Ceramic Matrix Composites (CMC) Market by 2024 : Growth Analysis by Manufacturers, Regions, Types and Demand
Global ceramic matrix composites (CMC) market is projected to reach $6.0 billion by 2024. The high cost of ceramic fibers has greatly influenced the market growth.
Global ceramic matrix composites (CMC) market is projected to reach $6.0 billion by 2024. The high cost of ceramic fibers has greatly influenced the market growth.
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<strong>Ceramic</strong> <strong>Matrix</strong> <strong>Composites</strong> (<strong>CMC</strong>) <strong>Market</strong> <strong>by</strong> <strong>2024</strong>:<br />
<strong>Growth</strong> <strong>Analysis</strong> <strong>by</strong> <strong>Manufacturers</strong>, <strong>Regions</strong>, <strong>Types</strong> <strong>and</strong><br />
Dem<strong>and</strong><br />
The global ceramic matrix composites (<strong>CMC</strong>) market is estimated to account for<br />
$2.2 billion in 2016 <strong>and</strong> is projected to witness a CAGR of 13.74% between 2016 to<br />
<strong>2024</strong>.
Global ceramic matrix composites (<strong>CMC</strong>) market is projected to reach $6.0 billion <strong>by</strong> <strong>2024</strong>.<br />
The high cost of ceramic fibers has greatly influenced the market growth. Unlike the carbon fiber,<br />
which is used in most of the metal <strong>and</strong> polymer composites <strong>and</strong> thus, is produced in bulk, other<br />
ceramic fibers are produced in small quantities, which refrains them from enjoying the cost<br />
benefits of mass production.<br />
<strong>Ceramic</strong> matrix composites production being a high enthalpy process, adds up to the product<br />
cost, which makes it useful in applications such as defense, aerospace, thermal management,<br />
<strong>and</strong> other.<br />
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On the basis of product, the ceramic matrix composites market has been segmented into oxide,<br />
silicon carbide (SiC), carbon, <strong>and</strong> others. SiC matrix composite has been holding the largest<br />
share in the ceramic matrix composites market, with an estimated contribution of over 25% in<br />
2017.<br />
North America is estimated to hold the largest share in the ceramic matrix composites market,<br />
accounting for more than 30% in 2017. This can be attributed to the presence of major aviation<br />
industries, their investment for developing ceramic matrix components for manufacturing aviation<br />
components, <strong>and</strong> private-public partnerships for upgrading defense <strong>and</strong> aerospace equipment.<br />
In Asia-Pacific, the increasing expenditure on defense <strong>and</strong> space exploration projects has fueled<br />
the growth of the ceramic matrix composites market during the forecast period. Also, initiatives<br />
such as ‘Make in India’ have resulted in the growth of the manufacturing sector in this region.<br />
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Some of the major players operating in the global ceramic matrix composites industry are The 3M<br />
Company, Applied Thin Films, Inc., COI <strong>Ceramic</strong>s Inc., General Electric, CoorsTek Inc.,<br />
CeramTec, KYOCERA Corporation, Lancer Systems LP, SGL Carbon SE <strong>and</strong> Starfire Systems<br />
Inc.<br />
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