Ceramic Matrix Composites Global Market Report 2024

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%. Historical growth can be credited to several factors, including a rising demand for consumer electronics, robust economic expansion in emerging markets, an increase in disposable income, and a heightened 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%. Forecasted growth is due to increased demand for lightweight automobiles, rising interest in electric vehicles, growing usage of ceramic matrix composites in portable electronic devices, and heightened demand within the medical industry. Key trends include technological advancements, partnerships, 3D printing adoption, innovation, intensified R&D activities, and manufacturing focus on geopolymer matrix composites.

The growth of the ceramic matrix composites market is significantly influenced by the high demand for lightweight automobiles worldwide. The automotive industry's increasing preference for lightweight materials, particularly in the context of rising demand for electric vehicles, has led to a shift towards lightweight composite materials as alternatives to heavier steel and iron in vehicle construction. According to McKinsey, the automotive industry is projected to augment the use of lightweight materials by 30 to 70% by the year 2030. This shift towards lightweight construction to meet automotive industry demands is expected to drive the ceramic matrix composites market.

The growing demand for electric vehicles is another positive factor impacting the ceramic matrix composites market. Ceramic matrix composites find increased usage in hybrid vehicles, especially due to their unique characteristics and behavior. These composites demonstrate significant potential for applications in electric and hybrid vehicles, offering advantages such as weight reduction, fuel savings, and extended driving range for electric vehicles before recharging. According to the International Energy Agency (IEA), the annual Global Electric Vehicle Outlook 2022 reported a doubling of electric car sales, reaching a record 6.6 million units in 2021. China alone accounted for nearly half of the global total, with electric car sales tripling to 3.3 million. The surge in demand for electric vehicles is expected to be a key driver for the growth of the ceramic matrix composites market.

The ceramic matrix composites market is experiencing a prominent trend driven by technological advancements. Manufacturers of ceramic matrix composites are increasingly emphasizing the adoption of advanced technologies, particularly in the manufacturing of aero-engine composites. These advancements aim to achieve higher fuel efficiency in engines and reduce CO2 emissions. A notable example is the collaboration between GE Aviation, a US-based aircraft engine manufacturer, and Safran S.A., a France-based aircraft engine manufacturer. In June 2021, they initiated the CFM RISE (Revolutionary Innovation for Sustainable Engines) program, with the ambitious goal of achieving a fuel efficiency increase of more than 20% over current engines. The technology development program includes a comprehensive roadmap that encompasses heat-resistant metal alloys, ceramic matrix composites (CMC), and composite fan blades. While composites are not explicitly mentioned, their inclusion in the roadmap highlights their crucial role in the development of future engines.

The launch of new products, especially in fabric industries and other sectors, represents a significant milestone in expanding the market adoption of ceramic matrix composites. Companies in the ceramic matrix composite sector are strategically focused on creating innovative solutions to enhance their market position. A case in point is Axiom Materials, a US-based manufacturer of composite materials. In February 2021, Axiom Materials introduced an innovative product line of Oxide-Oxide CMC surfacing films under the trade name CerFace. Specifically designed for ultra-high-temperature CMC components, CerFace AX-8810 serves as a surfacing film to improve the exterior finish of these components. This innovation aims to lower production costs and extend the lifespan of the parts.

In January 2022, JGC Holdings Corporation, a Japan-based engineering company, acquired ceramic composite products from Showa Denko Materials Co., Ltd. The undisclosed transaction was aimed at enhancing JGC Holdings' existing portfolio by integrating SDMC's products, focusing on high-density silicon carbide ceramics, alumina ceramics, and zirconia-toughened alumina ceramics. These materials are crucial in applications such as coolant pump seals for automotive engines, demanding precise positioning. Showa Denko Materials Co., Ltd. is a Japanese company known for its expertise in material technology, specializing in the development and commercialization of chemical products across various industries.

Major companies operating in the ceramic matrix composites market report are 3M Company, General Electric Company, CeramTec GmbH, Coorstek, Inc., Kyocera Corporation, Ube Industries Ltd., SGL Carbon Company, Rolls-Royce PLC, Applied Thin Films Inc., Ultramet, CFC Carbon Co. Ltd., Karbon composites & Technology Co Ltd., Neo Carbon Fiber, China Composites Group Corp Ltd., DJT Carbon Co Ltd., ZhongAo Carbon, Tasuns Composite Technology, Zhejiang Xinchor Technology Co Ltd., HangFung Technology, Sichuan Chang Yang Composites Company Limited, ShenZhen RuiTai Carbon, Dongguan Roche Industrial Co. Ltd., Safran, Cemacon, Ceramica S.A, COI Ceramics,, Axiom Materials Inc., Raytheon Technologies, Lancer Systems, United Technologies.

North America will be the largest region in the ceramic matrix composites market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ceramic matrix composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ceramic matrix composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Key types of ceramic matrix composites include oxide/oxide, carbon/silicon carbide, carbon/carbon, and silicon carbide/silicon carbide. These composites are categorized as short fiber, long continuous fiber, and whiskers. Various production methods such as powder dispersion, reactive melt infiltration, polymer impregnation, and pyrolysis, gaseous infiltration, chemical vapor infiltration, sol-gel, among others, are utilized. These advanced materials find applications across industries such as aerospace and defense, automotive, transportation, energy, electrical and electronic, and others.

The ceramic matrix composites research report is one of a series of new reports that provides Ceramic matrix composites statistics, including Ceramic matrix composites industry global market size, regional shares, competitors with Ceramic matrix share, detailed Ceramic matrix composites segments, market trends and opportunities, and any further data you may need to thrive in the Ceramic matrix industry. This Ceramic matrix composites research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ceramic matrix composites market consists of sales of alumina, mullite, polymer matrix composites, ceramic matrix composites, and metal matrix composites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.