Ceramic Matrix Composites Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Ceramic Matrix Composites Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, December 12, 2023 /EINPresswire.com/ — The global ceramic matrix composites market is experiencing a strategic segmentation, categorizing its diverse landscape based on types, categories, production methods, and end-use industries. Currently valued at $12.41 billion in 2022, the market is projected to reach $13.64 billion in 2023, boasting a substantial compound annual growth rate (CAGR) of 9.9%. This upward trajectory is expected to continue, with the market size forecasted to surge to $20.24 billion by 2027, growing at a CAGR of 10.4%.
Driving Growth: High Demand for Lightweight Automobiles Worldwide
One of the primary drivers propelling the ceramic matrix composites market forward is the global demand for lightweight automobiles. The market is witnessing increased traction due to automakers shifting their focus to lightweight composite materials, replacing traditional, heavier materials like steel and iron in vehicles. The surge in demand for lightweight electric vehicles, coupled with the automotive industry’s anticipated increase in the use of lightweight materials by 30 to 70% by 2030, as predicted by McKinsey, further underscores the significant role ceramic matrix composites play in shaping the future of automotive manufacturing.
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Key Players Driving Innovation and Market Dynamics
Major players at the forefront of the ceramic matrix composites market include industry giants such as General Electric Company, Rolls-Royce, SGL Carbon, Axiom Materials Inc., United Technologies, 3M Company, COI Ceramics, Lancer Systems, CoorsTek, Applied Thin Films, Ultramet, CFC Carbon Co. Ltd., UBE Industries Ltd., Kyocera Corporation, Speciality Materials Inc., and Safran. These players are instrumental in shaping the market dynamics through technological advancements and strategic initiatives.
Trend Watch: Strategic Collaborations and Partnerships
A notable trend gaining prominence in the ceramic matrix composites market is the surge in strategic collaborations and partnerships among key industry players. These collaborations are geared towards fostering innovative technologies and developing groundbreaking products, enabling market players to sustain and strengthen their positions. A case in point is the merger between United Technologies Corporation and Raytheon Company in April 2020. This strategic partnership, involving a U.S.-based conglomerate and a defense contractor, underscores the industry’s commitment to innovation and market consolidation.
Regional Dynamics: North America Leading, with Robust Growth Expected
As of 2022, North America stands as the largest region in the ceramic matrix composites market. The region is poised to maintain its dominance, driven by continuous technological advancements and a strong focus on innovation. Additionally, North America is expected to be the fastest-growing region in the forecast period, solidifying its position as a key contributor to the global market. The comprehensive market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa, offering detailed insights into regional dynamics, market trends, and growth opportunities.
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Ceramic Matrix Composites Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Ceramic Matrix Composites Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on ceramic matrix composites market size, ceramic matrix composites market drivers and ceramic matrix composites market trends, ceramic matrix composites market major players, ceramic matrix composites market competitors’ revenues, market positioning, and market growth across geographies. The ceramic matrix composites market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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