Ceramic Matrix Composites Market Industry New Revenue Pockets Outlook 2024 & Recent Developments

The ceramic matrix composites market size is projected to grow USD 11.9 billion in 2022 and is projected to reach USD 21.6 billion by 2028, at a CAGR of 10.5% from 2023 to 2028. During the forecast period, the global ceramic matrix composites market is expected to grow in the coming years, driven by increasing demand from various industries such as automotive, and aerospace. The market is also expected to benefit from technological advancements in ceramic matrix composites manufacturing processes, making the material stronger, lighter, and more durable.

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Based on fiber type, Woven fibers are commonly used as reinforcement in ceramic matrix composites (CMCs). In woven ceramic matrix composites, the continuous fibers are arranged in a woven pattern and embedded within a ceramic matrix material. This arrangement provides enhanced mechanical properties and allows for improved load distribution within the composite structure. The woven fiber reinforcement in CMCs provides improved mechanical properties, such as tensile strength, flexural strength, and fracture toughness. The interlocking arrangement of fibers distributes the applied load more effectively, preventing crack propagation and enhancing the overall structural integrity of the composite. The woven fibers segment is expected to register the second-highest share of the ceramic matrix composites market due to the increased use of ceramic matrix composites. For example, Companies such as GE Aviation, BJS Ceramics, MATECH, and NGS Advanced Fibers Co. Ltd., have their in-house weaving process, specifically designed for weaving ceramic fiber tow into the woven form. This commercial use of woven fiber driving the ceramic matrix composites market.

Based on matrix type, The C/SiC segment is expected to have the second largest share of the ceramic matrix composites market in 2022 by value. C/SiC (Carbon/Silicon Carbide) is a common type of Ceramic Matrix Composite (CMC) that utilizes a carbon fiber reinforcement within a silicon carbide matrix. The C/SiC composite combines the high strength and stiffness of carbon fibers with the excellent thermal and chemical properties of silicon carbide. C/SiC composites find applications in high-temperature environments, such as aerospace, defense, and industrial sectors. They are used in components like rocket nozzles, thermal protection systems for spacecraft, gas turbine engine components (e.g., combustor liners, shrouds), and brake systems for high-performance vehicles.

Based on end-use industry, the automotive industry segment is expected to have the second-highest share ceramic matrix composites market in 2022. One of the primary advantages of ceramic matrix composites in the automotive industry is their ability to contribute to lightweighting. ceramic matrix composites are lighter than traditional metal materials, such as steel and aluminum, while still providing high strength and stiffness. By incorporating ceramic matrix composites into vehicle components, automakers can reduce the overall weight of the vehicle, leading to improved fuel efficiency and reduced emissions. ceramic matrix composites can also be employed in structural applications within the automotive industry. For example, ceramic matrix composites can be used in the construction of lightweight body panels, chassis components, and suspension parts. These applications benefit from the high strength-to-weight ratio of ceramic matrix composites, enabling improved performance, fuel efficiency, and handling characteristics. Superior properties of ceramic matrix composites driving the market in automtive industry. 

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Based on Region, Europe was the second largest market for the ceramic matrix composites in 2022, with France being the largest market in the region. The aerospace sector in Europe is a major driver for ceramic matrix composites demand. ceramic matrix composites are increasingly used in aircraft engine components, such as turbine blades and shrouds, to improve fuel efficiency and reduce emissions. European aerospace companies, including Airbus and Rolls-Royce, have been actively investing in ceramic matrix composites technology and incorporating it into their next-generation aircraft engines. The European automotive industry is also exploring the potential of ceramic matrix composites for lightweighting and high-performance applications. ceramic matrix composites can contribute to weight reduction in vehicles, leading to improved fuel efficiency and reduced carbon emissions. Research and development initiatives in Europe are focused on developing ceramic matrix composites for various automotive components, including brake systems, exhaust systems, and engine parts.

Major players operating in the ceramic matrix composites market include General Electric (US), Rolls-Royce PLC (UK), SGL Carbon (Germany), Raytheon Technologies Corporation (US), Axiom Materials Inc. (US), CoorsTek (US), Lancer Systems (US), COI Ceramics (US), Applied Thin Films (US), Ultramet (US), CFC Carbon co., ltd. (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

Recent Developments in Ceramic Matrix Composites Market Industry 

·         In April 2023, SGL Carbon announced a new partnership with Lancer Systems to develop ceramic matrix composites for use in thermal protection systems. The partnership with Lancer Systems will focus on the development of ceramic matrix composites for use in thermal protection systems. Thermal protection systems are used to protect aircraft and spacecraft from the high temperatures generated during atmospheric re-entry. ceramic matrix composites are a promising new material for this application because they can withstand high temperatures and are lightweight.

·         In January 2023, Rolls-Royce signed a Memorandum of Understanding with the University of Sheffield in the UK to collaborate on the development of new ceramic matrix composite materials.

·         In April 2021, NIAR Automated Technologies Laboratory for Aerospace Systems (ATLAS) partnered with Axiom Materials for investigating the automated fiber placement (AFP) of AX-7810-610, a solvent-based ceramic matrix composites prepreg that can be used for high-temperature applications such as engine components. Several material variants were slit using NIAR slitter capable of continuous in-process inspections to investigate the slit-tape quality in order to ensure that the material will process through the AFP system without producing manufacturing defects.

