陶瓷基复合材料深度报告：火炼金身陶作甲，入穹为翼轻如燕

Industry Investment Rating - The report maintains an Overweight rating for the defense and military industry, specifically focusing on ceramic matrix composites (CMC) [1] Core Viewpoints - CMC as the Next-Generation High-Temperature Material: CMC exhibits excellent properties such as high-temperature resistance, lightweight, and superior mechanical performance, making it the preferred choice for high-temperature applications in aerospace, nuclear energy, and rail transportation [1][14] - Domestic Industry Entering Rapid Growth Phase: China's CMC industry is transitioning from small-scale applications to large-scale production, particularly in aerospace and defense sectors [2][3] - Market Size Projection: The domestic CMC market is expected to reach 10 billion RMB by 2030, driven by increasing demand in aerospace and defense sectors [3] Industry Development and Applications - Performance Advantages: CMC outperforms traditional materials like high-temperature alloys, with a service temperature range of 1150-2000°C, and weight reduction of 30-50% compared to high-temperature alloy components [1][17] - Global vs Domestic Progress: While the US and France lead in CMC industrialization, China has made significant strides in aerospace applications, with CMC components being used in the C919 aircraft [1][26] - Key Applications: CMC is widely used in aerospace engines, thermal protection structures, and nuclear energy components due to its high-temperature resistance and lightweight properties [14][17][26] Technological Advancements - Fiber Development: SiC fibers are a key focus, with China making progress in second and third-generation SiC fiber industrialization [33][34] - Preparation and Processing: Techniques like CVI, PIP, and MI are widely used for non-oxide CMC, while slurry infiltration and sol-gel methods are preferred for oxide CMC [21][48][51] - Environmental Barrier Coatings (EBC): EBCs are critical for protecting CMC components in harsh environments, with ongoing research to improve their temperature resistance up to 1650°C [45][46] Market and Industry Players - Upstream and Midstream Companies: Key players include Huoju Electronics, Huagin Technology, and Xi'an Xinyao, which are driving the industrialization of CMC in China [4][5] - Downstream Demand: Aerospace and defense sectors dominate CMC applications, accounting for 60% of the market in 2023 [3] - Global Market: The global CMC market was valued at 77.5 billion RMB in 2023, with China being the fastest-growing region [10]