Emerging Trends in the Ceramic Matrix Composites Market: Opportunities and Challenges

Ceramic Matrix Composites Industry Overview

The global ceramic matrix composites market size was estimated at USD 3.40 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 12.8% from 2023 to 2030. High-temperature stability in addition to reduced weight and high strength is expected to propel the growth. The chemical industry had an unanticipated turning point in the first half of 2020. These businesses, which were already coping with complicated long-term patterns, saw the combined consequences of the COVID-19-related economic crisis and the oil price crash. The global pandemic has significantly influenced the market.

Gather more insights about the market drivers, restrains and growth of the Ceramic Matrix Composites Market

Additionally, the high cost of ceramic fibers has greatly influenced market growth. Unlike carbon fiber, which is used in most metal and polymer composites and, thus, is produced in bulk, other ceramic fibers are produced in small quantities which refrains them from the cost benefits of mass production.

Applications, such as electronics, thermal management, and high-end sports equipment, are utilizing CMCs for improved performance, greater comfort, and sturdy structures. During the forecast period, ceramic matrix composites are anticipated to replace conventional alloys and other metal components, as ceramic matrix composites can function with little or no cooling, due to their high heat resistance properties. In other words, the demand in the aviation industry is expected to propel the demand for ceramic matrix composites during the forecast period.

The U.S. is the world's leading military force and a significant consumer of CMCs. Furthermore, the US Department of Energy is investigating CMC cladding for fuel rods in light-water nuclear reactors, which is projected to boost CMC demand in the energy and power industry. The market for ceramic matrix composites in North America is expected to grow as key industry players raise their R&D efforts and expand their manufacturing capacities and product ranges.

The demand for SIC/SIC has risen as a result of increased manufacturing and sale of aerospace and defense equipment such as fighter planes from the U.S. to emerging countries which is anticipated to boost the demand in the U.S. In addition, implementing strict environmental standards that emphasize the use of lightweight and fuel-efficient materials is also expected to drive the market.

Growing investments in the region's military and aerospace sectors are helping to drive the ceramic matrix composite market in the country. As a result of the aforementioned developments, the ceramic matrix composites market in North America is expected to dominate over the projected period.

Many major players have kept their production sites open while implementing preventative measures such as social isolation, remote working where possible, and travel limits. In light of global developments, countries have eased limitations on the supply of ceramic matrix composites. Furthermore, to de-risk supply chains, securely manage operations, continue production, and assure the availability of their products, firms must adapt and adjust in an ever-changing global environment.

Order a free sample PDF of the Ceramic Matrix Composites Market Intelligence Study, published by Grand View Research.

Key Companies profiled:

• 3M Company

• COI Ceramics, Inc.

• Coorstek, Inc.

• General Electric Company

• Kyocera Corporation

• Lancer Systems LP

• SGL Carbon Company

• Ultramet, Inc.

• Ube Industries, Ltd.