Pune, India -- (SBWIRE) -- 04/09/2019 -- The latest report on Ceramic Matrix Composites Market by Infinium Global Research gives complete coverage of the Ceramic Matrix Composites Market by types (carbon-carbon, silicon carbide-silicon carbide, carbon-silicon carbide, oxide - oxide, and others), fiber type (continuous fiber, and short fiber),end user (electricals & electronics, aerospace & defense, energy & power, automotive, and others) in terms of key trends, market size, forecast, Industry Analysis, Trends, Size, Share, Forecasts to 2024 and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Ceramic Matrix Composites such as North America, Europe, Asia-Pacific and Latin America over the short run and long run. The global ceramic matrix composites market is projected to grow at a CAGR of 10.55% over the forecast period of 2018-2024.

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Ceramic Matrix Composites Market: Industry Insight

Ceramic matrix composites are advanced materials designed to improve the toughness of conventional ceramics. These materials have high stiffness, low density, chemical inertness, thermal stability, and operates over a wide range of temperatures. Ceramic matrix composites are particularly used in several end-use industries due to their resistance to high temperature and to environmental effects like corrosion.

Ceramic Matrix Composites Market: Drivers and Restraints

The increasing demand for advanced composite materials for several high-end applications acts as a major driver for the growth of the ceramic matrix composites market. These materials are used for high-end applications such as aerospace, defense, energy, and nuclear industries. Ceramic matrix composites are used in gas turbines to improve turbine efficiency. In the aerospace systems, these materials are used for applications in hot sections of jet engines such as the combustor liner, nozzle components, vanes, nose cones, leading edges of reentry vehicles, and space propulsion components. However, robust fabrication and manufacturing process of these composite materials hampers the growth of the ceramic matrix composites market. Moreover, the emergence of supersonic and hypersonic flight vehicles is anticipated to create a huge demand for advanced ceramic matrix composites over the forecast period.

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Ceramic Matrix Composites Market: Segmentation

The report on the global ceramic matrix composites market is bifurcated into types, fiber type, and end user. Based on types, the markets are further bifurcated into carbon-carbon, silicon carbide-silicon carbide, carbon-silicon carbide, oxide-oxide, and others. Based on fiber type, the markets are further divided into the continuous fiber and short fiber. Based on an end user, the markets are further classified into electrical & electronics, aerospace & defense, energy & power, automotive, and others. Among these end users, aerospace & defense segment held a major market share in the ceramic matrix composites market. Ceramic matrix composites are highly used in the manufacturing of spacecraft, aircraft, and missile structures and engines, as they are lightweight, provide toughness, and have the ability to bear heavy loads.

Ceramic Matrix Composites Market: Regional Insight

North America holds the largest share in the global ceramic matrix composites market. The U.S. is the key country that contributes to the largest revenue in the North America ceramic matrix composites market as it is one of the leading countries in the aerospace and defense sectors. In 2018, the U.S. exported 40.2% of total exported aerospace products. In addition, favorable government funding for U.S. companies that manufacture commercial and military aircraft and other defense equipment contributes to the growth of the ceramic matrix composites market. Furthermore, Asia Pacific is expected to grow at the highest CAGR over the forecast period owing to the growing industrialization as well as the increased production of lightweight vehicles in this region.

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Ceramic Matrix Composites Market: Competitive Analysis

The ceramic matrix composites market is highly fragmented in nature. The major companies in the ceramic matrix composites market include Rolls-Royce plc, SGL GROUP, CeramTec, CoorsTek Inc, Ultramet, COI Ceramics, Inc, UNITED TECHNOLOGIES, Lancer Systems, Applied Thin Films, Inc. and Composites Horizons among others. The companies are investing heavily and expanding their production to gain maximum share in the market. For instance, GE Aviation, an operating unit of GE is expanding two of its CMC manufacturing plants in North Carolina and the company will invest an additional $105 million in the plants.