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Global Ceramic Matrix Composites Market to Reach $7.5 Billion by 2030: Demand for CMCs Is High in North America due to Expanding Energy & Power Sector
Global Ceramic Matrix Composites Market
Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Global Ceramic Matrix Composites Market Size and Share Analysis Report by Product, Application - Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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 the report.
Companies Mentioned
3M
COI Ceramics Inc.
General Electric Company
CeramTec GmbH
Lancer Systems LP
SGL Carbon SE
CoorsTek Inc.
Rolls-Royce Holdings PLC
Axiom Materials Inc.
Raytheon Technologies Corporation
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.
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.
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.
Report Metrics:
Report Attribute | Details |
No. of Pages | 210 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $3090 Million |
Forecasted Market Value (USD) by 2030 | $7596 Million |
Compound Annual Growth Rate | 11.9% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1. Research Scope
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
6.1. Market Dynamics
6.1.1. Trends
6.1.2. Drivers
6.1.3. Restraints/challenges
6.1.4. Impact analysis of drivers/restraints
6.2. Impact of COVID-19
6.3. Porter's Five Forces Analysis
6.3.1. Bargaining power of buyers
6.3.2. Bargaining power of suppliers
6.3.3. Threat of new entrants
6.3.4. Intensity of rivalry
6.3.5. Threat of substitutes
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Product (2017-2030)
7.3. Market Revenue, by Application (2017-2030)
7.4. Market Revenue, by Region (2017-2030)
Chapter 8. North America Market
Chapter 9. Europe Market
Chapter 10. APAC Market
Chapter 11. LATAM Market
Chapter 12. MEA Market
Chapter 13. U.S. Market
Chapter 14. Canada Market
Chapter 15. Germany Market
Chapter 16. France Market
Chapter 17. U.K. Market
Chapter 18. Italy Market
Chapter 19. Spain Market
Chapter 20. Japan Market
Chapter 21. China Market
Chapter 22. India Market
Chapter 23. Australia Market
Chapter 24. South Korea Market
Chapter 25. Brazil Market
Chapter 26. Mexico Market
Chapter 27. Saudi Arabia Market
Chapter 28. South Africa Market
Chapter 29. Competitive Landscape
Chapter 30. Company Profiles
Chapter 31. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/f7y34q
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