Market Trends of Ceramic Matrix Composites Industry
SIC/SIC Ceramic Matrix Composites to Drive the Market Growth
- SiC/SiC ceramic matrix composites are used mainly in gas turbines and are significant alternatives for metallic alloys.
- In recent years, the application of SiC/SiC ceramic matrix composites in the energy and power industry has increased owing to their exceptional oxidation and radiation resistance properties.
- According to the US Energy Information Administration (EIA), utility-scale electricity generation facilities in the United States produced approximately 4,178 billion kilowatt-hours (kWh) of electricity in 2023. Fossil fuels, including coal, natural gas, and petroleum, accounted for 60% of this total. Nuclear energy contributed 19%, while renewable sources made up the remaining 21%.
- According to Bangladesh's Sustainable and Renewable Energy Development Authority (SREDA), the country's total installed power capacity is 26,007 megawatts (MW), consisting of 1,768 MW of coal power plants, 11,476 MW of gas power plants, and 1,183.71 MW of renewable sources.
- According to the International Trade Administration (ITA), the demand for electricity in Bangladesh is projected to reach 50,000 megawatts (MW) by 2041.
- Besides this, the exceptional performance properties of these composites at very high temperatures further add to the advantage of being used for applications in the energy and power sector.
- Owing to such favorable properties and growing investments in the energy and power sector, the demand for SiC/SiC matrix composites is projected to dominate the ceramic matrix composites market during the forecast period.
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North America to Witness the Highest Growth Rate
- North America accounts for the highest share of the global ceramic matrix composites market. The majority of the demand for ceramic matrices comes from end-user industries such as aerospace and defense, energy, and electrical and electronics.
- The US aerospace and defense industry is the largest in the world. It is also the largest exporter of commercial aircraft.
- According to the Federal Aviation Administration (FAA), boosted by the sharp recovery in demand for air travel and cargo, the number of aircraft in the commercial fleet grew by 0.2% during 2022-2023. Additionally, US airline enplanements are estimated to grow by 2.4% per year over the next 20 years to USD 1.32 trillion in 2044 compared to USD 922 billion in 2023, with the US mainline jet fleet to grow from 4,832 in 2023 to 6,894 in 2044.
- The total number of commercial aircraft is forecasted to increase from 6,852 in 2022 to 10,286 in 2043, with an average annual growth rate of 2.0% annually. Between 2022 and 2043, the number of jets in the mainline carrier fleet is forecasted to grow from 3,915 to 5,925, a net average of 96 aircraft annually. The cargo carrier’s large jet aircraft fleet is forecast to increase from 935 in 2022 to 1,974 in 2043.
- According to the Aerospace Industries Association of Canada (AIAC), the aerospace sector contributed CAD 27 billion to the country’s GDP, and the Canadian aerospace manufacturing industry exported nearly CAD 18.7 billion.
- Growing investments in the region's defense and aerospace sectors are contributing to the growth of the country's ceramic matrix composite market.
- Hence, owing to the above-mentioned trends, North America is likely to dominate the ceramic matrix composites market during the forecast period.
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