Forecast to 2021 indicates that compound annual growth rate (CAGR) of high-temperature composite materials market is 8.41%.
The introduction of safety norms in public transport as well as increasing demand for lightweight and high-performance composite materials in the aerospace & defense, transportation, and energy & power applications are key factors responsible for the growth of the high-temperature composite materials market, the experts of MarketsandMarkets inform.
The global high-temperature composite materials market is segmented into matrix type, temperature range, and applications. The high-temperature composite materials market, by matrix type, is further segment into polymer matrix composite (PMC), ceramic matrix composite (CMC), and metal matrix composite (MMC) materials. CMC-based high-temperature composite materials had the largest market size owing to growing demand from applications such as gas turbine engines, engine components, gas turbines, fixed & moving turbine components, suction box covers, hot gas flow liners, heat exchangers, and brake disks of aircraft, automotive, and marine.
The high-temperature composite materials market, by temperature range is segmented into high temperature and ultra-high temperature. The ultra-high-temperature composite materials segment is growing due to high demand from hypersonic aircrafts. The high-temperature range composite materials registered the largest market share owing to increasing demand for high-temperature composite materials from the aerospace & defense application.
The major applications included in the high-temperature composite materials market are aerospace & defense, transportation, energy & power, electronics & electrical, and others. Aerospace & defense constituted a major portion of the high-temperature composite materials market. High growth of the aerospace & defense application is attributed to extensive use in aero-engine and interior components, as they are lightweight, durable, and do not corrode, resulting in reduced maintenance and replacement costs.
North America is expected to be the fastest-growing high-temperature composite materials market in the next five years. The development in infrastructure facilities, investment made by high-temperature composite materials manufacturers, and capacity expansions by various leading players are few factors leading to the growth of the market in this region.U.S. dominated the market of high-temperature composite materials in North America in 2015. Its consumption of high-temperature composites has grown remarkably due to growth in the aerospace & defense and transportation industries.
The high-temperature composite materials market size is rapidly growing, in terms of value. However, relatively poor strength and lack of awareness among end users in developing regions are major restraints to the growth of the high-temperature composite materials market.
Companies such as Royal Ten Cate N.V. (Netherlands), Kyocera Corporation (Japan), and Solvay Group (Belgium) are the dominant market players of the high-temperature composite materials market. They have been adopting various organic and inorganic growth strategies such as joint ventures & agreements and expansion to enhance their share in the high-temperature composite materials market.