According to the new market research report “Ceramic Matrix Composites Market by Matrix Type (Oxide/Oxide, C/SiC, C/C, SiC/SiC), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), Region (North America, Europe, APAC, Middle East & Africa,) – Global Forecast to 2029″, The ceramic matrix composites market size is expected to grow from USD 9.4 billion in 2019 to USD 23.3 billion by 2029, at a CAGR of 9.5% during the forecast period. The market is witnessing significant growth because of the growing demand from various end-use industries such as aerospace & defense, automotive, and industrial. Ceramic matrix composites have properties such as high strength at elevated temperature, corrosion resistance, durability, mechanical strength, and high-temperature stability.
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The use of ceramic matrix composites is increasing due to its useful properties such as light weight, non-corrosiveness, and high mechanical strength at high temperature. The ceramic matrix composites market size is estimated to be USD 9.4 billion in 2019 and is expected to reach USD 23.3 billion by 2029, at a CAGR of 9.5% between 2019 and 2029. The increasing use of ceramic matrix composites in the aerospace & defense and energy & power industries is bolstering the market growth, globally.
Based on matrix material used, the market for ceramic matrix composites is segment as C/C, C/SiC, oxide/oxide, and SiC/SiC matrix composites. Oxide/oxide ceramic matrix composites dominated the overall ceramic matrix composites market in 2018, in terms of volume. This is due to the high demand for oxide/oxide ceramic matrix composites in aerospace, industrial, and automotive applications. In the aerospace & defense industry, it is largely used to make aerospace hot exhaust structures and turbine engine components. In the industrial sector, these composites are used in furnace doors, slide plates, and sintering aids, among others.
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The ceramic matrix composites market size is estimated to be USD 9.4 billion in 2019 and is projected to reach USD 23.3 billion by 2029, at a CAGR of 9.5% between 2019 and 2029. Owing to their superior performance properties such as low fracture toughness, brittleness, and thermal shock resistance over traditional metals, and alloys, ceramic matrix composites are gaining increased demand in various industries such as aerospace & defense, automotive, energy & power, and industrial.
The major ceramic matrix composites manufacturers are General Electric Company, Rolls-Royce, SGL Carbon, United Technologies, COI Ceramics, Lancer Systems, CoorsTek, Applied Thin Films, Ultramet, and CFC Carbon. These players have adopted various growth strategies, such as partnership, expansions, and new product developments, to expand their presence in the market further. Investment & expansion was the most-common strategy adopted by the major players from 2015 to 2018 which helped them to increase their product offerings and broaden their customer base.
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General Electric Company is a well-established company in the global ceramic matrix composites market. The company possesses a wide product portfolio of basalt fiber. It is constantly engaged in providing high-grade ceramic matrix composites. As a part of its growth strategy, it is highly focused on investment & expansion. For instance, in 2018, the company invested USD 105 million to construct two ceramic matric composites manufacturing plants in North Carolina.
Rolls-Royce PLC is a major manufacturer and producer of ceramic matrix composites. The company is mainly focused on new partnership and expansion as its major growth strategies. In 2016, the company invested USD 30 million for expanding its production of ceramic matrix composites materials and processes in South California. It helps the company in developing lighter and stronger fibers for aircraft. Recently, the company, in partnership with Liebherr-Aerospace (France), launched power gearbox (PGB) for the UltraFan engine design. The product offer heat-resistant components due to the use of advanced ceramic matrix composites that work more effectively and require less cooling air. Through these strategies, Rolls-Royce PLC would be able to increase its market share and maintain a huge customer base in the ceramic matrix composites market.
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