Ceramic Matrix Composites Market to Surpass $7 Billion by 2026
The ceramic matrix composites (CMC) market is projected to reach $ 7.51 billion by 2026.
The ceramic matrix composites (CMC) market is projected to reach $ 7.51 billion by 2026, growing at a compound annual growth rate (CAGR) of 9.65% from 2016 to 2026, according to a recent report from Markets and Markets. The demand for lightweight and high-performance CMCs in automotive, aerospace, and defense applications reportedly will be propelled by regulations emphasizing the use of lightweight and fuel-efficient materials.
The carbon/carbon (C/C) CMC segment has the largest market share and is projected to grow at the highest CAGR. There is a high demand for C/C CMCs for wide-body commercial aircrafts. C/C CMCs are also considered a good material for braking systems in the aerospace and automotive industries due to their low weight, high friction, and temperature-resisting properties. The mass production of CMCs using carbon fiber reportedly leads to lower prices of C/C CMCs, which also makes them a popular commercial choice over other matrix composites.
Due to their high strength and light weight, CMCs are used to make exterior aerospace and defense components, such as exhaust nozzles, nose caps, and engines. Major companies operating in the CMC market are reportedly expanding their production facilities to meet the increasing demand for CMCs from aircraft manufacturers.
North America accounted for the largest share globally of the CMC market in 2015. The growth of the CMC market in this region is driven mainly by the growing aerospace and defense industries, low interest rates, the presence of established CMC players, and stringent environmental regulations emphasizing the use of lightweight and fuel-efficient materials. Major industry leaders in the CMC market have announced significant investments for construction of new manufacturing facilities to develop next-generation gas turbine engines to meet the demand for greater fuel efficiency in aviation propulsion.
For more information, visit www.marketsandmarkets.com.