DUBLIN, Aug. 2, 2023 /PRNewswire/ — The “Ceramic Matrix Composites Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-use Industry (Aerospace and Defense, Automotive, Energy and Power, Industrial), and Region – Global Forecasts to 2028” report has been added to ResearchAndMarkets.com’s offering.
The ceramic matrix composites market is projected to grow from USD 11.9 billion in 2022 to USD 21.6 billion by 2028, at a CAGR of 10.5% during the forecast period.
These composites, especially Carbon/SiC ceramic matrix composites, offer a unique combination of high-temperature resistance, lightweight design, and excellent mechanical properties, making them highly desirable for applications in aerospace, automotive, semiconductor, energy, and industrial sectors. The aerospace & defense industry is the largest end-user of ceramic matrix composites, utilizing them in gas turbine engines, exhaust nozzles, missile propulsion systems, and other components requiring high temperature and wear resistance.
Market Dynamics:
The report covers drivers, restraints, opportunities, and challenges in the ceramic matrix composites market. Growing demand in emerging economies, lightweight vehicle requirements, rising demand for lightweight components, and standardization efforts are driving market growth. Higher costs, customization challenges, limited use due to reparability and recyclability, and issues in scaling manufacturing are identified as potential constraints.
Market Overview:
Drivers:
Growing demand for ceramic matrix composites in emerging economies, especially in aerospace and automotive industries.
Increased need for lightweight and fuel-efficient vehicles, driving the adoption of ceramic matrix composites in the automotive sector.
Restraints:
Higher costs compared to other metals and alloys can limit the adoption of ceramic matrix composites in certain applications.
Customization challenges for end products can be a constraint in specific industries.
Opportunities:
Rising demand for lightweight components in various industries creates opportunities for ceramic matrix composites.
Standardization efforts in the ceramic matrix composites market can drive adoption and expand applications.
Challenges:
Limited use due to reparability and recyclability issues may impact certain applications.
Scaling the manufacturing process of ceramic matrix composites presents challenges.
Premium Insights:
The North American market is expected to witness high growth in the ceramic matrix composites market between 2023 and 2028. The region accounts for the largest market share due to significant potential in defense applications, including armor systems and ballistic protection.
The provided market overview gives a snapshot of the ceramic matrix composites market, highlighting its growth trajectory, key drivers, challenges, and opportunities. It helps stakeholders and investors understand the market dynamics and make informed decisions about potential investments and strategies.
For more information about this report visit https://www.researchandmarkets.com/r/intiy4
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SOURCE Research and Markets