Ceramic Matrix Composites Market (By Product: Oxides, Silicon Carbide, Carbon, Others; By Application: Aerospace, Defense, Energy & Power, Electrical & Electronics, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

The global ceramic matrix composites market size was valued at USD 4.01 billion in 2023 and is anticipated to reach around USD 13.46 billion by 2033, expanding at a CAGR of 12.87% from 2024 to 2033.

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Ceramic Matrix Composites Market Key Takeaways

• The North America ceramic matrix composites market size reached USD 1.88 billion in 2023 and is expected to attain around USD 6.33 billion by 2033.
• North America led the market with the major market share of 47% in 2023.
• Asia Pacific is observed to expand at a rapid pace during the forecast period.
• By product, the oxides segment has contributed more than 31% of market share in 2023.
• By product, the silicon carbide segment is expected to grow at a notable CAGE of 12.84% during the forecast period.
• By application, the aerospace segment has held the largest share of 43% in 2023.

Ceramic Matrix Composites Market Size in U.S. 2024 to 2033

The U.S. ceramic matrix composites market size surpassed USD 1.41 billion in 2023 and is expected to be worth around USD 4.74 billion by 2033 at a CAGR of 12.89% from 2024 to 2033.

North America held the dominant share of the ceramic matrix composites market in 2023. The region is observed to witness prolific growth during the forecast period. The growth of the region is attributed to the presence of prominent aviation market players, increasing demand for ceramic matrix components for manufacturing aviation components, and increasing government investment in defense equipment. Moreover, the major demand for the ceramic matrix is driven by robust growth of the end-user industries such as aerospace, energy, defense, electrical & electronics, and others. Thereby dominating the market in the North American region.

The United States is the major contributor to the market owing to the rapid advancement in technology across various sectors. The country has the largest aerospace & defense industry in the world and is also one of the largest exporters of commercial aircraft.

Asia Pacific is observed to expand at a rapid pace during the forecast period. The rapid pace of industrialization, increasing government investment in the defense sector, and increasing demand for fuel-efficient aircraft engines are likely to propel the market’s growth to reduce operational costs. Additionally, the adoption of technology led to a surge in aerospace production, which is anticipated to fuel the demand for ceramic matrix composites in the region. Moreover, governments in countries such as China and India support the production of materials with various incentives for manufacturers.

• Indian Prime Minister Narendra Modi opened the largest Boeing aerospace engineering plant outside of the US in Bengaluru in January 2024. A ₹1,600 crore investment was made to build the state-of-the-art Boeing India Engineering and Technology Center (BIETC). Situated on a 43-acre complex, it is the largest investment made by the American aerospace major outside of the United States. According to Boeing, the BIETC will serve as a pillar for collaboration with India on cutting-edge goods and services for the world's defense and aerospace industries.

Ceramic Matrix Composites Market Size in Asia Pacific 2023 to 2033

The Asia Pacific ceramic matrix composites market size was calculated at USD 800 million in 2023 and is projected to expand around USD 2,690 million by 2033, poised to grow at a CAGR of 12.88% from 2024 to 2033.

Ceramic Matrix Composites Market Overview

The behavior of ceramic matrix composites (CMCs) differs from that of traditional ceramics. Even in hot conditions, CMCs can maintain a comparatively high mechanical strength. They provide very good mechanical, thermal, dimensional, and chemical stability together with exceptional rigidity. Unlike conventional ceramic materials, they are usually not brittle. They can withstand dynamic loadings with great effectiveness and have excellent corrosion resistance even at high temperatures. The three most alluring qualities of CMCs—their extreme lightweight, durability, and temperature tolerance—are what draw people to them.

Ceramic matrix composites are widely used in the aerospace sector and energy sector. As they can operate at elevated temperatures, they can reduce cooling requirements in some applications. The reduction in cooling requirements means that components can operate more efficiently in applications such as jet engines. When used in power turbines, Ceramic matrix composites (CMCs) can reduce the electricity cost. In addition, as they are lightweight, they can achieve better fuel efficiency and, in turn, less pollution.

Ceramic Matrix Composites Market Trends

• A&D exports increased by 4.4 percent to $104.8 billion in 2022, according to a research released by the Aerospace Industries Association (AIA). The top five countries to which U.S. exports of A&D went in 2022 were Brazil, the United Kingdom, France, Canada, and Germany.
• The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), With an estimated 2.9 million passengers boarding more than 45,000 flights daily in the U.S.
• According to the data provided by the Boeing Commercial Market Outlook 2021-2040, North America will require 9,160 new airplane deliveries by the end of 2040, and airline fleet growth in North America is expected to be 1.7 percent between 2019 and 2040.
• The sales revenues of the American A&D industry increased 6.7% in 2022 compared to 2021, reaching USD 952 billion. In the United States, the A&D sector produced $418 billion in economic value, or 1.65% of the nominal GDP, which is almost 7% more than in 2021.

Ceramic Matrix Composites Market Growth Factors

• The high-temperature stability coupled with reduced weight and high strength is likely to promote the ceramic matrix composites market’s growth in the upcoming years.
• The rapid rise in the demand from aerospace, automotive, electrical & electronics, and energy & power industries is expected to propel the market’s expansion during the forecast period.
• Increasing investment in the defence and aerospace sector are anticipated to boost market demand during the forecast period.
• The market demand for ceramic matrix composites is primarily driven by rise in vehicle manufacturing. Automobile industry actively seeks to reduce carbon emissions, vehicle weight, and rising focus on fuel efficiency while maintaining vehicle performance and safety.
• The rapid advancement in technology across various industries especially aerospace and defence industries is expected to fuel the ceramic matrix composites market’s growth.

