Portland, OR, June 29, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global SiC fiber market generated $0.38 billion in 2020, and is estimated to witness $1.47 billion by 2028, manifesting a CAGR of 18.6% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Rise in demand from the aerospace market and surge in consumption for energy & power components drive the growth of the global SiC fiber market. However, reduced utilization of non-essential goods during the Covid-19 pandemic hinders the market growth. Contrarily, demand for non-oxide SiC fibers presents new opportunities in the coming years.
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Covid-19 Scenario:
- The demand for silicon carbide (SiC) fibers has been lowered considerably from the aerospace & defense sector. As per the U.S. Aerospace & Defense Industry (A&D), there has been an immense loss of nearly $150,000 million for the defense sector in the U.S. amid the COVID-19 situation.
- There has been a disruption in the supply chain as more than 100 countries locked their international borders for transportation and non-essential trade activities.
- The demand for electricity across the globe decreased by nearly 2.5% in the first quarter of 2020, according to the International Finance Corporation. In addition, it decreased by nearly 6% by the end of 2020, due to shutdowns imposed in the various parts of the world. This impacted the demand for SiC fibers in the power sector as they are widely used in various high-temperature applications.
The research offers detailed segmentation of the global SiC fiber market based on phase, application, and region.
Based on phase, the crystalline segment accounted for the highest market share, accounting for nearly three-fifths of the total share in 2020, and is projected to maintain its lead position during the forecast period. However, the amorphous segment is estimated to witness the highest CAGR of 19.3% from 2021 to 2028.
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Based on application, the aerospace & defense segment contributed to the largest market share in 2019, holding more than two-fifths of the global SiC fiber market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to manifest the fastest CAGR of 19.2% from 2021 to 2028.
Based on region, North America held the largest market share in 2020, accounting for more than half of the total market share, and is expected to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is projected to portray the largest CAGR of 21.5% during the forecast period.
Leading players of the global SiC fiber market analyzed in the research include American Elements, Free Form Fibers LLC, BJS Ceramics GmbH, Haydale Technologies Inc., GE Aviation, Nippon Carbon Co., Ltd., NGS Advanced Fibers Co., Ltd., SGL Carbon SE, Saint Gobain, and UBE Industries Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.