGL Carbon SE, Spirit AeroSystems Holdings Inc., Starfire Systems Inc., Ube Corp., Ultramet, and YuCMC Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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