Ceramic Matrix Composites Market Scope

Ceramic Matrix Composites Market Dynamics

Driver: Expansion of end-users

The increasing application of ceramic matrix composites is expected to boost the growth of the ceramic matrix composites market in the upcoming years. Ceramic matrix composites is widely used in energy, defense, and aerospace sector. Ceramic matrix composites possess exceptional performance properties at very high temperatures. Ceramic matrix composites are widely being used in the aerospace sector for structural re-entry thermal protection, gas turbines, and energy sector for heat exchangers, fusion reactor walls owing to its superior oxidation and radiation resistance properties. Such supportive factors are driving the growth of the market during the forecast period.

Restraint: High cost of ceramic matrix composites

The high cost associated with the ceramic matrix composites acts as a major restraint for the ceramic matrix composites market. The manufacturing process for ceramic matrix composites is complex and labor-intensive, involving multiple steps such as fiber reinforcement, matrix deposition, densification, and finishing. These processes often require specialized equipment, skilled labor, and stringent quality control measures, all of which add to the production costs. Additionally, the low yield rates and scrap rates associated with ceramic matrix composites manufacturing further contribute to the overall cost of producing ceramic matrix composites components.

Opportunity: Increasing demand for lightweight and fuel-efficient automobiles

The growing demand for lightweight and fuel-efficient automobiles is projected to offer a lucrative opportunity for the growth of the ceramic matrix composites market during the forecast period. Global pollution has become a major concern. To reduce pollution, several governments around the world are promoting the use of fuel-efficient automobiles, which produce fewer emissions. It is important for manufacturers in the automobile industry to reduce the weight of their vehicles in order to achieve greater efficiency. Ceramic matrix composites are used in engines, exhaust systems, and brake systems, which can improve vehicle performance. The use of ceramic matrix composites can reduce pollution, enhance efficiency, reduce fuel costs and build lightweight automobiles. Thereby, driving the market’s growth.

Product Insights

The oxides segment dominated the ceramic matrix composites market in 2023; the segment is observed to grow at a significant rate during the forecast period. Oxide-based ceramic matrix composites demonstrate superior oxidation resistance compared to other types of ceramic matrix composites. This property is critical for applications where exposure to oxygen-rich environments can lead to material degradation over time. By resisting oxidation, oxide-based ceramic matrix composites ensure long-term durability and reliability in demanding environments. Oxide-based ceramic matrix composites have desirable mechanical properties and high strength. These materials have the capability to withstand mechanical stresses and enhance fracture resistance, making them ideal for structural components in aerospace, defense and industrial sectors.

The silicon carbide segment is observed to grow at a significant rate during the forecast period in the ceramic matrix composites market. Silicon carbide is observed to be an ideal thermal conductor and can be considered in multiple applications where temperature rises. Moreover, excellent chemical properties possessed by silicon carbide act as a potential factor for the application of the same in the industry.

Application Insights

In terms of market share for ceramic matrix composites, the aerospace sector led the pack in 2023. Ceramic matrix composites are appropriate for both fusion and fission applications due to their high temperature stability, increased oxidation resistance, and radiation resistance. Because of their high heat conductivity, they are also utilized in electronic circuits. Additional uses that are anticipated to propel the market include ceramics for fuel cells, LEDs, artificial teeth, and laser diodes. The aircraft sector finds ceramic matric composites to be suitable due to their environmental durability. These materials have the capacity to maintain spaceship velocity while using the same quantity of fuel. Although not all lightweight ceramic matrix composite materials are well suited for use in aerospace

In the ceramic matrix composites market, it is anticipated that the defense segment would grow at a significant rate throughout the forecast period. Demand in the aerospace market is expected to be driven throughout the projected period by customers' growing desire for manufacturing noses, rudders, fins, leading edges, body flaps, hot structures, tiles, and panels for aircraft. These composites' exceptional impact strength and high hardness make them ideal for use in the construction of armor and insulation for small arms weapons platforms. Because most ceramic materials are transparent to specific forms of light, energy, etc., they are frequently utilized for multi-spectral windows, sensor protection, and infrared domes.

Ceramic Matrix Composites Market Recent Developments

• In April 2022, Kyocera Corporation plans to develop its largest factory in Japan, expanding the production of organic semiconductor packages and crystal device packages. Kagoshima Governor Koichi Shiota, Satsumasendai Mayor Ryoji Tanaka, and Kyocera executives signed on April 20, 2022. Kagoshima's Sendai Plant Campus will begin construction next month.
• In April 2022, Ube Industries, Ltd. has just announced the introduction of a new brand tagline, which is "Transform Tomorrow Today." Along with the transition to a new management structure centered on the chemicals industry and the change of the trade name to UBE Corporation dated April 1, 2022, the company has also adopted a new slogan to accompany these developments.

Ceramic Matrix Composites Market Companies

• Axiom Materials Inc.
• 3M Company
• COI Ceramics, Inc.
• Coorstek, Inc.
• General Electric Company
• Kyocera Corporation
• Lancer Systems LP
• Ultramet, Inc.
• Ube Industries, Ltd.
• Applied Thin Films, Inc.
• CeramTec
• Kyocera Corporation
• Lancer Systems LP
• Rolls-Royce Plc
• SGL Carbon Company
• Starfire Systems, Inc.

Segments Covered in the Report

By Product

• Oxides
• Silicon Carbide
• Carbon
• Others

By Application

• Aerospace
• Defense
• Energy & Power
• Electrical & Electronics
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa