Global Ceramic Matrix Composites Market Size 2024, Forecast To 2033
11 Mar, 2024
The ceramic matrix composites market has witnessed rapid growth, advancing from $6.99 billion in 2023 to $7.74 billion in 2024, with a compound annual growth rate (CAGR) of 10.6%. This growth in the historical period is attributed to increasing demand for consumer electronics, strong economic growth in emerging markets, rising disposable income, and increased demand for air travel. Forecasts suggest continued rapid growth, with the market expected to reach $11.84 billion in 2028, reflecting a compound annual growth rate (CAGR) of 11.2%. This expansion is driven by high demand for lightweight automobiles, increasing demand for electric vehicles, portable electronic devices utilizing ceramic matrix composites, and demand from the medical industry. Major trends in the forecast period include a focus on technological advancement, partnerships and collaborations, 3D printing technology, innovative solutions, research and development activities, and manufacturing of geopolymer matrix composites.
Global Ceramic Matrix Composites Market Key Driver
The robust demand for lightweight automobiles worldwide is a key driver of growth in the ceramic matrix composites market. The automotive industry's increased focus on lightweight materials is evident, particularly in the context of the rising demand for lightweight electric vehicles. Automakers are turning to lightweight composite materials as alternatives to traditional, heavier materials like steel and iron in vehicle manufacturing. According to McKinsey, the automotive industry is poised to increase the use of lightweight materials by 30 to 70% by 2030. Consequently, the high demand for lightweight automobiles is a major factor propelling the ceramic matrix composites market, with market sizes in 2023, 2024, and 2028 influencing its trajectory.
Get A Free Sample Of The Global Ceramic Matrix Composites Market ReportGlobal Ceramic Matrix Composites Market Segments
The ceramic matrix composites market covered in this report is segmented –
1) By Type: Oxide/Oxide, Carbon/Silicon Carbide, Carbon/Carbon, Silicon Carbide/Silicon Carbide
2) By Category: Short Fiber, Long Continuous Fiber, Whiskers
3) By Production Method: Powder Dispersion, Reactive Melt Infiltration, Polymer Impregnation And Pyrolysis, Gaseous Infiltration, Chemical Vapor Infiltration, Sol-Gel, Other Production Methods
4) By End-Use Industry: Aerospace And Defense, Automotive, Energy And Power, Electricals And Electronics, Other End-Use Industries
By Geography:The regions covered in the ceramic matrix composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America will be the largest region in the ceramic matrix composites market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ceramic matrix composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Ceramic Matrix Composites Industry Players
3M Company, General Electric Company, CeramTec GmbH, Coorstek, Inc., Kyocera Corporation, Ube Industries Ltd, SGL Carbon Company, Rolls-Royce plc, Applied Thin Films Inc, Ultramet, CFC Carbon Co. Ltd, Karbon composites & Technology Co Ltd, Neo Carbon Fiber, China Composites Group Corp Ltd, DJT Carbon Co Ltd, ZhongAo Carbon, Tasuns Composite Technology, Zhejiang Xinchor Technology Co Ltd, HangFung Technology, Sichuan Chang Yang Composites Company Limited, ShenZhen RuiTai Carbon, Dongguan Roche Industrial Co. Ltd, Safran, Cemacon, Ceramica S.A, COI Ceramics, Axiom Materials Inc., Raytheon Technologies, Lancer Systems, United Technologies
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Ceramic Matrix Composites Market Overview
Ceramic matrix composites refer to a unique kind of composite material where the matrix and reinforcement (refractory fibers) are both made of ceramic, with the material consisting of a ceramic matrix that is mixed with a ceramic dispersed phase to provide mechanical strength and improve the toughness of conventional ceramics.
Ceramic Matrix Composites Global Market Report 2023 provides data on the global ceramic matrix composites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ceramic matrix composites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.