Global Ceramic Matrix Composites (CMC) Market 2019-2023 | 10% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Oct 10, 2019--
The ceramic matrix composites market size is expected to post a CAGR of close to 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global ceramic matrix composites (CMC) market 2019-2023. (Graphic: Business Wire)
The growth of the aerospace industry is expected to boost the growth of the ceramic matrix composites market. The increase in passenger traffic and cargo from countries such as Japan, Ireland, China, India, the US, the UK, and Germany, along with the economic growth and tourism are fueling the growth of the global aviation industry. This is leading to a significant increase in demand for ceramic matrix composites as they are used in the gas turbine engines of aircraft. They are also extensively used in the production of various other components such as combustor liners, blade, nozzles, and shrouds.
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As per Technavio, the rising investment in the defense industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Ceramic Matrix Composites Market: Rising Investment in the Defense Industry
Several governments around the world have started increasing their defense expenditure owing to the resurgence of global security threats. The terror attacks and bombings across the world have prompted countries to invest more in defense. This is resulting in the increasing adoption of new military aircraft and helicopters, which in turn is leading to an increase in demand for CMC for the production of engine components. Thus, the rising investment in defense from countries such as the US, Russia, China, Saudi Arabia, India, Japan, and France is expected to drive the CMC market growth during the forecast period.
“Apart from the rising investment in defense industry, other factors such as the growth of the renewables industry, and the increase in R&D activities will have a positive impact on the ceramic matrix composites market growth during the forecast period, ” says a senior analyst at Technavio.
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Ceramic Matrix Composites Market: Segmentation Analysis
This market research report segments the ceramic matrix composites market by application (aerospace and defense, automotive, power and energy, and others) and geographical regions (APAC, Europe, North America, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, MEA and South America respectively. The dominance of North America can be attributed to factors such as the increase in demand for CMC from aerospace and defense, and energy and power applications, and the introduction of new military aircraft.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 10/10/2019 09:30 PM/DISC: 10/10/2019 09:30 PM