Market Trends of Ceramic Matrix Composites Industry
This section covers the major market trends shaping the Ceramic Matrix Composites CMCS Market according to our research experts:
SIC/SIC Ceramic Matrix Composites to Drive the Market Growth
- SiC/SiC ceramic matrix composites are majorly used for in gas turbines and are major alternatives for metallic alloys.
- In the recent years, SiC/SiC ceramic matrix composites application in energy & power industry has been increasing owing to its exceptional oxidation and radiation resistance properties.
- For instance, there are 33 wind farms at various stages of development throughout South Africa, including these two giant projects. The country has more than 1,365 wind turbines generators equaling 3,672 MW installed capacity of which 2,020 MW is fully operational. Also, due to country's national COVID-19 lockdown, the project commenced in March 2020, and construction at this Northern Cape wind farm was halted and picked up pace in May 2020.
- Besides this, exceptional performance properties of these composites at very high temperatures further add to the advantage of using these composites for application in the energy & power sector.
- Owing to such favourable properties, and growing investments in energy and power sector, the demand for SiC/SiC matrix composites is projected to dominate the Ceramic Matrix Composites Market during the forecast period despite of the temporary impact caused by COVID-19.
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North America to Witness the Highest Growth Rate
- North America accounts for the highest share of the global ceramic matrix composites market. Majority of the demand for the ceramic matrix comes from the end-user industries like aerospace & defense, energy, electrical & electronics, etc.
- The aerospace & defense industry of the United States is the largest in the world. It is also the largest exporter of commercial aircrafts.
- The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 by 2037, from 7,397 in 2018. Moreover, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, as the existing fleet has been becoming older.
- Moreover, In November 2020, the Senate was planning an investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in FY 2021. The plan includes an order of 12 F-35As for the Air Force and five F-35Cs for the Navy and Marine Corps, for a total of 96 jets in FY 2021.
- The growing investments in the defense and aerospace sector in the region are contributing to the growth of the ceramic matrix composite market in the country.
- Hence, owing to the above-mentioned trends North America is likely to dominate the Ceramic Matrix Composites Market during the forecast period.
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