The global ceramic matrix composites market size was worth USD 3.29 billion in 2018 and is estimated to expand at a CAGR of 12.9% over the forecast period owing to the high-temperature stability, exceptional mechanical properties, and vast scope of applications offered by Ceramic Matrix Composites (CMC). Growing demand, especially from defense applications such as, sensor protection, infrared domes, and multi-spectral windows are projected to spur the growth.
The production process of CMC consumes significant amount of energy which ultimately increases cost of the final product, thus, making it useful only in high-end applications such as defense, aerospace, and thermal management among others. The market growth has been significantly influenced by the high cost of ceramic fibers.
Unlike carbon fibers which are used in most of the composites and, thus are produced in bulk quantities; ceramic fibers are produced in small quantities thus refraining them from the cost benefits associated with mass production. However, technological developments in metal mining and joining technology is expected to lower the overall development cost of ceramic matrix materials in near future.
Factors such as, rapid changes in technology, rising customer preference, and intense competition prevailing in the market encourage companies to undertake R&D as well as technological advancements to maintain their market share. Moreover, there has been increasing utilization of CMC for improved performance, sturdy structures, and higher comfort in applications such as thermal management, electronics, and high-end sports equipment.
Properties such as high heat resistance of ceramic matrix composites allow them to function with little or no cooling. Such factors are projected to assist the substitution of metal components and conventional alloys by CMC, which in turn is anticipated to bode well for market growth. Moreover, growing demand from aviation industry is expected to propel the demand. Several global companies are investing in the developing countries to cater to the growing need for these composites from various application industries.
CMC production is an energy-intensive process; hence technology providers are marking efforts to develop more energy efficient production processes to lower the overall cost. Moreover, these R&D activities are being supported by developed nations through public-private partnerships and joint ventures.
A classic example of such collaboration is The Continuous Lower Energy, Emissions, and Noise program (CLEEN), implemented by the Federal Aviation Administration (FAA) in partnership with five aviation manufacturers, namely, Boeing, Rolls-Royce, Honeywell, Pratt & Whitney, and General Electric (GE). The CLEEN initiative focusses on development of technologies to reduce fuel burn, emissions, and noise in aircraft.
Silicon carbide ceramic matrix composites (SiC) emerged as the largest product segment in terms of demand and accounted for 35.24% of market share by volume in 2018. The segment is expected grow significantly over the next seven years owing to the growing demand from aerospace applications.
Oxide matrix composites is expected to be the fastest growing product segment over the forecast period. 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 in aerospace, defense, and energy and power applications.
Growth in carbon ceramic composites segment can be attributed to the increasing product demand in braking components of the aircrafts and luxury vehicles. Its unique properties such as low weight, high friction, temperature resistance, fracture toughness, and temperature resistance are anticipated to further contribute to the market growth.
Aerospace was the largest application segment accounting for 36.32% of total market share by volume in 2018. CMC, owing to excellent properties such as high-temperature stability, excellent thermal shock resistance, dynamic load resistance, greater flexibility, is suitable for manufacturing aircraft components. Increasing R&D activities and expansion of production facilities by major market players are likely to foster growth of the ceramic matrix composites market. CMCs are widely used for manufacturing aircraft components such as nose cap, rudder, fins, exhaust nozzles, leading edges, body flaps, gas turbine engines, panels, and other engine components.
Defense application segment is anticipated to expand at a CAGR of 14.3% in terms of volume over the forecast period. The light weight and good abrasion properties are some of the major factors expected to propel the product demand from defense application. Increasing application scope of these composites in various sectors such as energy and power, electrical and electronics, industrial applications, and marine is creating supportive growth potential for the market.
Asia Pacific is anticipated to emerge as the fastest growing region for ceramic matrix composites and is likely to expand at the highest CAGR of 14.7% by volume over the forecast period. Technological developments in aerospace industry and rising energy demands are the major factors contributing to the growth. The region comprising of emerging economies, such as China, India, Malaysia, and Thailand, has a competitive advantage on account of the presence of low-cost raw materials and labor.
Moreover, Make in India Initiative, 100% FDI in automotive, and One Belt One Road Initiative are appealing major players to establish their production as well as distribution facilities in Asia Pacific. Energy and power segment is anticipated to witness the highest CAGR over the next seven years. Excess consumption of oil in Asia Pacific has encouraged the need for energy security with a focus on deriving energy from alternative sources which include natural gas. Ceramic matrix composites are thus likely to play a significant role in this segment.
North America held the largest market share of 44.78% by volume in 2018. Presence of major aviation companies, their investments in R&D for developing ceramic matrix components as well as collaborations with government organizations for upgrading the defense equipment are some of the major factors contributing to the regional market growth.
CMC manufactures play an important role in product development based on customer requirements. Major CMC manufacturers have invested in R&D to expand the applicability of the material. Most companies have integrated throughout the value chain. These companies have technological advantage over other players as the cost of the product and the product properties largely depend on the raw material and the production technology used for manufacturing CMCs.
Some of the key companies in the market include General Electric Company; UBE Industries, Ltd; Coorstek, Inc.; and COI Ceramics, Inc. among others. Also, several multinational companies have invested in developing regions to fulfil the increasing demand from various applications. For instance, GE Aviation is expected to invest in the development of CMCs for manufacturing aircraft engines.
Majority of manufacturers focus on the production of CMC as per the customer requirements based on the desired geometry, complexity of shape, and production volume of the component. Key market players have their own patented technology whereas few other players borrow patented technologies. For example, NASA is developing a geared turbofan engine having ultra-high bypass ratio by using technology developed by Pratt & Whitney.
Attribute |
Details |
Base year for estimation |
2018 |
Actual estimates/Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Market representation |
Volume in Tons, revenue in USD Million, and CAGR from 2019 to 2025 |
Regional scope |
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
Country scope |
U.S., Germany, U.K., France, China, Japan, India |
Report coverage |
Volume & Revenue forecast, company share, competitive landscape, growth factors, and trends |
15% free customization scope (equivalent to 5 analysts working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global ceramic matrix composites market report on the basis of product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2015 - 2025)
Oxide
Silicon Carbide (SiC)
Carbon
Others
Application Outlook (Volume, Tons; Revenue, USD Million, 2015 - 2025)
Aerospace
Defense
Energy & Power
Electrical & Electronics
Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2015 - 2025)
North America
The U.S.
Europe
Germany
The U.K.
France
Asia Pacific
China
India
Japan
Central & South America
Middle East & Africa
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.