Ceramic Matrix Composites Market Trends

Growth Drivers

• Surge in Demand for Automotive 

In 2022, approximately 66 million automobiles were sold worldwide up from 2021 when the sale was about 65 million units. The application for CMC in automotive sector is growing since they offer benefits including weight reduction and improvement in performance. Various automotive components such as brake discs and engine components consist of ceramic matrix composites.

• Rise in the Use of Ceramic Matrix Composites in the Medical Sector  

There has been growing research on the use of ceramic matrix composites in medical instruments such as medical implants, prosthetics, and other devices. The major factors for its growing preference are its biocompatibility and good resistance to bodily conditions.

• Growing Space Exploration Activities   

Between 2017 and 2021, the total number of small satellite launches rose from about 52 to approximately 1,742, representing almost 93 percent of all spacecraft launches. Hence, the market for ceramic matric composite is also slated to rise as this composite provides a heat shield to the spacecraft.

Challenges

• High Cost of Ceramic Matrix Composites - Compared to other metals and alloys that were previously utilized for comparable applications, ceramic matrix composites are priced higher. Ceramic matrix composite pricing is heavily influenced by the cost of ceramic fibers. High manufacturing costs for ceramic fibers for advanced composites are a barrier to their commercialization. Unless there is a big technological advancement, manufacturers anticipate entering the market as a high-risk investment which makes them more likely to lose revenue than gain profits.
• Growing Competition from Alternative Composite
• Stringent Government Regulation