SiC Fiber Market to Reach $1.47 Bn, Globally, by 2028 at 18.6% CAGR: Allied Market Research
Increase in demand from the aerospace market and surge in consumption for energy & power components fuel the growth of the global SiC fiber market
PORTLAND, Ore., Jan. 31, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "SiC Fiber Market by Phase (Crystalline and Amorphous) and Application (Aerospace & Defense, Energy & Power, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global SiC fiber industry was estimated at $0.38 billion in 2020, and is anticipated to hit $1.47 billion by 2028, registering a CAGR of 18.6% from 2021 to 2028.
Drivers, restraints, and opportunities-
Increase in demand from the aerospace market and surge in consumption for energy & power components fuel the growth of the global SiC fiber market. On the other hand, reduced utilization of non-essential goods during the Covid-19 pandemic impedes the growth. Nevertheless, rising demand for non-oxide SiC fibers would create new opportunities in the industry.
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COVID-19 scenario-
- There's been a declined demand for SiC fibers 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 United States during the pandemic.
- Disruptions in the supply chain due to restrictions imposed on international borders for transportation of non-essential trade activities. Impacted the global SiC fiber market negatively.
The crystalline segment to dominate by 2028-
By phase, the crystalline segment held the major share in 2020, holding nearly three-fifths of the global market, and is estimated to maintain the lion's share during the forecast period. This is attributed to properties of crystalline SiC fiber such as high thermal resistance, high modulus, chemical stability, and high strength. At the same time, the amorphous segment would cite the fastest CAGR of 19.3% from 2021 to 2028, due to rise in utilization of amorphous-based SiC fibers in sectors such as aerospace & aviation, power industries, metallurgical industries etc.
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The aerospace & defense segment to maintain the dominant share-
By application, the aerospace & defense segment contributed to the largest market share in 2020, holding more than two-fifths of the global SiC fiber market. This segment is also projected to grow at the fastest CAGR of 19.2% from 2021 to 2028. This is because Silicon carbide (SiC) fibers possess different properties such as lightweight, heat resistant, durable, chemically stable, shock resistant, creep resistant, and others. These characteristics make them suitable for a wide range of aerospace & defense applications such as insulation in engine parts, nanotubes in turbines etc.
North America garnered the highest share by 2020-
By region, North America generated the highest market share in 2020, contributing to more than half of the global, and is estimated to retain its dominance in terms of revenue by 2028. The aerospace & defense sector in the U.S. is increasing rapidly which in turn has increased the demand for SiC fibers for providing thermal support to the aircraft engines & turbines in the region. Simultaneously, Asia-Pacific is expected to manifest the fastest CAGR of 21.5% throughout the forecast period. This is due to the fact that China's defense sector is increasing at a rapid pace.
Key players in the industry-
- BJS Ceramics GmbH
- Free Form Fibers LLC
- Haydale Technologies Inc.
- NGS Advanced Fibers Co., Ltd.
- UBE Industries Ltd.
- American Elements
- Nippon Carbon Co., Ltd.
- GE Aviation
- Saint Gobain
- SGL Carbon SE
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