Ceramic Matrix Composites Market Size, Share, Growth And Analysis...

Ceramic Matrix Composites Market Size, Share, Growth And Analysis Report, 2030

Posted 2024-10-01 10:19:50

The global ceramic matrix composites market size was estimated at USD 3.40 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 12.8% from 2023 to 2030.

High-temperature stability in addition to reduced weight and high strength is expected to propel the growth. The chemical industry had an unanticipated turning point in the first half of 2020. These businesses, which were already coping with complicated long-term patterns, saw the combined consequences of the COVID-19-related economic crisis and the oil price crash. The global pandemic has significantly influenced the market.

Additionally, the high cost of ceramic fibers has greatly influenced market growth. Unlike carbon fiber, which is used in most metal and polymer composites and, thus, is produced in bulk, other ceramic fibers are produced in small quantities which refrains them from the cost benefits of mass production.

Gather more insights about the market drivers, restrains and growth of the Ceramic Matrix Composites Market

Ceramic Matrix Composites Market Report Highlights

• Oxides product segment accounted for a market share of 31.1% in 2022, owing to its properties such as high-temperature stability in addition to reduced weight and high strength

• The aerospace application segment dominated the market in 2022 and is estimated to generate revenue of USD 3.76 billion by 2030, owing to lightweight and rigid materials for various applications, where material weight plays a crucial role in the performance

• The market in the Asia-Pacific is anticipated to expand at a CAGR of 13.4% from 2023 to 2030 on account of rising energy demands and the developing aerospace industry

• The U.S. market is forecast to boom during the forecast period and reach a value of USD 3.65 billion in 2030. The growth is attributed to the rising investments by companies in developing ceramic matrix components and collaborating with government agencies for upgrading defense systems

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