Ceramic Matrix Composites Market To Reach USD 7,596 Million by 2030, Says P&S Intelligence

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- In 2022, the ceramic matrix composites market had a value of USD 3,090 million, and it is set to grow at an 11.90% compound annual growth rate from 2022 to 2030, to touch USD 7,596 million in 2030, as per P&S Intelligence.

This is owing to the booming energy & power sector, increasing requirement for lightweight vehicles, growing industrialization, mushrooming consumer preference for such materials, and mounting standard of living.

Products with Oxide Base Widely Used in Automobiles

• The category of oxides holds the largest share, of 31%, and it is expected to sustain its position in the years to come. This is due to the growing application of these products in the automotive sector.
• Moreover, they witness high consumption in Europe and North America because of the large count of suppliers.
• Moreover, the silicon carbide (SiC) category accounted for a significant share in the market because of the large-scale application of SiC-based matrices in aerospace, defense, and electrical & electronics.

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Rising Application of Ceramic Matrix Composites in Aerospace Sector

• With a 37% share, the aerospace sector is the largest contributor to the market, and it will continue to do so during the projection period. The growth of this category is credited to the burgeoning usage of CMCs for the manufacturing of the fans of jet engines and the sleeves of helicopter rotor blades.
• Moreover, the category of energy & power is predicted to achieve the fastest advance in the future. This can be ascribed to the booming industrialization and urbanization, surging demand for energy generation due to the increasing population, reduction of fossil fuel resources, and mushrooming government support.

Demand for CMCs Is High in North America due to Expanding Energy & Power Sector

North America is the largest consumer of CMCs, with a share of about 46%, due to the existence of a large number of key players, increase in the usage of advanced technology, developed energy & power sector, and growth in the spending on R&D, to create novel products. 

• In addition, most of the revenue in the continent is generated by the U.S. This is ascribed to the surging government spending on the military, high demand for CMCs, and fast growth in aerospace production.

In 2022, Europe accounted for a significant share, and the revenue generated here is predicted to grow at a significant rate. This is because of the high count of auto parts and automobile manufacturers and the rise in consumers' preference for lightweight vehicles. 

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Moreover, APAC is expected to register the fastest pace of growth, of 12.8%. This can be credited to the boom in the expenditure on defense capabilities, rise in the investments in space exploration projects, and growth in energy consumption in India and China.

Ceramic Matrix Composites Market Report Coverage

Ceramic Matrix Composites Market by Product

• Oxide
• Silicon Carbide
• Carbon

Ceramic Matrix Composites Market by Application

• Aerospace
• Defense
• Energy & Power
• Electrical & Electronics

Ceramic Matrix Composites Market Regional Analysis

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• Italy
• Spain
• U.K.
• Asia-Pacific
•  China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence