Global Ceramic Matrix Composites Market Trends, Share and Future Scope - On Feet Nation
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Global Ceramic Matrix Composites Market Trends, Share and Future Scope
Ceramic matrix composites (CMCs) are being increasingly used for the production of automotive components. The rising consumption of CMCs can be owed to their low weight. In the coming years, as the demand for lightweight vehicles escalates owing to their exceptional fuel efficiency, the usage of CMCs will rise in the automotive industry. Moreover, the less-polluting characteristics that these materials impart to automobiles will boost their adoption in the foreseeable future.
Moreover, the high strength-to-weight ratio and excellent mechanical properties of CMCs have resulted in their increasing consumption in the aerospace sector. These composites are used in high-speed machine parts, jet engine fans, power transmission lines, fighter aircraft ventral fins, and helicopter rotor blade sleeves to increase the overall reliability and efficiency of the aircraft. This factor will drive the ceramic matrix composites market at a CAGR of 13.7% during the forecast period (2016–2024). The market stood at $1,891.3 million in 2015, and it is expected to reach $6,006.1 million by 2024.
In the coming years, the energy & power sector will also consume a considerable volume of CMCs due to their large-scale usage in nuclear reactors, heat exchangers, furnace hardware, and burners. These composites are primarily used in the production of wind turbine components and gas turbines. With the soaring emphasis on renewable energy, the requirement for these components will escalate quickly. Moreover, the defense, electrical & electronics, marine, refining, and manufacturing sectors uses these materials in high volumes.
According to P&S Intelligence, North America utilized the highest volume of ceramic matrix composites in the past owing to their vast application in the aerospace and defense sector of the U.S. Besides, the growth of the electronics sector in the continent will boost the requirement for these materials. The Asia-Pacific ceramic matrix composites market will witness the fastest growth in the coming years due to the soaring expenditure on the defense sector, booming investments in space exploration, and rising energy consumption in the emerging economies of India and China.
Thus, the escalating demand for lightweight vehicles and increasing production of aircraft will boost the consumption of CMCs in the coming years.