Ceramic Matrix Composites Market Size, Share, Growth Analysis, By Material(Oxide-based CMC and Non-Oxide-based CMC), By End-User(Aerospace and Defense and Energy and Power), By Region - Industry Forecast 2024-2031

Global Ceramic Matrix Composites Market size was valued at USD 4.1 billion in 2022 and is poised to grow from USD 4.62 billion in 2023 to USD 12.03 billion by 2031, growing at a CAGR of 12.7% during the forecast period (2024-2031).

The global market for ceramic matrix composite (CMC) is expected to witness significant growth due to their high-temperature stability, reduced weight, and high strength. These advantageous properties are likely to drive the demand for CMCs. However, the Ceramic Matrix Composites Market growth is hindered by the high cost of ceramic fibers, as they are produced in small quantities compared to carbon fibers, which are used in most metal and polymer composites and benefit from mass production cost advantages. Various industries, including electronics, thermal management, and high-end sports equipment, are adopting Ceramic Matrix Composite to enhance performance, provide greater comfort, and build sturdy structures. The forecast period predicts that ceramic matrix composites will replace traditional alloys and other metal components, as they can operate with minimal or no cooling due to their exceptional heat resistance properties. This is particularly relevant in the aviation industry, which is expected to drive the demand for CMCs.

The United States, being a leading military force and a significant consumer of CMCs, plays a vital role in the market. Moreover, the US Department of Energy's exploration of CMC cladding for fuel rods in light-water nuclear reactors is anticipated to boost CMC demand in the energy and power industry. In North America, the ceramic matrix composite market is expected to grow as key industry players invest in research and development, expand manufacturing capacities, and broaden their product ranges. The demand for silicon carbide fiber reinforced silicon carbide matrix composites (SIC/SIC) has increased due to the rising production and sales of aerospace and defense equipment, particularly fighter planes from the US to emerging countries. Additionally, the implementation of stringent environmental standards emphasizing lightweight and fuel-efficient materials is expected to drive market growth.

Growing investments in the military and aerospace sectors in the region are also contributing to the expansion of the ceramic matrix composites market. As a result of these developments, North America is projected to dominate the market during the forecast period. Despite global disruptions, major players in the Ceramic Matrix Composites industry have maintained their production sites while implementing preventive measures such as social isolation, remote working, and travel restrictions. Countries have also eased limitations on the supply of ceramic matrix composites, allowing for more stable market conditions. To mitigate supply chain risks and ensure uninterrupted operations and product availability, companies must adapt and adjust to the ever-changing global environment.