The Europe Ceramic Matrix Composites Market is foreseen to grow to 5 billion USD by 2028 with a CAGR of over 10.8% in the outlook period of 2023-2028
Drivers and Restraints of Europe Ceramic Matrix Composites Market
Manufacturers deem it vital to reduce the weight of automobiles to achieve higher efficiency. This has been one of the most focused aspects of the automobile industry and a lot of research and development has gone into decreasing the weight of vehicles. The investment that is put into this will help counter the effect of growing fuel prices and reduce carbon emissions. Also, high tensile strength and high-temperature resistance reduce the use of cooling air in automobile engines, which further results in improved efficiency. Luxury and sports car manufacturers prefer to use ceramic matrix composites in their engine components as they prove to be strong, lighter, and can withstand very high temperatures compared to conventional materials. This rising need for lightweight and improved efficiency is stimulating the call for ceramic matrix composites across Europe. The imminent takeover of electric vehicles in the Automobile sector is also another factor. Electric vehicles are increasing the demand for lightweight materials compared to conventional metals and alloys.
The wear and tear of the ceramic matrix components is very difficult to diagnose. Internal failures possess the risk of catastrophic results which is a very high risk in terms of global application. This is one of the critical reasons why the regional market has not reached its full potential yet.
Oxide-Oxide
C/ SiC
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Industrial
Aerospace & Defense
Automotive
Energy and Power
The energy and Power sector is one of the largest sectors in Europe. A lot of investment has been made to promote renewable and clean energy. The wind power sector in Europe is one of the best in the world in terms of technology and innovations. The demand for Ceramic matrix composites has been increasing in the wind power sector, especially in the Scandinavian countries where wind power is the primary source of energy. The automotive industry is also triggering demand for lightweight materials for the chassis and it has contributed to the growth of the composites market in the European region.
Germany is the largest market for the automotive sector in Europe, with the introduction of electric vehicles, the demand for Ceramic Matrix Composites has increased and German industries have been producing the units in high quantity.
Europe was badly plagued by the COVID-19 virus during the major parts of 2021. It has negatively affected the demand for Ceramic Matrix Composites across various end-use industries such as aerospace & defense, automotive & transportation, wind energy, construction & infrastructure, and pipes & tanks. The disruption in the supply chain resulted in delays or non-arrival of raw materials and disrupted financial flows. The situation got better in mid-2021 and production units started running at the usual capacities. The primary aim for the companies is to break even the losses incurred during the pandemic and aim for better growth.
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