The global ceramic matrix composites market is predicted to record growth at a CAGR of 10.50% in terms of revenue. Further, in terms of volume, the market is expected to showcase a CAGR of 11.52% during the forecast period. The rising demands for ceramic matrix composites due to their properties, is propelling the market growth.
The materials that consist of the ceramic matrix in combination with ceramic, and which displays several properties, are known as ceramic matrix composites. The market is evaluated on the basis of several segmentations. Silicon carbide (SIC) has high chemical and thermal stability, high hardness, excellent oxidation, and thus garners the largest demand among the ceramic matrix composites. Continuous fibers display the highest strength and provide and improve reinforcements as compared to other fibers. One of the primary reasons for the rising demands of ceramic matrix composites is its mechanical properties at high temperatures. However, the rising manufacturing costs can hinder the market growth.
The global ceramic matrix composites market is studied on the basis of regional markets of North America, Europe, Asia Pacific, and the Rest of the World. The North American region has the largest market share, and the Asia Pacific region is projected to record the fastest growth during the forecast period. The Asia Pacific is considered to be a conducive market for the manufacturers of ceramic matrix composites owing to lesser costs of manufacturing units and ceramic matrix composites materials.
Many companies are operating in the market and conduct their businesses through joint ventures, which benefit the overall market. Lancer Systems, Rolls-Royce PLC, Ultramet, Composites Horizons, COI Ceramic, Inc., SGL Carbon, 3m Company, General Electric Company, Kyocera Corporation, etc. are some of the major companies in the market.
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