The global ceramic matrix composites (CMC) market is anticipated to reach at USD 6.0 billion by 2024, says the findings of a report published by Grand View Research, Inc. Ceramic matrix composites find many uses in thermal management applications, where weight to strength ratio and high efficiency are required, due to their excellent thermal stability and electrical conductivity. These composites have highest the demand from energy and power, defense, and aerospace industries. In addition, CMCs have enhanced stability at higher temperatures and are much lighter than the traditional alloys; this makes them a perfect choice. All these factors are anticipated to propel the global CMC market over the forecast period (from 2015 to 2024).
On the other hand, high costs may restrain the applications of CMCs in niche sectors. However, maximum demand from the aerospace and defense segment is predicted to boost the global market growth over the coming years. Furthermore, a lot of international companies are increasingly focusing on regional developments to meet the escalating demand for these composites from various applications. This factor is also predicted to augment the growth of the overall CMC market during the forecast period. Moreover, the various product and technological developments by key players for cost-effective production of these composites are also expected to propel the industry expansion in near future.
Full Research Report On CMC Market Analysis: https://www.grandviewresearch.com/industry-analysis/global-ceramic-matrix-composites-market
U.S. Ceramic Matrix Composites (CMC) Market Revenue By Product, 2014-2024 (USD Million)
The global ceramic matrix composites (CMC) market is categorized as per product type, application or end user, and region. On the basis of product type, the market is further categorized as oxides, carbon, Silicon Carbide (SiC), and others. On the basis of end user, the market is segregated as aerospace, defense, electrical & electronics, energy and power, and others. On the basis of geographies, the market is divided into Europe, North America, Middle East and Africa (MEA), Asia Pacific, and Central and South America.
The North America region dominated the worldwide market and accounted a demand share of 44.6% in 2015. This growth was a result of the region’s high penetration in defense and aerospace industries. Other factor responsible for the expansion includes rise in research and development activities for new production methods. Asia Pacific is predicted to be the fastest-growing regional market for ceramic matrix composites. Major factors behind the substantial growth of the region are rapidly expanding defense and aerospace industries, increased expenditure on nuclear power plants, and availability of new and advanced power stations. This regional market is projected to have the fastest growth with a CAGR of 14.3% during the forecast years.
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Some of the top companies in the worldwide ceramic matrix composites (CMC) market are General Electric Company; Applied Thin Films, Inc.; The 3M Company; Ube Industries, Ltd.; and COI Ceramics, Inc. Some of the key market players have their patented technologies for the production of CMC, which are used by other industry players. For example, NASA uses Pratt & Whitney’s patented technology for manufacturing turbofan engines with ultra high bypass ratio.
In the recent past, GE Aviations opened a new CMC facility in Alabama. The new facility will be manufacturing silicon carbide materials used for the production of ceramic matrix composites, for LEAP and GE aircraft engines. The new center consists of two adjacent factories on 100 acres. One of these factories will be producing SiC ceramic fiber to create unidirectional CMC tape, which will be manufactured in other factory. The produced ceramic matrix composite tape will be used to manufacture CMC components for use in land-based gas turbines and jet engines.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/ceramic-matrix-composites-market
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