Desirable Properties to Propel Ceramic Matrix Composite Demand through 2023
North America will account for the highest market share for ceramic matrix composites throughout the forecast period.
The global ceramic matrix composites (CMCs) market is projected to grow by almost $2.1 billion from 2019-2023, representing a CAGR of nearly 10%, according to a report available from TechNavio. The growth of the aerospace industry is one of the critical factors that will drive CMC market growth in the coming years. The aviation industry is growing because of increasing passenger and cargo traffic from countries such as the U.S., the UK, Japan, Ireland, India, China, and Germany. CMCs are used in the gas turbine engines of aircraft, as well as various engines components such as nozzles, combustor liners, blades and shrouds. In high- and low-pressure engine zones, manufacturers use CMCs over nickel alloys due to their better performance and durability.
Growing investments in the defense sector will also positively influence the adoption of CMCs, especially in the manufacture of military aircraft and helicopter engine components. The application of CMCs in military aircraft boosts fuel efficiency, minimizes maintenance costs, and helps in improving power-to-weight ratio. CMCs are also being used to upgrade existing engines.
North America will account for the highest market share throughout the forecast period. The introduction of new military aircraft is one of the major factors driving the growth of the CMC market in this region.
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