The use of ceramic matrix composites is increasing due to its useful properties such as light weight, non-corrosiveness, and high mechanical strength at high temperature. The ceramic matrix composites market size is estimated to be USD 9.4 billion in 2019 and is expected to reach USD 23.3 billion by 2029, at a CAGR of 9.5% between 2019 and 2029. The increasing use of ceramic matrix composites in the aerospace & defense and energy & power industries is bolstering the market growth, globally.
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Based on matrix material used, the market for ceramic matrix composites is segment as C/C, C/SiC, oxide/oxide, and SiC/SiC matrix composites. Oxide/oxide ceramic matrix composites dominated the overall ceramic matrix composites market in 2018, in terms of volume. This is due to the high demand for oxide/oxide ceramic matrix composites in aerospace, industrial, and automotive applications. In the aerospace & defense industry, it is largely used to make aerospace hot exhaust structures and turbine engine components. In the industrial sector, these composites are used in furnace doors, slide plates, and sintering aids, among others.
The ceramic matrix composite is divided into five end-use industries, such as aerospace & defense, automotive, energy & power, industrial, and others. The aerospace & defense end-use industry is expected to witness the highest growth in the coming years. The demand for lightweight, high-strength, high-temperature stability, non-corrosive, and environmentally-friendly materials is expected to boost the market for ceramic matrix composites in various end-use industries.
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North America is one of the leading ceramic matrix composites markets. The growing demand from aerospace & defense, automotive, and industrial sectors is driving the market in the region. The North American region has the presence of ceramic matrix composites manufacturers and aerospace & defense component manufacturers. The US accounted for a major share of the global ceramic matrix composites market and is expected to register significant growth during the forecast period. The increasing aircraft production and space missions are expected to drive the demand for ceramic matrix composites in the US. The US-based General Electric Company invested USD 105 million to construct two ceramic matrix composites manufacturing plant in North Carolina, US.
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