The ceramic matrix composite market was USD 3,090 million in 2022, and it will advance at a rate of 11.90% during the forecast period, to reach USD 7,596 million by 2030 as per a report by P&S Intelligence. This can be credited to the rising demand for lightweight vehicles, rising industrialization, increasing preference for such material by customers, growing living standards, and increasing energy and power sector.
Ceramic Matrix Composites Market
In 2022, the oxide category held the largest share, at 31%, and it will remain dominant in the future. This can be credited to its high demand in Europe and North America due to the increasing usage automotive industry, the vast number of suppliers, and gaining popularity as a main option for high-temperature components in the advanced energy and aerospace sector.
The growing environmental concerns and the strict rules for pollution control have forced aerospace and automotive component manufacturers to control automotive emissions. In addition, strict environmental regulations in Europe and the U.S. have forced automobile manufacturers to use CMCs in automotive production.
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The aerospace industry contributed the largest share of the ceramic matrix composite market, with 37%, in 2022, and it will remain dominant in the years to come. This can be credited to the massive demand for CMCs for manufacturing jet engine fans, rotor blade sleeves of the helicopter, and various aircraft components.
Ceramic composites are widely used in several defense applications, for instance, armor, engine components, and missile radome. In addition, characteristics such as the ability to withstand high temperatures, lightweight, and corrosion resistance, provide key advantages to ceramic composites.
The industry in North America held the largest share, of approximately 46%, in 2022 and it will remain dominant in the years to come. This can be ascribed to the existence of numerous industry giants, the reputed energy and power industry, the rising adoption of advanced technology, and increasing expenditure on R&D.
APAC is expected to witness the fastest growth during the forecast period, growing at a rate of 12.8%. This can be credited to the increasing expenditure on defense, investments in space exploration projects, and energy consumption, in India and China, thus boosting the CMCs demand.