Global Ceramic Matrix Composites Market Size Growing at a CAGR of 9.1% from 2019-2026

The Global Ceramic Matrix Composites Market was valued at USD 8.1 billion in 2018 and is expected to reach USD 20.7 billion in 2026, growing at a CAGR of 9.1% from 2019 to 2026.

According to the European Automobile Manufacturers Association (EAMA), in 2018, automobile manufacturers allocated a major share of the resources on developing lightweight automotive components. It is anticipated that this investment will reflect in the growing demand for ceramic matrix composites over the forecast period.

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The rising investments in the aerospace & defense sector which are coupled with increased demand for efficient power transmission equipment are the main drivers for the market growth of the global ceramic matrix composites market over the forecast period. Moreover, the adoption of low-cost manufacturing technologies in developing countries is expected to enhance market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.

However, high cost compared to conventional materials is one of the factors which is expected to hamper the growth of the global ceramic matrix composites market during the forecast period. Moreover, the lack of standardization is the prime challenge in the global ceramic matrix composites market throughout the forecast period.

Key Findings:

• Based on matrix type, the oxide/oxide ceramic matrix composites segment is expected to dominate the market with nearly 32% share in the global ceramic matrix composites market in 2018
• Based on end-use industry, the automotive segment accounts of the largest share in the market and held for more than 26% of the total market in 2018.
• North America accounted for nearly 37% share of the global ceramic matrix composites market in 2018

Recent News:

• In July 2019, Chevrolet has showcased 2020 Corvette C8 which employed ceramic matrix composites in manufacturing.
• In March 2018, General Electric made an announcement of opening manufacturing two facilities in North Carolina, entirely dedicated to produce ceramic matrix composites.