Global ceramic composites (CMC) market was valued over USD 1.80 billion in the year 2015. It is anticipated to experience substantial market growth. The product is popular owing to its higher temperature stability as well as low weight and significant strength. These composites are characterized by high thermal stability as well as electrical conductivity, thus are used in thermal management and electronic which requires high efficiency. Ceramic compounds are being utilized by aerospace, defense, thermal management, and electronics to improve performance and bring stability to structures.
In the coming year’s CMC are expected to replace traditional alloys & other metals components as owing to its high thermal stability they can perform with little cooling. Huge demand from the aerospace industry is most likely to drive the ceramic matrix composite market. Cost of ceramic fibers significantly influence the value this product. The production capacity of alumina and silicon carbide are still small in the case of carbon matrix compounds, and the market is dominated by only a few major players in the North America and Europe, unlike carbon fibers whose mass production has brought down the prices positively. The manufacturing process for the product is energy intensive, which is expected to increase the raw material costs, hence raising the overall price of the product.
High product price acts as a restraint and bound their functions to niche application segments. A number of multinational brands are participating and investing in the emerging parts of the world to fulfill the growing need for these products from various applications. GE Aviation, a large marine and jet engines manufacturing company, has invested for the development of these composites to produce aircraft engines. Profitable and efficient processes are expected to standardize the components for sequential production significantly. Also, leading companies in the industry is anticipated to emphasize on the cost efficient process for manufacturing matrix.
Full Research Report On Global Ceramic Composites (CMC) Market Analysis available at: https://www.millioninsights.com/industry-reports/ceramic-matrix-composites-cmc-market
Silicon carbide matrix is a type of composite which has higher oxidation resistance than the traditional carbon matrix composite and has made them popular among the aerospace industry. SiC compounds are anticipated to capture a large share the global market with an estimated demand of 1020.1 kilotons as of 2015.
Oxide matrix composite is the newly developed product, and is characterized by improved properties such as high fracturing toughness, no oxidation, cost effective production process. This is anticipated to propel its market demand in industries such as defense, aerospace, and power & energy application. Oxide matrix segment is most likely to have a speedy growth during the forecast period.
Global aerospace application segment generated a value of USD 773.6 million in 2015. Outstanding properties of the product such as higher temperature stability, excellent thermal shock resistance, greater flexibility, dynamic load resistance is anticipated to propel its demand for the production of aircraft components. CMC’s are characterized by high temperature stability combined with higher oxidation strength and also its ability to survive radiation, makes it favorable for the fission and fusion type nuclear reactors. Thus power, as well as energy segments, are anticipated to be the fastest growing application segment for the product.
Other application segments include defense which is projected to have a significant demand for CMC’s over the forecast period. Impeccable impact strength combined with thermal stability makes them favorable for producing bullet proof armors as well as can be used to provide insulation in small arms weapons.
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North America being the global leader in aerospace & defense sector dominates the global ceramic matrix composite market. Former research & developments activities for making these compounds have contributed the significant growth in this region.
Asia Pacific is expected to emerge as the fastest developing region for the industry. Rising defense and aerospace sector in the area coupled with growing investments in the new nuclear power plant, power stations, etc. is anticipated to drive the market growth. Increase in spending in defense segment for emerging as self-sustained countries by China and India is also one of the reasons for the exponential regional growth. Regarding revenue, Asia Pacific is projected to experience the speedy growth at a projected CAGR of over 14.3% over the forecast period of 2015 to 2024.
Major players in the industry have patented their technology for manufacturing CMC’s, and very few companies borrow the registered technology such as NASA is utilizing technology provided by Pratt & Whitney, used for developing ultra-high bypass ratio which is geared by a turbofan engine. To gain competitive advantages, CMC manufacturers use patented technologies. The key players in the industry includes 3M Company, Applied Thin Films, COI Ceramics, SGL Carbon Company, General Electric Company, Ube Industries, CeramTec International, CoorsTek, Inc., etc.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/advanced-materials
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