The adoption of vehicles all across the globe is growing at a rapid pace, which can be attributed to the rising disposable income of people, particularly in emerging economies. Manufacturers have increasingly focusing on increasing the efficiency of vehicles, which is why they are becoming inclined towards making use of lightweight components. The weight of the vehicle is directly related to its efficiency, therefore reduction in the weight of the vehicle can increase fuel efficiency. In addition to this, the adoption of electric vehicles has been rising owing to the surging environmental concerns. These vehicles need to be made with lightweight part for increasing their range and efficiency.
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It is because of these factors that the demand for ceramic matrix composites (CMC) is rising as well. CMCs are designed for improving the tou
ghness of traditional ceramics, the major disadvantage of which is brittleness. These composites are reinforced by either discontinuous fibers or continuous fibers. Because of the advantages of these materials, the global ceramic matrix composites market is projected to generate a revenue of $6,006.1 million by 2024, rising from $1,891.3 million in 2015, and it is expected to progress at a 13.7% CAGR during the forecast period (2016–2024).
Different CMC products are carbon, oxide, and silicon carbide, among which, the demand for silicon carbide was the highest in the past. This is ascribed to the large-scale utilization of these products in several industries, such as electronics, defense, and aerospace. In addition to this, the expansion of these industries in developing countries is further predicted to create rising requirement for silicon carbide. Other than aerospace & defense and electrical and electronics, energy & power industry also makes extensive usage of CMCs. The demand for CMCs is predicted to grow considerably in the near future.
This is because of the wide use of CMCs in burners, furnace hardware, heat exchangers, and nuclear reactors. CMCs are also utilized in the oil & gas industry for wind turbine components and gas components. In addition to this, the surging focus towards the adoption of renewable energy resources is also driving the demand for CMCs. Other than this, the aerospace industry has been the major consumer of CMCs in the past. This is particularly attributed to the benefits of these composites, such as thermal protection. CMCs are utilized in several applications in the aircraft structures, such as wings, fuselage, and empennage.
Due to the extensive usage of CMCs in the aerospace & defense sectors in the U.S., North America is predicted to emerge as the largest ceramic matrix composites market in the years to come. In addition to this, the use of these composites is also growing swiftly in the electronics manufacturing sectors. Apart from this, the consumption of CMCs is also expected to rise considerably in Asia-Pacific, because of the rising energy consumption, increasing investments in space exploration projects, and growing expenditure in the defense sector.
Hence, the demand for CMCs is increasing because of the rising requirement for light weight vehicles.
Get a sample copy of this report: https://www.psmarketresearch.com/market-analysis/ceramic-matrix-composites-market/report-sample
It is because of these factors that the demand for ceramic matrix composites (CMC) is rising as well. CMCs are designed for improving the tou
ghness of traditional ceramics, the major disadvantage of which is brittleness. These composites are reinforced by either discontinuous fibers or continuous fibers. Because of the advantages of these materials, the global ceramic matrix composites market is projected to generate a revenue of $6,006.1 million by 2024, rising from $1,891.3 million in 2015, and it is expected to progress at a 13.7% CAGR during the forecast period (2016–2024).
Different CMC products are carbon, oxide, and silicon carbide, among which, the demand for silicon carbide was the highest in the past. This is ascribed to the large-scale utilization of these products in several industries, such as electronics, defense, and aerospace. In addition to this, the expansion of these industries in developing countries is further predicted to create rising requirement for silicon carbide. Other than aerospace & defense and electrical and electronics, energy & power industry also makes extensive usage of CMCs. The demand for CMCs is predicted to grow considerably in the near future.
This is because of the wide use of CMCs in burners, furnace hardware, heat exchangers, and nuclear reactors. CMCs are also utilized in the oil & gas industry for wind turbine components and gas components. In addition to this, the surging focus towards the adoption of renewable energy resources is also driving the demand for CMCs. Other than this, the aerospace industry has been the major consumer of CMCs in the past. This is particularly attributed to the benefits of these composites, such as thermal protection. CMCs are utilized in several applications in the aircraft structures, such as wings, fuselage, and empennage.
Due to the extensive usage of CMCs in the aerospace & defense sectors in the U.S., North America is predicted to emerge as the largest ceramic matrix composites market in the years to come. In addition to this, the use of these composites is also growing swiftly in the electronics manufacturing sectors. Apart from this, the consumption of CMCs is also expected to rise considerably in Asia-Pacific, because of the rising energy consumption, increasing investments in space exploration projects, and growing expenditure in the defense sector.
Hence, the demand for CMCs is increasing because of the rising requirement for light weight vehicles.
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