Ceramic Matrix Composites Market revenue to reach USD 25 Billion by 2035, says Research Nester

Advertisement

Leading ceramic matrix composite market players include Siemens Energy, Rolls-Royce, Pratt & Whitney, BASF SE, Hexcel Corporation, CoorsTek Inc., and CeramTec GmbH.

New York, Jan. 09, 2024 (GLOBE NEWSWIRE) — The global ceramic matrix composites market size is slated to expand at ~11% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 25 billion by the end of 2035, up from a revenue of ~USD 12 billion in the year 2022.The growth of the sector could be dominated by the growing demand for power generation which is further estimated to be satisfied by wind energy. Wind energy all around the globe generated electricity of about 2099 TWh which is an increase of approximately 13% in the year 2022. Ceramic matrix composites are extensively used in the making of wind turbines. Hence, with the growing demand for wind energy, the market is also estimated to boost.

Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5135

Advertisement

Additionally, there has been growth in carbon footprint all across the globe which is why governments of different nations are putting emphasis on renewable technology such as wind energy. Hence, they are investing heavily in building wind turbine projects further influencing the ceramic matrix composites market expansion for ceramic matrix composites. Ceramic matrix composites find applications in aerospace, defense, automotive, energy, and industrial sectors. They are used in components that require high-temperature stability, wear resistance, and lightweight properties. Increasing demand for lightweight materials with high-temperature capabilities in aerospace and defense applications. Increasing interest in CMCs for automotive applications to reduce vehicle weight and improve fuel efficiency.

Increasing Demand for Automotive across the Globe to Boost Market Growth

In 2022, approximately 66 million automobiles were sold worldwide up from 2021 when the sale was about 65 million units. The application for CMC in automotive sector is growing since they offer benefits including weight reduction and improvement in performance. Various automotive components such as brake discs and engine components consist of ceramic matrix composites. There has been growing research on the use of ceramic matrix composites in medical instruments such as medical implants, prosthetics, and other devices. The major factors for its growing preference are its biocompatibility and good resistance to bodily conditions. Between 2017 and 2021, the total number of small satellite launches rose from about 52 to approximately 1,742, representing almost 93 percent of all spacecraft launches. Hence, the ceramic matrix composites market is also slated to rise as this composite provides a heat shield to the spacecraft. Ongoing research and development activities to enhance the performance and cost-effectiveness of ceramic matrix composites. Investments in innovations and new materials contribute to expanding the range of applications and market penetration. Increasing focus on environmental sustainability and fuel efficiency, driving the demand for lightweight and high-performance materials like CMCs. Environmental regulations, especially in the automotive and aerospace industries, play a role in shaping material choices.

Ceramic Matrix Composites Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Aerospace and Defense Sector Dominance to Drive the Market Growth in North America Region

The ceramic matrix composites market in North America region is estimated to garner the largest revenue by the end of 2035. The aerospace and defense industries in North America are prominent users of CMCs due to their lightweight properties and high-temperature resistance. Rising investment in defense technologies and the development of advanced military systems are driving the demand for CMCs in critical applications. The U.S. defense budget for fiscal year 2023 is proposed to be over USD 752 billion, indicating a continued focus on defense spending and technology development. The commercial aviation sector in North America is adopting CMCs to enhance fuel efficiency and reduce overall aircraft weight. The energy sector is increasingly utilizing CMCs in components for gas turbines and nuclear reactors, driven by the need for high-temperature resistance. Ongoing research and development initiatives in North America are driving technological advancements, leading to improved CMC properties and manufacturing processes. Collaborations between industry players, research institutions, and government organizations are accelerating CMC development and commercialization efforts.

Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5135

Focus on Environmental Sustainability to Propel the Growth in the Asia Pacific Region

The Asia Pacific ceramic matrix composites market is estimated to garner the highest CAGR by the end of 2035. The increasing focus on environmental sustainability is driving the adoption of lightweight and high-performance materials like CMCs in Asia Pacific, particularly in the automotive sector. Asia Pacific is witnessing a rise in electric vehicle adoption, with the electric vehicle market in China alone expected to reach 20 million units by 2025. Governments in Asia Pacific are actively supporting the development and adoption of advanced materials, including CMCs, through funding initiatives and policy support. Several governments in the region have allocated significant budgets to support research and development in strategic industries, including aerospace and defense. Collaborations between local and international companies, research institutions, and government organizations are accelerating the development and commercialization of CMCs in Asia Pacific. Ongoing research and development activities in Asia Pacific are contributing to technological advancements, leading to improved CMC properties and manufacturing processes. Asia Pacific countries, particularly China, South Korea, and Japan, are among the top spenders in research and development, with substantial investments in advanced materials.

Ceramic Matrix Composites, Segmentation by End-Use

  • Defense & Aerospace
  • Automotive
  • Energy & Power
  • Industrial

Amongst these segments, the defense & aerospace segment in ceramic matrix composites market is anticipated to hold the largest share over the forecast period. Rising global geopolitical tensions are prompting nations to increase their defense budgets, leading to higher demand for advanced defense technologies and aerospace systems. Governments worldwide are investing in the modernization of their defense and aerospace capabilities, including upgrading existing systems and incorporating advanced technologies. Rapid technological advancements, including artificial intelligence, robotics, and advanced materials, are driving innovation in defense and aerospace systems. Increasing cybersecurity threats and the evolution of modern warfare techniques are fueling the demand for advanced defense systems with robust cybersecurity capabilities. Growing interest in space exploration and the demand for satellite-based communication, navigation, and surveillance systems are driving investments in the aerospace sector. The global satellite manufacturing and launch sales are projected to reach USD 368.5 billion by 2029.

Ceramic Matrix Composites, Segmentation by Type

  • Silicon Carbide Reinforced Silicon Carbide (SIC/SIC)
  • Carbon Reinforced Carbon (C/C)
  • Oxide-Oxide (OX/OX)
  • Silicon Carbide & Carbon (SIC/C)

Amongst these segments, the silicon carbide reinforced silicon carbide (SIC/SIC) segment in ceramic matrix composites market is anticipated to hold a significant share over the forecast period. The aerospace and defense industries are major consumers of SiC/SiC composites due to their lightweight, high-temperature resistance, and excellent mechanical properties. SiC/SiC composites find extensive use in gas turbines for power generation and aviation, where their high-temperature resistance and durability contribute to improved efficiency. SiC/SiC composites are gaining traction in the automotive industry for components such as brake disks and clutches, driven by the need for lightweight materials with high thermal conductivity. Ongoing advancements in manufacturing technologies, including additive manufacturing and precision engineering, are enhancing the scalability and cost-effectiveness of SiC/SiC composites. The global additive manufacturing sales are expected to reach USD 14.81 billion by 2030.

Request for Customization of this Report @ https://www.researchnester.com/customized-reports-5135

Few of the well-known indsutry leaders in the ceramic matrix composites market that are profiled by Research Nester are Siemens Energy, Rolls-Royce, Pratt & Whitney, BASF SE, Hexcel Corporation, CoorsTek Inc., CeramTec GmbH, and other key market players.

Recent Development in the Ceramic Matrix Composites Market

  • As part of the Adaptive Engine Transition Programme (AETP) of the U.S. Air Force, General Electric completed phase 1 testing on its second XA100 adaptive cycle engine. Phase 1 testing was carried out at GE’s Evendale, Ohio, altitude test facility and permitted GE to continue obtaining excellent performance data verifying the engine’s capacity for revolutionary propulsion.
  • In Carlsbad, California, a ceramic matrix composites (CMCs) engineering and development center has opened, according to Pratt & Whitney, a division of Raytheon Technologies Corp.

About Research Nester

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

CONTACT: AJ Daniel Corporate Sales, USA Research Nester Email: [email protected] USA Phone: +1 646 586 9123 Europe Phone: +44 203 608 5919 

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.