Ceramic Matrix Composites Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Ceramic Matrix Composites by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Ceramic Matrix Composites, The ceramic matrix composites market size has grown rapidly in recent years. It will grow from $6.99 billion in 2023 to $7.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to increasing demand for consumer electronics, strong economic growth in emerging markets, rise in disposable income and increased demand for air travel.

The ceramic matrix composites market size is expected to see rapid growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to high demand for lightweight automobiles, increasing demand for electric vehicles, increasing demand for portable electronic devices using ceramic matrix composites and increasing demand from the medical industry. Major trends in the forecast period include focus on technological advancement, focus on partnerships and collaborations, focus on 3d printing technology, focus on creating new, innovative solutions, focus on r&d activities and focus on manufacturing geopolymer matrix composites.

The high demand for lightweight automobiles across the globe is contributing to the growth of the ceramic matrix composites market. The increased demand for lightweight electric vehicles has turned automakers’ focus to lightweight composite materials as a substitute for heavier steel and iron in vehicles. For instance, according to McKinsey, the automotive industry is expected to increase the use of lightweight materials by 30 to 70% by 2030. So, high demand for lightweight automobiles will drive the ceramic matrix composites market.

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The ceramic matrix composites market covered in this report is segmented –

1) By Type: Oxide/Oxide, Carbon/Silicon Carbide, Carbon/Carbon, Silicon Carbide/Silicon Carbide

2) By Category: Short Fiber, Long Continuous Fiber, Whiskers

3) By Production Method: Powder Dispersion, Reactive Melt Infiltration, Polymer Impregnation And Pyrolysis, Gaseous Infiltration, Chemical Vapor Infiltration, Sol-Gel, Other Production Methods

4) By End-Use Industry: Aerospace And Defense, Automotive, Energy And Power, Electricals And Electronics, Other End-Use Industries

Technological advancement is a key trend gaining popularity in the ceramic matrix composites market. The ceramic matrix composites manufacturers are increasingly focusing on adopting advanced technologies to manufacture aero-engine composites that enable high fuel efficiency in the engines and reduce CO2 emissions. For instance, in June 2021, GE Aviation, a US-based manufacturer of aircraft engines, and Safran S.A., a France-based manufacturer of aircraft engines, launched a bold technology development program with the goal of achieving an increase in fuel efficiency of more than 20% over current engines. The CFM RISE (Revolutionary Innovation for Sustainable Engines) initiative focuses on developing cutting-edge technology for engines that will be in use by the middle of the twenty-first century. Although composites are not specifically mentioned, the entire technology roadmap includes heat-resistant metal alloys, ceramic matrix composites (CMC), and composite fan blades, which suggests that composites will be crucial to the development of engines.

The ceramic matrix composites market report table of contents includes: