Latest News- Ceramic Matrix Composites (CMC) Market: Aerospace and defense is expected to lead the Application segment during 2024-2028

The Ceramic Matrix Composites (CMC) Market is being driven by Rising innovations and government funding in aerospace industry

The Ceramic Matrix Composites (CMC) Market is expected to grow at a CAGR of 10.93% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3231.65 million. The global Ceramic Matrix Composites (CMC) market has experienced significant growth due to an increasing number of product launches. These introductions expand the market's offerings, enabling various industries, including aerospace, automotive, energy, and defense, to select CMC solutions tailored to their unique requirements. Product launches frequently coincide with groundbreaking advancements in CMC materials, manufacturing processes, and applications. New offerings provide enhanced performance, superior properties, or cost-effective solutions, fostering innovation and market competitiveness. For instance, in April 2023, SGL Carbon SE announced a strategic partnership with Lancer Systems to deliver ceramic matrix composites for thermal protection systems. This collaboration will focus on the development of advanced CMCs for thermal protection applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Aerospace and defense
  • Automotive
  • Power and energy
  • Others
• Product
  • Oxide
  • Silicon carbide
  • Carbon
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising innovations and government funding in aerospace industry
• Technological advancements in manufacturing processes of CMCs
• Growing demand for energy-efficient systems

However, the market also witnesses some limitations, which are as follows:

• High costs of CMCs
• Lack of standardization in CMCs
• Limited availability of raw materials for manufacturing CMCs

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Market Scope in Ceramic Matrix Composites (CMC) Market Research Report

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Research Analysis Overview

Ceramic Matrix Composites (CMC) are a type of composite material that have gained significant attention in various industries due to their high-performance properties. The CMC market is witnessing robust growth in sectors such as Energy & Power, aerospace, and high-end sports equipment. The energy and power segment, particularly in power plants and gas turbine engines, benefits from CMC's ability to withstand high temperatures and thermal shock. CMCs are made by embedding ceramic fibers, such as silicon carbide, alumina, or mullite, in a ceramic matrix, often made of oxides. Carbon products and steel and iron are common alternatives for the matrix in some applications. Manufacturing processes for CMCs can be complex and expensive, which can impact manufacturing prices. However, the benefits of using CMCs, such as improved fuel efficiency and lightweight materials, make them a worthwhile investment for industries looking to meet environmental standards and reduce their carbon footprint. Axiom Materials, CFM RISE, and McKinsey are some key players in the CMC market. Fiber type and manufacturing processes can significantly impact the final product's properties, leading to material variants. CMCs are used in various applications, including fighter planes, thermal management, and consumer electronics. The renewable energy sector also benefits from CMCs in power plants and fuel cells. As the demand for lightweight materials in electric cars and lightweight automobiles grows, the CMC market is expected to continue its growth trajectory. However, manufacturing defects and material variants can pose challenges to the industry.

Market Research Overview

The Ceramic Matrix Composites (CMC) market is a significant segment of the global specialty chemicals industry, which encompasses businesses specializing in high-value-add chemicals used in the production of a diverse range of products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings (Technavio, 2023). According to Technavio's market analysis, the global specialty chemicals market size is determined by the consolidated revenue of companies producing high-value-added chemicals for various applications. Factors driving the expansion of this market include the increasing demand for specialty adhesives and sealants, which are essential components in numerous industries, including automotive, aerospace, and construction (Technavio, 2023).. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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