From $1,891.3 million in 2015, the ceramic matrix composites market size is projected to witness a 13.7% CAGR during forecast period, to reach $6,006.1 million by 2024. The key factors driving product sales include the rising usage of lightweight composites in aircraft manufacturing and surging demand for CMCs in the defense sector. These materials consist of a ceramic matrix with ceramic fibers embedded in it. Their biggest advantages are high-temperature functionality, resistance to wear and tear, high stiffness, and corrosion resistance.
The application segment is categorized into aerospace, defense, electrical & electronics, energy & power, and others. The aerospace category generated the highest revenue and registered the highest sales volume in 2015. This is attributed to CMCs’ high importance for the fans of jet engines and blades of helicopter rotors. The market is set to grow the most rapidly in the energy & power category during the forecast period because of the surging usage of CMCs in the manufacturing of the blades of gas and wind turbines and a few other components.
Lightweight vehicles are trending in the ceramic matrix composites market because of the global outcry for mitigating pollution and climate change. According to the U.S. Department of Energy, a reduction in the weight of a vehicle by 10% can raise its fuel efficiency by 8%. Moreover, the replacement of steel and iron automobile components with those made of aluminum alloys, polymer composites, magnesium alloys, and carbon fiber can lead to a massive 50% reduction in the vehicle weight and, in turn, in considerable fuel savings.
However, the biggest driver for the growth of the ceramic matrix composites market presently is the rising usage of these materials in the aerospace sector. With the booming air travel activities, both internationally and domestically, aircraft sales are burgeoning around the world. This is credited to the dramatic rise being witnessed in the number of business travelers and holidaymakers. As a result, the demand for CMCs for the production of high-speed machine parts, helicopter rotor blade sleeves, power transmission lines, and jet engine fans is increasing.
Presently, North America dominates the ceramic matrix composites market because it is the largest aerospace and defense producer in the world. Moreover, the U.S. is also the largest buyer of defense equipment and one of the largest buyers of commercial aircraft for public and personal usage. As of May 2019, the largest airlines in the world by fleet size were American Airlines, United Airlines, Delta Air Lines, FedEx Express, and Southwest Airlines, all based in the U.S. Similarly, with over 13,00 aircraft of all types, the U.S. Air Force (USAF) is the largest on earth.
Hence, with the burgeoning aerospace, defense, and automotive production, the market will reach new heights.
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