Market Size of Ceramic Matrix Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 10.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ceramic Matrix Composites Market Analysis
The Ceramic Matrix Composites Market is projected to register a CAGR of over 10% during the forecast period (2021-2026).
Ceramic Matrix Composites are mostly used in aerospace sector (gas turbines, structural re-entry thermal protection) and energy sector (heat exchangers, fusion reactor walls) owing to its exceptional oxidation and radiation resistance properties. Ceramic Matrix Composites consumption is dominated by Aerospace industry. The outbreak of COVID-19 has affected many industries including aerospace and as well as general economic activities. The implementation of lockdowns across various countries has severly affected the aerospace industry. Whereas the slump in economic activity has affected the development in the establishment of new industries, and expansions, which has a severe impact on consumption of Ceramic Matrix Composites thereby affecting the market studied
- Over the short term,increasing application of ceramic matrix composites in defense sector along with the exceptional performance properties of ceramic matrix composites at very high temperatures are driving the market demand
- On the flip side, higher cost of production as compared to other metals & alloys are estimated to hinder the growth of the market studied.
- North America accounts for the highest share of the ceramic matrix composite market and is expected to witness the highest growth rate during the forecast period
