Ceramic Matrix Composites Market Size, Share & Trends Analysis Report By Product (Oxide, Silicon Carbide, Carbon), By Application (Aerospace, Defense, Energy & Power, Electrical & Electronics), By Region, And Segment Forecasts, 2023 - 2030

Ceramic Matrix Composites Market Trends

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.

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.

Product Insights

The oxides segment led the market and accounted for more than 30.14% share of the global revenue in 2022. Improved properties of oxide composites such as no oxidation and high fracturing toughness in addition to the less expensive production process are expected to trigger its demand for aerospace, defense, and energy & power applications.

The sic segment is projected to register a CAGR of 12.8% in terms of value over the forecast period. The higher initial cost of SiC ceramic matrix composites is the most prominent growth barrier for the segment. Other costs indulged during usage and transportation, such as cleaning costs and repositioning costs also restrain the growth.

Carbon products held a significant revenue share in 2022 due to the large-scale production of carbon fibers to fulfill the increased demand for CF and CFRP products globally, the costs of carbon/carbon ceramic matrix composites are significantly cheaper than silicon carbide/silicon carbide and oxide/oxide ceramic matrix composites.

The other segment is anticipated to grow at a CAGR of 12.2% over the forecast period owing to advantages such as lightweight, excellent wear and corrosion resistance, high strength-to-weight ratio, high strength retention at elevated temperatures, high chemical stability, and hardness.

Application Insights

The aerospace segment led the market and accounted for more than 41.95% of the global revenue share in 2022.Factors such as the rising preference of consumers for manufacturing noses, rudders, fins, leading edges, body flaps, hot structures, tiles, and panels for aircraft are anticipated to drive the demand in the aerospace segment during the forecast period.

Their excellent impact strength coupled with high hardness makes these composites suitable for manufacturing bullet-proof armor and insulation in small arms weapons platforms. A majority of ceramic materials are transparent to certain types of energy, light, etc. and, as a result of this, they are widely used for infrared domes, sensor protection, and multi-spectral windows.

Energy and power is expected to emerge as the fastest-growing application segment for CMC materials during the forecast period. CMC properties such as high-temperature stability coupled with greater oxidation resistance and the ability to withstand radiation make it suitable for fission as well as fusion applications.

Ceramic matrix composites are widely used as isolators in the electronics industry. They are also used in electronic circuits due to their high thermal conductivity. Other applications include ceramics for the laser diode, LED, artificial teeth, fuel cells, etc. which is also expected to drive the market.

Regional Insights

North America dominated the market and accounted for over 46.4% of the revenue share in 2022. The presence of major aviation industries, their investment in developing ceramic matrix components for manufacturing aviation components, and collaborations with government agencies for upgrading defense equipment are some of the essential factors anticipated to propel the CMC demand in North America.

Over-consumption of oil in Asia Pacific has stimulated the need for energy security with a focus on deriving energy from alternate sources which include natural gas. Ceramic matrix composites are thus likely to play a major role in this segment. In addition, the growing need for fuel-efficient aircraft engines is also going to boost the market to reduce operational costs.

Central and South America is expected to gain from technological advancements in the aerospace industry, resulting in the establishment of the region as one of the important manufacturing hubs for the U.S. aviation industry. The increase in demand from aerospace, automotive, electrical & electronics, and energy & power industries is going to propel the market.

Lower production costs in Africa have attracted huge foreign investments in the region which will have a positive impact on the market. In addition, technological developments are also expected to aid aerospace production in the region, which is, in turn, expected to drive the demand for ceramic matrix composites in the region.

Key Companies & Market Share Insights

The market is characterized by the presence of various small- and large-scale players, resulting in a moderate level of concentration in the market. To serve a larger customer base, they are also trying to expand their product portfolio by focusing on developing cost-effective composites with enhanced properties.

A large number of manufacturers are focused on backward integration to keep product quality under control. The industry participants emphasize on expanding their product portfolio by developing innovative solutions and cheaper products with superior properties to cater to the increasing consumer demand. Some prominent players in the global ceramic matrix composites market include:

• 3M Company

• COI Ceramics, Inc.

• Coorstek, Inc.

• General Electric Company

• Kyocera Corporation

• Lancer Systems LP

• SGL Carbon Company

• Ultramet, Inc.

• Ube Industries, Ltd.

Ceramic Matrix Composites Market Report Scope

Global Ceramic Matrix Composites Market Report Segmentation

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global ceramic matrix composites market report based on product, application, and region:

• Product Outlook (Volume, Tons, Revenue, USD Million, 2018 - 2030)

  • Oxides

  • Silicon Carbide

  • Carbon

  • Others

• Application Outlook (Volume, Tons, Revenue, USD Million, 2018 - 2030)

  • Aerospace

  • Defense

  • Energy & Power

  • Electrical & Electronics

  • Others

• Regional Outlook (Volume, Tons, Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Middle East & Africa

  • Central & South America

    • Brazil