Rising demand for sustainable parts and devices in the automotive industry and increasing need for ceramic matrix composites in the automotive industry
Ceramic Matrix Composites Market size was USD 8.80 Billion in 2021 and is expected to register a revenue CAGR of 11.1% during the forecast period. Rising demand for sustainable parts and devices in the automotive industry, growing political instability at country borders, and increasing need for ceramic matrix composites in the automotive industry due to rising demand for lightweight and fuel-efficient vehicles are major factors drive market revenue growth. Ceramic Matrix Composites have wide use in the aerospace sector specifically in gas turbines and structural thermal protection, and energy sector for fusion reactor walls and heat exchangers. In addition, application of CMCs in different sectors requires temporary or permanent joint between surrounding materials and CMC components. Global demand for this material is rising owing to its advantages, such as high-temperature stability, high hardness, lightweight, non-conductive and non-magnetic properties, high thermal shock resistance, high corrosion resistance, and versatility, in providing unique engineering solutions. For instance, in the defense sector, it is important to use lightweight body armor, which can be used using CMC for its flexibility, lightweight, and easy to wear properties, thus is expected to rise demand in the global market.
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Top Lading Players: 3M, Advanced Ceramics Association, CoorsTek Inc., General Electric, KYOCERA Corporation, LANCER SYSTEMS, SGL Carbon, Ultramet, Inc., CFC CARBON CO., LTD., and Axiom Materials, Inc.
Ceramic Matrix Composites Market Growth:
Some key factors contributing to the growth of the CMCs market include:
- Lightweighting Trends: The increasing emphasis on fuel efficiency and reducing greenhouse gas emissions has led to a demand for lightweight materials in various industries. CMCs, being lightweight yet strong, have the potential to replace conventional materials like metals in many applications, thereby driving market growth.
- Aerospace and Defense Applications: CMCs find extensive use in the aerospace and defense sectors due to their high-temperature capabilities and excellent mechanical properties. These materials are utilized in components like turbine engines, thermal protection systems, and structural elements, driving the demand for CMCs in these sectors.
- Energy Sector Demand: The growing demand for clean and renewable energy sources has increased the need for advanced materials in power generation systems. CMCs offer advantages in applications such as gas turbines, solar energy, and nuclear reactors, where they can withstand high temperatures and harsh environments.
- Increasing R&D Investments: Ongoing research and development efforts by companies and academic institutions are focused on enhancing the performance and cost-effectiveness of CMCs. This continuous innovation is expected to expand the range of applications for CMCs and drive market growth.
- Advancements in Manufacturing Technologies: Improvements in manufacturing processes, such as enhanced fiber-matrix interfaces and innovative shaping techniques, are making CMCs more accessible and cost-effective. These advancements contribute to market growth by reducing production costs and expanding the feasibility of CMCs in various industries.
Segments covered in the report:
By Matrix Type Outlook:
- Oxide-Oxide (OX/OX)
- Silicon Carbide Reinforced Silicon Carbide (SIC/SIC)
- Carbon Reinforced Carbon (C/C)
- Silicon Carbide and Carbon (SIC/C)
By Fiber Type Outlook:
- Continuous
- Woven
- Others
By End-use Industry Outlook:
- Aerospace & Defense
- Automotive
- Energy & Power
- Industrial
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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