Ceramic Matrix Composites Market Size Report and Growth Analysis 2027

Ceramic Matrix Composites Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Oxide/Oxide, Carbon/Silicon Carbide, Carbon/ Carbon, and silicon carbon/ silicon carbon) and End-use Industry (Aerospace & Defense, Energy and Power, Automotive, Industrial, and Others)

Publication Month : Jan 2020

  • Report Code : TIPRE00003786
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 152
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[Research Report] The ceramic matrix composites market accounted to US$ 8,560.0 Mn in 2018 and is expected to grow at a CAGR of 9.1% during the forecast period 2019 - 2027, to account to US$ 18,485.0 Mn by 2027.

 

MARKET ANALYSIS

Ceramic matrix composites (CMCs) refer to a class of advanced materials that combine ceramic fibers or particles with a ceramic matrix to create a high-performance composite material. These composites are designed to leverage the desirable properties of both the reinforcing fibers/particles and the ceramic matrix to achieve improved mechanical strength, thermal stability, and other enhanced characteristics compared to traditional ceramic materials. The mechanical properties of the ceramic matrix composites such as high heat resistance and tensile strength make it an important part of the automotive, defense and aerospace sectors. The rise in application base in various end-use industries is expected to provide the opportunity for the growth of the ceramic matrix composites market.

GROWTH DRIVERS AND CHALLENGES

The increasing demand for ceramic matrix composites (CMCs) in emerging industries stems from their unique properties that align with the requirements of these sectors. In renewable energy, CMCs find applications in wind turbines and solar power systems, where their lightweight nature helps improve energy efficiency and reduce costs. Additionally, the high-temperature performance of CMCs makes them suitable for use in concentrated solar power plants and geothermal energy systems. In the electric vehicle industry, CMCs offer lightweight and high-strength solutions for components like battery casings, motor housings, and brake systems, contributing to the development of more efficient and sustainable electric vehicles. The versatility of CMCs positions them as a promising material choice in these emerging industries, driving ceramic matrix composites market growth.  

However, high cost of ceramic matrix composites (CMCs) acts as a significant restraint on ceramic matrix composites market growth. The complex and specialized manufacturing processes involved in producing CMCs, including fiber production, matrix preparation, and composite fabrication, contribute to higher production costs compared to traditional materials. This cost premium limits the widespread adoption of CMCs, particularly in industries that prioritize cost-effectiveness. The high cost also poses challenges for smaller manufacturers or companies with limited resources, as they may find it difficult to invest in the necessary equipment and expertise for CMC production. Moreover, the limited scalability of CMC production processes further restricts their availability in large quantities, making them less accessible and affordable for potential users. As a result, the high cost of CMCs acts as a barrier for the ceramic matrix composites market growth.

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Ceramic Matrix Composites Market: Strategic Insights

ceramic-matrix-composites-cmc-market
Market Size Value inUS$ 8,560.0 Million in 2018
Market Size Value byUS$ 18,485.0 Million by 2027
Growth rateCAGR of 9.1% from 2019-2027
Forecast Period2019-2027
Base Year2019
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REPORT SEGMENTATION AND SCOPE

The "Global Ceramic Matrix Composites Market Analysis to 2027" is a specialized and in-depth study with a major focus on the global ceramic matrix composites market trends and growth opportunities. The report aims to provide an overview of the global ceramic matrix composites market with detailed market segmentation by product, end-use industry, and geography. The global ceramic matrix composites market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of ceramic matrix composites worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the ceramic matrix composites market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the ceramic matrix composites market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative ceramic matrix composites market opportunities that would, in turn, aid in identifying the major revenue pockets. 

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global ceramic matrix composites market, which helps understand the entire supply chain and various factors affecting the market growth.

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SEGMENTAL ANALYSIS

The global ceramic matrix composites market is segmented based on product and end-use industry. Based on product, the ceramic matrix composites market is segmented as oxides/oxide, silicon carbide/ silicon carbide, carbon/silicon carbide, and carbon/ carbon. Based on end-use industry, the ceramic matrix composites market is classified as, aerospace & defense, energy & power, automotive, industrial, and others.      

Based on product, the oxides/oxide segment accounted for a significant ceramic matrix composites market share in 2022.  Oxides/oxide ceramic matrix composites (CMCs) are playing a significant role in driving the growth of the market. These CMCs offer unique advantages such as excellent thermal stability, high-temperature resistance, and improved mechanical properties. Oxides, such as aluminum oxide (Al2O3) and zirconium oxide (ZrO2), serve as the ceramic matrix in these composites, while oxide-based fibers, such as alumina fibers, reinforce the structure. The oxide/oxide CMCs find extensive applications in industries such as aerospace, defense, and energy, where their exceptional thermal properties and durability are crucial. They are used in hot sections of gas turbine engines, thermal barrier coatings, and high-temperature components in aircraft and space exploration. The growing demand for high-performance materials capable of withstanding extreme temperatures and harsh environments is driving the adoption of oxide/oxide CMCs, leading to ceramic matrix composites market expansion and growth opportunities.

