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.