Valuing $2.2 billion in 2016, the ceramic matrix composites (CMC) market is predicted to grow to $6.0 billion by 2024, witnessing a CAGR of 13.7% during the period, 2016–2024. The major factor driving the market is the rising demand for ceramic matrix composites from the defense as well as aerospace industry. CMCs comprise ceramic fibers that are embedded in a ceramic matrix, giving rise to a ceramic-reinforced material. These composites are used in various industries, such as electronics, automotive, aerospace, and defense.

The increasing use of CMCs in manufacturing automotive components as well as space vehicles is trending in the ceramic matrix composites market. As fuel consumption by a vehicle is directly proportional to its weight, and the surge in both aspects results in increased pollution, the need for lightweight vehicles is rising. CMCs are also being used in the construction of aircraft, rockets, and space launch vehicles, to create more durable, fuel-efficient, and lightweight structures. Further, the mandates by the European Commission and other governments are encouraging the use of low-carbon-emission vehicles.

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The CMC market is progressing due to the rising popularity of these materials for manufacturing combat vehicle components. CMCs are abrasion-resistant, corrosion-resistant, and lightweight, and can withstand high temperatures, thereby resulting in increased consumption for manufacturing engines, missile radomes, and armor. Many ceramic materials allow certain energies, such as light, to pass through them, due to which they are utilized in manufacturing sensors, multi-spectral windows, and infrared domes. General Electric Company, in January 2014, partnered with Nippon Carbon Company and Safran SA to manufacture silicon carbide continuous fiber for aircraft engine components.

The segments of the ceramic matrix composites market are region, application, and product. Based on application, the market is primarily categorized into electrical & electronics, aerospace, energy & power, and defense. In 2015, the highest volume share in the market was held by the aerospace application. This application was expected to hold more than 15.0% of the market value share in 2017. This was credited to the ability of CMCs to offer excellent impact resistance, high tensile strength, superior hardness, and heat and abrasion resistance, which made them a popular choice among defense equipment as well as aerospace manufacturers.

The major divisions of the ceramic matrix composites market based on product are carbon, oxides, and silicon carbide (SiC). During 2014–2015, the highest volume share was accounted for by the SiC division. Owing to the wide-application of such CMCs across various industries, such as electronics, defense, and automotive, the SiC product division was predicted to accumulated more than 25.0% market value share in 2017. Silicon carbide is a unique chemical compound containing silicon and carbon.

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Based on region, the classifications of the ceramic matrix composites market are Middle East & Africa, North America, Asia-Pacific, Central and South America, and Europe. In 2015, the largest volume share of the market was held by the North American region, which, in the forecast period (2017–2024), is expected to continue leading the market. This can be ascribed to the well-established aerospace industry in the region, which is one of the biggest consumers of these materials.

Hence, the market for CMCs is expected to flourish remarkably in the forecast period due to its increasing demand across various sectors, mainly aerospace and automotive, for manufacturing superior-quality products.