Market Leader - Ceramic Matrix Composites Market
The ceramic matrix composites market size is estimated to be USD 8.8 billion in 2021 and is expected to reach USD 25.0 billion by 2031, at a CAGR of 11.0% between 2021 and 2031. The increasing demand for ceramic matrix composites in developing countries, especially in APAC (such as China, India, Singapore, and Thailand), will drive market growth. The developing countries are adopting fuel-efficient aircraft engines, which are ceramic matrix composite based. Apart from this, the ceramic matrix is used in other aircraft engine parts like nozzles, combustor liners, blades, and shrouds. The increased fuel efficiency leads to a reduction in the operational cost of the aircraft. The high economic growth in these countries, along with high urbanization, industrialization, and increased standards of living, also plays a very crucial role in the adoption of fuel-efficient cost-cutting machinery.
Apart from the aerospace sector, ceramic matrix composites are also being used in the oil & gas, chemical processing, and power generation industries. The development and usage of oxide ceramic matrix composites as a substitute to the more expensive silicon carbide composites lead to reduced costs as well. The Next -Generation Nuclear Power (NGNP) plants prefer ceramic matrix composites due to their properties such as low thermal expansion, resistance to degradation from irradiation, and excellent retention of mechanical properties at elevated temperatures. Many defense applications such as sensor protection, multi-spectral windows, and infrared domes are driving the growth of the market as well. The expected growth of the commercial aircraft gas turbine engine market can also increase the need for ceramic matrix composites in developing countries.
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The major ceramic matrix composites manufacturers are General Electric Company (US), Rolls-Royce (UK), Axiom Materials, Inc. (US), SGL Carbon (Germany), United Technologies (US), CoorsTek Inc. (US), COI Ceramics Inc. (US), Lancer Systems (US), Applied Thin Films Inc. (US), Ultramet (US), and Fiber Materials Inc. (US). The important strategies include investment & expansion, partnership, new product launch, and acquisition between 2016-2021.
General Electric Company is a well-established company in the global ceramic matrix composites market. It is constantly engaged in providing high-grade ceramic matrix composites. As a part of its growth strategy, it is highly focused on investment & expansion. For instance, in 2018, the company invested USD 105 million to construct two ceramic matric composites manufacturing plants in North Carolina, one in Asheville and one in West Jefferson.
Rolls-Royce is a major manufacturer and producer of ceramic matrix composites. The company is mainly focused on new partnerships and expansion as its major growth strategies. In 2016, the company invested USD 30 million for expanding its production of ceramic matrix composites materials and processes in South California. It helps the company in developing lighter and stronger fibers for aircraft. In November 2020, Rolls-Royce started the manufacturing of worlds largest fan blades, made with composites. These blades are for its UltraFan demonstrator engine. Through these strategies, Rolls-Royce would be able to increase its market share and maintain a huge customer base in the ceramic matrix composites market.
Related Reports:
Ceramic Matrix Composites Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), and Region - Global Forecast to 2031
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