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REGIONAL ANALYSIS

The report provides a detailed overview of the global ceramic matrix composites market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.  North America region dominated the ceramic matrix composites market, having revenue more than US$ 4500 million in 2022.  North America has a strong presence of key industries that extensively utilize CMCs, such as aerospace, defense, and energy. These industries have a high demand for advanced materials with superior properties, including lightweight, high strength, and thermal stability, which CMCs can provide. The Europe ceramic matrix composites market is expected to reach revenue of more than US$ 7300 million in 2028. The CMC industry has gained a significant place in the European economy, fostering growth, innovation, and employment. CMC is closely related to various industrial sectors such as defense, aerospace, energy and power electrical and electronics industries. The ceramic matrix composites market in Asia Pacific is expected to grow at significant CAGR of more then 10%. The countries across the region are witnessing an upsurge in the population as well as growth in urbanization, which provides ample opportunities for the key market players in the CMC market.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global ceramic matrix composites market.

  • In 2019, SGL Carbon extended its contract with Elbe Flugzeugwerke to supply impregnated carbon fiber textiles for use in airbus a350 cabin’s floor panels to end of 2020.
  • In April 2023, SGL Carbon announced a new partnership with Lancer Systems to develop ceramic matrix composites for use in the thermal protection systems.
  • In January 2023, Rolls-Royce signed a Memorandum of Understanding with the University of Sheffield in the UK to collaborate on the development of new ceramic matrix composites materials.

IMPACT OF COVID

The COVID-19 pandemic has had a significant impact on the ceramic matrix composites (CMCs) market, causing disruptions and hindering market growth. The pandemic led to widespread economic uncertainty, supply chain disruptions, and reduced industrial activities across various sectors. Many end-user industries of CMCs, such as aerospace, automotive, and energy, faced significant setbacks, including production halts, project delays, and reduced investments. The restrictions on travel and trade also affected the demand for CMCs in global markets. Moreover, the financial constraints faced by businesses and the focus on cost-cutting measures resulted in reduced capital expenditure and a cautious approach towards adopting advanced materials like CMCs. Although the market is expected to recover gradually as economies reopen and industrial activities resume, the COVID-19 pandemic has certainly impeded the growth trajectory of the CMCs market in the short term.    

COMPETITIVE LANDSCAPE AND KEY COMPANIES 

Some of the key players operating in the ceramic matrix composites market include COI Ceramics, Inc.; General Electric Company; Lancer Systems; SGL Carbon; Rolls-Royce Plc; CoorsTek, Inc.; Applied Thin Films Inc.; Ultramet; CFCCARBON CO, LTD; and Matech among others.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product ; End-use Industry and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions


What is the major driving factor to favor the ceramic matrix composites market all over the globe?

Ceramic Matrix Composites (CMC) are the materials consisting of a ceramic matrix combined with ceramic oxides or carbides. Ceramic materials are inorganic and nonmetallic solids, which are crystalline. They exhibit improved crack resistance and do not rupture easily under heavy loads as compared to conventional technical ceramics. Ceramic matrix composites reinforced by either continuous long fibers or discontinuous short fibers. High mechanical strength, high stiffness, high thermal and shock resistance, high thermal stability, high corrosion resistance, and lightweight making them suitable for the number of applications in aerospace & defense, automotive, energy, and power industries.
These favorable characteristics of the ceramic matrix composites is helping the product to grow and is being considered in a wide range of end user industry.

Which region has accounted to hold the largest share for the global ceramic matrix composites market?

The North American region led the ceramic matrix composites market in 2018. North America comprises developed and developing countries such as the US, Canada, and Mexico. North America will account for a remarkable share in the ceramic matrix composites market owing to the rigorous growth of aerospace and defense spending in the region. Over the forecast period, the commercial aerospace sector is also expected to gain significant movement. Rigorous research and development activities by the United States Environmental Protection Agency (USEPA) for developing renewable energy sources are expected to create lucrative opportunities for ceramic matrix composites market in the region. Further, North America region has the existence of several ceramic matrix composite manufacturers such as COI Ceramics, INC. and Applied Thin Films, Inc., which are mainly focused on the adoption of various business strategies for increasing their production capacity.

Which product type is leading the ceramic matrix composites market?

Global ceramic matrix composites market in oxides product is expected to grow at a CAGR of 8.7% during the forecast period 2019 – 2027.
The oxides ceramic matrix composites are gaining increasing importance as a mainstream material alternative for the high-temperature components, mainly in the industrial, advanced energy and aerospace sectors. These materials are known to compete with other alternatives such as titanium in terms of cost-reductions. The oxide ceramic matrix composites have significant potential in the oxidation sensitive component applications. The demand for oxide ceramic matrix composites has been growing considerably in the aerospace sector for turbine engines and other high-temperature components. The oxide ceramic matrix composites have excellent thermal and mechanical properties coupled with damage-tolerant quasi ductile fracture behavior, which has been a significant factor for its application in the high temperature processes. Another supporting factor that has led to increasing demand for the oxide-ceramic matrix composites is its low weight and prolonged service lifetime. The oxide-ceramic matrix composites components such as changing racks, lift gates, or flame tubes have represented their potential in varied industrial high-temperature applications. The O-ceramic matrix composites components for gas turbines are currently being tested and developed. The oxide-ceramic matrix composites are light in weight due to their reduced density and mass. The increase in thermal efficiency and reduced maintenance cost have been a contributing factor to favor the oxide-ceramic matrix composites market all over the globe.

The List of 10 Companies - Ceramic Matrix Composites Market

  1. COI Ceramics, Inc.
  2. General Electric Company
  3. Lancer Systems
  4. SGL Carbon
  5. Rolls-Royce Plc
  6. Coorstek, Inc.
  7. Applied Thin Films Inc.
  8. Ultramet
  9. CFC Carbon Co,. Ltd
  10. Matech

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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