Bright Future Predicted for the Global Automotive Composites Market in the Coming Years

With the new technologies being introduced every day and upgrading of the existing ones, the automotive industry has seen immense growth in the past few years. The rising need for meeting the environmental norms, constant efforts are being made to reduce carbon emissions and lessen down the fuel consumption by reducing the weight of vehicles, keeping the safety requirements in mind. Vehicle weight is an important aspect to enhance the performance of a vehicle. Therefore, these automotive composites help in increasing the fuel economy by a significant margin by reducing the vehicle weight. The automotive composites are majorly used in the manufacturing of vehicles like cars, trolleys, and trucks, which make them around 60% lighter than other materials such as steel or iron, thus helping in maintaining the stiffness and strength. Moreover, they are also corrosion resistant unlike steel, which gets corroded easily.

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One of the major market players such as BMW has been investing actively in production of carbon fiber, along with looking at the options like bonding carbon fiber with lightweight steels in order to reduce the weight without increasing the cost.

According to the researchers at MarketsandMarkets, the global automotive composite market is projected to grow at a CAGR of 8.50% between 2014 and 2019, reaching a value of USD 7,142.37 Million by 2019.

Based on type, carbon fiber composite is the fastest-growing segment, owing to the high demand for chassis & powertrain components application. Among applications, the chassis & powertrain market for automotive composites has huge potential for its expansion, thereby aiding in increasing the consumption for automotive composite. However, exterior components hold the largest market share for automotive composites, and are estimated to be valued at USD 3,555.51 Million by 2019.

Geographical growth scenario of the market

Regionally, Asia-Pacific was the largest market for automotive composite in 2013, with China being the key consumer of automotive composite in this region. This trend is expected to persist over the next few years as well, owing to the rising need for lightweight and fuel-efficient vehicles, leading to the shift in the focus of manufacturers towards automotive composite. In addition, rising urban population especially in countries like China and India is expected to further drive the growth of this market. High disposable incomes and growing standard of living in these countries are also fueling the demand for passenger cars and other vehicles.

Drivers and restraints for the market

The growth of the global market for automotive composites is being primarily driven by the following factors:

• Increasing demand for fuel-efficient vehicles
• Reduced weight and consolidation of parts
• OEMs focusing on complete solution from suppliers
• Joint ventures of OEMs and composite suppliers
• Advancements in technology

Apart from these, strict emission regulations that are leading the OEMs to focus more on composites and reduced cycle speed of manufacturing process are expected to further create an array of growth opportunities for the market.

On the flip side, high costs of composites and issues regarding recyclability are the major factors that are likely to hamper the growth of this market. Moreover, producing low-cost composites, reducing process cycle time, and recyclability are the key challenges being encountered by the leading players in this market.

Major companies and strategies adopted

Toray Industries Inc. (Japan), Owens Corning (U.S.), Johns Manville (U.S.), SGL Group (Germany), Cytec Industries Inc. (U.S.), Koninklijke Ten Cate nv (Netherlands), Nippon Sheet Glass Co., Ltd. (Japan), Jushi Group Co. Ltd. (China), and Teijin Limited (Japan) are the major players operating in the worldwide market for automotive composites. These companies are adopting certain strategies like agreements, partnerships, collaborations, & joint ventures, investments & expansions, new product launches, and mergers & acquisitions in order to maintain their positions in the market as well expand their base across the globe. Among these the strategy of partnerships, agreements, & collaborations is the most popular strategy being implemented by the leading companies.

How to Composites Market Affect on the Different Industry in Future

Major players are adopting investments & expansions as a key strategy to gain market share in Composites Market   

The global market size of composites is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a compound annual growth rate (CAGR) of 7.04% between 2016 and 2021. High demand for composites from aerospace & defense, wind energy, and transportation is the key driver for the composites market.

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The key players in the composites market are Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Owens Corning (U.S.), Toray Industries (Japan), Teijin Limited (Japan), SGL Group (Germany), and so on. These players have adopted various strategies to expand their global presence and increase their market shares. Capacity expansions, product launches, and agreements & partnerships are the major strategies adopted by the market players to achieve growth in the composites market.

Investments & expansions has been the principal strategy adopted by key players for entering the composites market. A number of capacity expansions in the composites market were undertaken by key players such as Hexcel Corporation (U.S.), Toray Industries (Japan), Teijin Limited (Japan), and PPG Industries (U.S.) to strengthen their market position; for instance, Toray Composites, Inc. expanded its production facility in Pierce County in September 2015 to add significant prepreg capacity to its existing facility for meeting the demand growth in Boeing and other aircraft applications. Hexcel Corporation (U.S.) established a new manufacturing facility in Casablanca, Morocco in January 2016 to cater to the increasing demand for core structure, which involves the production of honeycomb materials, especially, for the aerospace structures.

A substantial number of novel product launches were announced and commercialized between 2012 and 2016 in the composites market. Owens Corning (U.S.) announced maximum number of product launches during this period. The products launched by Owens Corning included PulStrand 4100, multi-end roving under the brand Paneluxe, HydroStrand 258 glass-fiber chopped strands for polyamide (PA) resins, glass fiber products under the brand Advantex ME1975 and Advantex ME1510, and others. This has enabled Owens Corning to expand its market presence in automotive, pipes, and sheet molding applications.

Composites manufacturers worldwide are also considering agreements & partnerships with other key players to broaden their market and explore new opportunities in the composites market; for instance, Cytec-Solvay Group (U.S.) has signed a distribution agreement with Bang & Bonsomer Group (Finland) for distribution of process materials products in Lithuania, Estonia, Latvia, and Finland. Another major composites manufacturer, Huntsman Corporation (U.S.) entered into a distribution agreement with GMZ Inc. (U.S.) for distribution of advanced materials epoxy resins and specialty components products in Midwestern U.S., which includes Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Wisconsin.