Know What Research Analyst Has Predicted About Ceramic Matrix Composites Market

The global ceramic matrix composites market size will grow by USD 2.08 billion during 2019-2023. The report offers an analysis of the market based on application (aerospace and defense, automotive, power and energy, and others). 

Global CMC industry overview

The growth of the aerospace industry is one of the critical reasons that will drive ceramic matrix composites market growth in the coming years. The aviation industry is growing because of the increase in passenger traffic and cargo from countries such as the US, the UK, Japan, Ireland, India, China, and Germany and the expansion of economy and tourism. This is resulting in an increased demand for ceramic matrix composites as they are extensively used in gas turbine engines of aircraft. They are also used in the production of various components in aircraft engines such as nozzles, combustor liners, blade, and shrouds. In high-pressure and low-pressure engine zones, manufacturers use CMC over nickel alloys due to their better performance and durability. The expected growth of the commercial aircraft gas turbine engine market will subsequently increase the need for ceramic matrix composites in the coming years.

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Also, growing investments in the defense sector will positively influence the adoption of CMC especially in the manufacture of military aircraft and helicopter engine components. The application of CMC in military aircraft boosts fuel efficiency, minimizes maintenance costs, and helps in achieving power-to-weight ratio. CMCs are also being used to upgrade existing engines, which will further increase the demand for CMC form the defense industry. This will drive ceramic matrix composites market growth at a CAGR of almost 10% during the forecast period.

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Technavio Joined: September 19th, 2019