Pune, India, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The global silicon carbide fibers market size was USD 501.9 million in 2021. The market is projected to grow from USD 572.8 million in 2022 to USD 3,758.4 million by 2029, exhibiting a CAGR of 30.8% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Silicon Carbide Fibers Market, 2022-2029.”
COVID-19 Impacts:
Supply Chain Errors in the Aerospace Sector have Decreased the Consumption of Silicon Carbide Fibers
The COVID-19 pandemic-related government restrictions that disrupted the aerospace industry had a substantial impact on the market. Containment, disruptions in the supply chain, and a freeze in consumer activities were all brought on by this pandemic. Due to a serious lack of educated and skilled workers, aircraft manufacturers were compelled to close their plants, and as a result, aircraft manufacturing remained suspended.
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List of Key Players Mentioned in the Report:
- NGS Advanced Fibers Co., Ltd. (Japan)
- Specialty Materials (U.S.)
- UBE Corporation (Japan)
- American Elements (U.S.)
- Nanoshel LLC (U.S.)
- NINGXIA ANTELI CARBON MATERIAL CO. LTD (China)
- Suzhou Saifei Group Ltd. (China)
- Haydale Graphene Industries Plc (U.K.)
- Matech (U.S.)
- BJS Ceramics GmbH (Germany)
- SkySpring Nanomaterials, Inc. (U.S.)
Segments:
Continuous Segment to Dominate Market Due to High Demand from the Nuclear Power Generation Industry
Based on form, the market is segmented into continuous, woven, and others. The continuous segment accounted for the leading silicon carbide fibers market share and is anticipated to continue its dominance during the forecast timeframe.
Composites Segment to Lead Due to its ability to Withstand Extreme Adverse Conditions
By usage, the market is bifurcated into composites and non-composites. The composites segment is estimated to grow at the highest growth rate during 2022-2029.
Aerospace & Defense Segment Held Dominant Share Owing to Increased Product Application Areas
Based on application, the market is segmented into aerospace & defense, energy & power, industrial, and others. The aerospace segment held the highest silicon carbide fibers market price in 2021.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
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Report Coverage:
The report offers a detailed study of the silicon carbide fibers market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the silicon carbide fibers market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Drivers and Restraints:
Surging Demand for Ceramic Metric Composites from Numerous Industries to Fuel Product Consumption
The rising adoption of silicon carbide-based fibers in CERAMIC MATRIX COMPOSITES (CMCs) will flourish the silicon carbide fibers market application growth during the forecast timeframe. The growth is attributed to beneficial characteristics such as superior thermal resistance and high mechanical strength. Additionally, SiC fiber offers excellent properties, including corrosion resistance, oxidation resistance, adjustable resistivity, and low density, making it an ideal reinforcement in CMCs and incomparable to other inorganic fibers.
Regional Insights:
North America to Dominate Supported by Advancing Technology
In North America, the market for silicon carbide fibers was worth USD 276.8 million in 2021. Market expansion in North America has been supported by quickening industrialization and rising SiC fiber technology.
The increasing demand for the product in Europe is related to the continent's rapid industrialization. In industries, such as preheaters, radiant tubes, and recuperators, which are also utilized in industrial machinery, the demand for SiC-based goods has grown quickly.
Due to their superior strength and temperature resistance, continuous fibers are increasing in demand in energy and power applications, which is mostly responsible for the market growth in the Asia Pacific region.
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Competitive Landscape:
Important Contracts Signed by Key Players to Transform Market
The key players frequently use a variety of strategies to boost product demand and silicon carbide fibers market forecast expansion. Signing multimillion-dollar contracts with governmental organizations and making a profit for their own corporation are two noteworthy techniques to increase the business prospect.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Silicon Carbide Fibers Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Silicon Carbide Fibers Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Form (Value and Volume)
- Continuous
- Woven
- Others
- By Usage (Value and Volume)
- Composites
- Non-Composites
- By Application (Value and Volume)
- Aerospace & Defense
- Energy & Power
- Industrial
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Rest of World
TOC Continued…!
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Key Industry Development:
July 2021: In order to scale-up its one-of-a-kind, patented silicon-carbide-fiber (SiC fiber) manufacturing technique to a commercial level, BJS Ceramics GmbH received EU funding for its silicon-carbide-fiber pilot-production in Europe (SPE)-Project.
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