The global ceramic matrix composites (CMC) market size was valued at USD 2.28 billion in 2016. The market is expected to expand at an estimated CAGR of 13.0% from 2017 to 2025 on account of increasing demand for lightweight and high-performance materials. Rising demand from defense applications such as sensor protection, multi-spectral windows, and infrared domes will trigger the growth of the market.
Production of ceramic matrix composites is an energy-intensive process and adds up to the final product cost, making it useful only in high-end applications such as aerospace, defense, and thermal management. High cost of ceramic fibers has significantly influenced market growth.
Carbon fiber is used in most composites and, thus, produced in bulk. Ceramic fibers, on the other hand, are produced in smaller quantities and therefore, do not enjoy the cost benefits of mass production. However, advancements in metal mining and joining technology are projected to reduce the development cost of ceramic matrix composites in coming years.
Technological adaptiveness and R&D are critical factors for companies in this market because of intense competition, rapid change in technology, and customers with evolving demands. Applications such as electronics, thermal management, and high-end sports equipment are also utilizing CMCs for improved performance, higher comfort, and sturdy structures.
During the forecast period, ceramic matrix composites are projected to substitute other metal components and conventional alloys as CMCs can function with little or no cooling due to their high heat-resistance properties. In other words, demand in the aviation industry is projected to propel demand for CMCs over the forecast period. Various large-scale global companies are investing in emerging countries to cater to increasing need for ceramic composites for multiple applications.
A significant amount of energy is consumed during the conversion process and thus, technology providers are making efforts to develop energy-efficient production processes to reduce overall cost. Developed nations are supporting these R&D activities through public-private partnerships and joint ventures.
An example of such collaborations is The Continuous Lower Energy, Emissions, and Noise program (CLEEN), implemented by the Federal Aviation Administration (FAA) in partnership with five aviation manufacturers: Rolls-Royce, Honeywell, Boeing, Pratt & Whitney, and General Electric. The CLEEN initiative will focus on the development of technologies to reduce fuel burn, emissions, and noise in aircraft.
Silicon carbide (SiC) composites emerged as the most significant product segment in 2016 with a market share of more than 35.0% by volume. The product segment is anticipated to exhibit the second-highest growth rate over the coming years on account of its rising application scope in aerospace.
Higher oxidation resistance of SiC composites, in comparison to carbon matrix composites, is the primary driver for this product segment. However, higher initial cost associated with the development of SiC composites is the most significant growth barrier. Other expenses incurred during usage and transportation, such as cleaning cost and repositioning cost, also restrain demand growth.
Growth of the carbon ceramic composites segment is attributed to rising demand in braking components of luxury vehicles and aircraft. Its unique properties such as high friction, low weight, temperature resistance, and fracture toughness will further contribute to market growth.
Ceramic matrix composites are utilized in aircraft structural components, which consist of nose caps, gas turbine engines, exhaust nozzles, thermal barriers, braking systems, engine components, and missile propulsion systems. Increasing application scope of ceramic matrix composites in various sectors such as electrical and electronics, energy and power, industrial applications, and marine is creating growth potential for the market.
High electrical conductivity and thermal stability have made ceramic matrix composites very useful in electronic and thermal management applications where high efficiency is required. Applications like thermal management, electronics, aerospace, and defense are also using CMCs for sturdy structures and improved performance.
Aerospace emerged as the most significant application segment in the ceramic matrix composites (CMC) market in 2016 with a share of more than 36.0% by volume. Excellent properties such as dynamic load resistance, high-temperature stability, greater flexibility, and excellent thermal shock resistance make CMC suitable for manufacturing aircraft components. Increasing research and development activities and expansion of manufacturing facilities by key market players are likely to foster market growth in this segment. CMCs are also used for making the nose, rudder, fins, leading edges, body flaps, hot structure, tiles, and panels in aircraft.
According to a report published by Boeing in 2016, the global aircraft manufacturing industry is anticipated to resume growth with a 0.3% increase from 2017, after the manufacturing slowdown in 2016. The growth is attributed to high demand for next-generation aircraft owing to increasing number of passengers from developing countries in Asia Pacific and Central and South America. Boeing estimates that its production is likely to touch 52 units per month by 2018. Demand for ceramic matrix composites is projected to experience a proportional increase with rise in global production in the aircraft industry.
