Ceramic Matrix Composites Market - By Matrix Material (Oxide-Based CMCs, Non-Oxide-Based CMCs), By Fiber Type (Continuous Fiber, Discontinuous/SiC Whisker, By End-Use (Aerospace & Defense, Automotive, Energy & Power, Industrial) & Forecast, 2023 - 2032

Ceramic Matrix Composites Market - By Matrix Material (Oxide-Based CMCs, Non-Oxide-Based CMCs), By Fiber Type (Continuous Fiber, Discontinuous/SiC Whisker, By End-Use (Aerospace & Defense, Automotive, Energy & Power, Industrial) & Forecast, 2023 - 2032

Ceramic Matrix Composites Market size is poised to record 10.3% CAGR from 2023-2032, driven by the rising research activities for developing new compositions with enhanced properties to cater to different end-user industries. To cite an instance, in July 2021, Raytheon Technologies Corp.’s division Pratt & Whitney established a new ceramic matrix composites (CMCs) engineering & development unit in Carlsbad, California solely dedicated for uses in aerospace applications.

Of late, there have been increasing innovations for extending the range of applications of CMCs whilst improving thermal conductivity and fracture toughness. The hefty R&D investments from both established companies and startups along with the surging commercialization efforts will also characterize the market growth.

The overall industry is segmented into matrix material, fiber type, end-use, and region.

In terms of matrix material, the industry share from the oxide-based CMCs segment may record robust CAGR from 2023 to 2032. The growth can be attributed to their increasing adoption in the aerospace, defense, energy, and biomedical fields to offer versatility and adaptability. Oxide-based Ceramic matrix composites are relatively lightweight and deliver good mechanical properties, including high strength, stiffness, and toughness compared to traditional materials like metals. Rising penetration in chemical processing and high-temperature applications will also prove favorable for the product demand.

Based on end-use, the CMC market value from the automotive segment is expected to expand exponentially from 2023-2032 owing to the pressing need to reduce the vehicle weight, improve fuel efficiency and limit emissions. Ceramic matrix composites are found suitable for high-performance brake components as they possess high thermal conductivity and excellent heat resistance. Strong ability to enhance braking efficiency and longevity will add to the segment expansion.

Regionally, the Asia Pacific ceramic matrix composites industry is projected to witness robust growth through 2032 due to the rapid sales of automobiles along with the rising ceramic additive manufacturing in the region. With the robust expansion of the energy sector, especially gas turbines and power generation systems, CMCs have garnered significant demand for withstanding high temperatures and harsh operating conditions. The growing government initiatives and funding for supporting advanced materials research will also contribute to the product development and commercialization in the region.