North America Ceramic Matrix Composites Market is expected to reach up to 10 billion USD by 2028 with a CAGR of over 8% in the outlook period 2023-2028
Manufacturers deem it vital to reduce the weight of automobiles to achieve higher efficiency. This has been one of the most focussed aspects in the automobile industry and a lot of research and development has gone into reducing the weight of vehicles. The investment which 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 growing need to reduce weight and improve efficiency is driving the demand for ceramic matrix composites in North America.
Several companies have restricted the usage of ceramic matrix composites to a limited number of applications because of the expenses associated with raw materials, fabrication, and inspection in comparison to monolithic ceramics and other conventional elements. Therefore, this high cost is acting as a serious threat to the expansion of the North American ceramic matrix composites market.
North America Ceramic Matrix Composites Market-On the Basis of Type
North America Ceramic Matrix Composites Market-On the Basis of End-Use
The aerospace and defense sector in North America accounted for a prominent share of this market due to huge funding and investments. These sectors have been consistently developing better technologies to improve the Industry overall. The aerospace industry has triggered a huge demand for ceramic matrix composites.
North America is considered the largest and the rapidly developing market for ceramic matrix composites. This is majorly due to the fact that a large number of manufacturers are present in this area which gives it an edge over its European and Asian counterparts. A lot of investment has been made into Research and development activities and environmental regulations are expected to drive the market further in the North American region.
Key Players
North America, especially the USA is badly plagued by the COVID-19 virus during the major parts of 2021. Amidst this USA has prepared them for the search for the vaccine. 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 due to the lockdown in states led to delays of raw materials, which pushed aircraft and automobile companies to function at reduced or sometimes at no capacities. This has led to a reduction in demand for Ceramic Matrix Composites, but the market is expected to recover from 2021 onwards.
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