The global ceramic matrix composite (CMC) market size is projected to reach USD 6.86 billion by 2025, exhibiting a CAGR of 13.0% during the forecast period. CMCs have evoked keen interest from the aerospace and transportation sectors owing to superior mechanical properties, high strength-to-weight ratio, and vast application scope. Rising fuel prices and increasing focus on energy conservation have triggered the need for lightweight components to boost fuel efficiency.
CMC, owing to excellent properties such as dynamic load resistance, high temperature stability, greater flexibility, and excellent thermal shock resistance, is suitable for manufacturing aircraft components. The aerospace field demands lightweight and rigid materials for various applications such as high-speed machine parts, robots, power-transmission lines, fighter-aircraft ventral fins, and helicopter rotor-blade sleeves, where material weight plays a crucial role in performance.
The Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) and The U.S. Environmental Protection Agency (EPA) have prescribed standards to increase fuel efficiency and reduce vehicular emissions. Nine regions, namely the EU, Japan, U.S., China, Canada, Brazil, Mexico, South Korea, and India, have proposed greenhouse gas emission standards for light commercial vehicles/light trucks and passenger vehicles. Proposed regulations in these countries are expected to trigger CMC demand from aerospace and transportation sectors.
Energy and power are expected to form the fastest growing segment. CMCs present excellent oxidation resistance and radiation protection and are thus widely used in energy generating applications. Silicon carbides fiber-reinforced ceramics of certain grades are widely used in nuclear power plants due to their exceptional radiation resistant properties.
High temperature stability, in addition to reduced weight and high strength, has increased product popularity. High thermal stability and electrical conductivity have made ceramic matrix composites very useful in numerous thermal and electronic management applications where high efficiency is required.
Further key findings from the report suggest:
- The global ceramic matrix composites market was valued at USD 2.28 billion in 2016 and is projected to expand at a healthy CAGR of 13.0% over the forecast period
- Silicon carbide occupied the largest market share by product in 2016 owing to growing application scope in aerospace
- Asia Pacific emerged as the fastest growing market for ceramic matrix composites due to presence of various untapped markets and growing end-use industries
- Key players include General Electric Company; Coorstek, Inc.; UBE Industries, Ltd.; COI Ceramics, Inc.; 3M Company; and CeramTec International.