Excellent impact strength of ceramics, coupled with hardness and lightweight, make these composites suitable for manufacturing bulletproof armor and insulation in small arms weapons platforms. Most ceramic materials are transparent to certain types of energy, light, etc. and, as a result, they are widely used in infrared domes, sensor protection, and multi-spectral windows.
Asia Pacific is anticipated to emerge as the fastest growing region in the ceramic matrix composites market, exhibiting a CAGR of 14.7% in terms of volume over the forecast period. Rising energy demands and technological developments in the aerospace industry are major factors contributing to the growth of CMC in this region. The region, led by emerging economies such as India, Thailand, China, and Malaysia, enjoys a competitive advantage on account of the availability of low-cost raw materials and labor.
One Belt One Road, 100% FDI in automotive and food sectors, and Make in India are some initiatives that are attracting key players to establish their distribution and production facilities in Asia Pacific. The energy and power segment is anticipated to witness the highest growth rate over the forecast period. Overconsumption of oil in Asia Pacific has stimulated the need for energy security with a focus on deriving energy from alternate sources such as natural gas. CMCs are thus likely to play a significant role in this segment.
North America is expected emerged as the largest market for CMC in 2016 with a share of more than 44.0% by volume. Presence of key aviation industries, investments to develop ceramic matrix components, and collaborations with government agencies for upgrading defense equipment are some of the essential factors anticipated to propel CMC demand in North America.
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. Rise in global defense spending is also expected to impact demand in coming years.
CMC manufacturers play an essential role in product development as per customer requirements. Major manufacturers and end-users such as General Electric have invested in research and development of CMC to expand the application base of the material. In the coming years, the success of CMC and its acceptance in the market will be greatly influenced by efforts by market players to develop as well as standardize the manufacturing process and focus on research and development for upgrading the process to facilitate mass production of CMC.
Most major players in the market are integrated throughout the value chain. These companies have a technological advantage over others as production technology and raw material selected for manufacturing these ceramics greatly influence the cost of the overall product and its properties.
Most manufacturers focus on developing customer-specific CMC based on complexity of shape, desired geometry, and production volume of the component. Key market players have their own technology for CMC production while some borrow patented technologies. For example, NASA is using a technology developed by Pratt & Whitney for developing ultra-high bypass ratio geared turbofan engine. CMC producers use their own technology to gain a competitive advantage.
Some of the key companies engaged in the expansion of this market are General Electric Company; Coorstek, Inc.; UBE Industries, Ltd.; and COI Ceramics, Inc. Various multinational companies are investing in developing regions to cater to increasing need for ceramic composites for multiple applications. Over the next few years, GE Aviation, one of the largest manufacturers of jet and marine engines, is expected to invest in the development of ceramic matrix composites for manufacturing aircraft engines.
CMCs form a part of the metal and manufacturing market and supply chain management and marketing activities account for a significant portion of the revenue generated by these composites. For new companies, sufficient capital requirement is one of the most critical factors and, at the same time, the most significant barrier to their entry. Key corporations have well-positioned business intelligence units responsible for collecting valuable and vital knowledge about customer experience and behavior.
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Attribute |
Details |
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Base year for estimation |
2016 |
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Actual estimates/Historical data |
2014 - 2016 |
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Forecast period |
2017 - 2025 |
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Market representation |
Volume in Tons, revenue in USD Million, and CAGR from 2017 to 2025 |
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Regional scope |
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
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Country scope |
U.S., Germany, U.K., France, China, Japan, India |
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Report coverage |
Volume & Revenue forecast, company share, competitive landscape, growth factors, and trends |
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15% free customization scope (equivalent to 5 analysts working days) |
If you need specific market 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 global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global ceramic matrix composites (CMC) market report on the basis of product, application, and region.
Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Oxide
Silicon Carbide
Carbon
Others
Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Aerospace
Defense
Energy & Power
Electrical & Electronics
Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
North America
U.S.
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
Central & South America
Middle East & Africa
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