Global Silicon Carbide (SiC) Fiber Market By Usage (Composites and Non-composites), By Form (Continuous, Woven and Others), By Application (Aerospace & Defense, Energy & Power, Industrial and Others), By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Silicon Carbide (SiC) Fiber Market
Market Report Description
The Global Silicon Carbide (SiC) Fibers Market size is expected to reach $2.3 billion by 2027, rising at a market growth of 25.6% CAGR during the forecast period. SiC fibers refer to high-performance and lightweight composite materials, which are utilized in high pressure conditions in different end-use sectors. These fibers are light in weight and display great strength with resistance to corrosion and oxidation. In addition, SiC fibers can also tolerate high-temperature conditions and comes in alpha- and beta-SiC compositions forms. Due to these features, they are highly required in the aerospace & power generation sectors. Additionally, SiC fibers and their composites are becoming a preferred material over any other metal alloys in various end-use applications.
The increasing usage of SiC fibers in aerospace structural applications is among the major trends fueling the growth and demand of the SiC fibers market. Various emerged countries are witnessing a significant demand for these fibers in the production of a range of power & energy materials. The SiC fibers market became highly popular due to the persistent efforts made by manufacturers to increase their production capabilities in the past few years. These latest composite chemistries have developed to offer a broad range of distinct properties to SiC fibers, which has significantly opened new lucrative opportunities for composite manufacturers, particularly in developing countries.
The industrial application segment would garner substantial growth due to the increasing product usage in the production of heat exchangers, filters, reactors, and reformers in the chemical sector. Additionally, the augmented operational lifetime of the products made by utilizing silicon carbide fibers is anticipated to fuel the market growth. SiC fibers are estimated to acquire a considerable demand from the heat transfer sector in the production of preheater, recuperator, and radiant tubes. The rising penetration of the product in manufacturing radiation blankets, furnace components, and fuel cladding for nuclear reactors is also projected to surge its demand in the market.
COVID-19 Impact Analysis
The global COVID-19 pandemic has impacted almost every section of society. This pandemic has negatively affected the operational efficiency and disturbed the value chains due to the travel ban across national & international boundaries, thus, negatively affecting the demand for SiC Fibers.
The disturbance created by the pandemic in the supply chain along with decreasing number of orders from the aerospace sector and declining production capabilities are collaboratively affecting the demand for SiC Fibers. Though the recovery phase of the economies is getting back on track with their operations, the demand for SiC Fibers is projected to bolster across the globe in the coming years. Additionally, there are many leading companies, which are increasingly investing in the development of advanced products that are among the major driving factors of the SiC fibers market.
Based on Usage, the market is segmented into Composites and Non-composites. Based on usage, the composites segment is estimated to garner a substantial growth rate during the forecast period. It is due to the excellent properties of the non-oxide silicon carbide fibers reinforced with composites like better performance in adverse environmental circumstances and structural applications. In addition, they also provide a variety of advantages in comparison to the monolithic composites & metallic superalloys, thereby, contributing to the high demand for the product.
Based on Form, the market is segmented into Continuous, Woven and Others. The woven silicon carbide fibers segment is anticipated to record substantial growth due to the increasing demand from high-temperature applications. There is a growing usage of improved silicon carbide-based composites in hypersonic applications, which would augment the demand for SiC fibers during the forecast period.
Based on Application, the market is segmented into Aerospace & Defense, Energy & Power, Industrial and Others. SiC fibers reinforced composites are majorly replacing the metal components in aircraft due to their lightweight and heat resistance properties that would improve the fuel efficiency of aircraft engines. Factors like growing usage of ceramic matrix composites, which are made by utilizing the product in high-pressure turbine shroud are projected to bolster the growth of the silicon carbide fibers market during the forecast period.
|Market size value in 2020||USD 446.1 Million|
|Market size forecast in 2027||USD 2.3 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 25.6% from 2021 to 2027|
|Number of Pages||195|
|Number of Tables||350|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Usage, Form, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific region would showca se a promising growth rate during the forecast period. It is due to the increasing application industries like energy & power and aerospace & defense. The increasing initiatives by manufacturers in China to implement silicon carbide in their products are estimated to surge the regional market growth.
Free Valuable Insights: Global Silicon Carbide (SiC) Fiber Market size to reach USD 2.3 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Toshiba Corporation, Ube Industries, Ltd., Haydale Graphene Industries PLC, Northrop Grumman Corporation (COI Ceramics, Inc.), Specialty Materials, Inc. (Global Material LLC), Suzhou Saifei Group Ltd., BJS Ceramics GmbH, Matech, and Tisics Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Aerospace & Defense
- Energy & Power
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- Toshiba Corporation
- Ube Industries, Ltd.
- Haydale Graphene Industries PLC
- Northrop Grumman Corporation (COI Ceramics, Inc.)
- Specialty Materials, Inc. (Global Material LLC)
- Suzhou Saifei Group Ltd.
- BJS Ceramics GmbH
- Tisics Ltd.
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What would be the size of the silicon carbide (SiC) fiber market by 2027?
The global silicon carbide (SiC) fiber market size is expected to reach $2.3 billion by 2027.
What are the key driving factors and challenges in the silicon carbide (SiC) fiber market?
Increasing demand for SiC fibers in the Aerospace industry are driving the market in coming years, however, Low production capacity utilization and the disturbance in the supply chain because of the pandemic limited the growth of the market.
Who are the leading players in the silicon carbide (SiC) fiber market?
General Electric (GE) Co., Toshiba Corporation, Ube Industries, Ltd., Haydale Graphene Industries PLC, Northrop Grumman Corporation (COI Ceramics, Inc.), Specialty Materials, Inc. (Global Material LLC), Suzhou Saifei Group Ltd., BJS Ceramics GmbH, Matech, and Tisics Ltd.
At what CAGR is the silicon carbide (SiC) fiber market estimate to grow in the forecast period?
The expected CAGR of the silicon carbide (SiC) fiber market is 25.6% from 2021 to 2027.
What has been the impact of COVID-19 on the global silicon carbide (SiC) fiber market?
The disturbance created by the pandemic in the supply chain along with decreasing number of orders from the aerospace sector and declining production capabilities are collaboratively affecting the demand for SiC Fibers.
Which segment shows a high revenue share of the silicon carbide (SiC) fiber market in 2020?
By form, the continuous silicon carbide fibers segment dominated the market with the highest revenue share in 2020.