The global SiC Fibers market size is expected to reach USD 1,930.6 million by 2028 according to a new study by Polaris Market Research. The report “SiC Fibers Market Share, Size, Trends, Industry Analysis Report, By Type (First Generation, Second Generation, Third Generation); By Form (Woven, Continuous, Others); By Usage (Composites, Non-Composites); By End-Use Industry (Energy and Power, Aerospace and Defense, Industrial, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing application of SiC fibers in manufacturing of gas turbine engines, growing demand from aerospace structural applications, and modernization of existing aircraft drive the growth of the industry. Growing use in component manufacturing for nuclear power plants further increases the demand for the industry. However, the COVID-19 outbreak has impaired the growth of this market. Disruption in supply chain, closure of manufacturing facilities, and stringent government regulations have negatively influenced the industry.
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SiC Fibers are used in diverse end-use industries such as energy and power, aerospace and defense, industrial, and others. The aerospace and defense sector dominated the global industry in 2020. It is used in manufacturing of aerostructure owing to their properties such as corrosion and thermal resistance, high weathering, and lightweight, among others. Factors such as increasing air travel, growth in the aerospace industry, and aircraft modernization boost this segment's growth.
North America dominated the global industry in 2020 and is expected to maintain its dominance over the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The increase in air travel and aircraft deliveries, growing demand for huge aircraft and wide-body aircraft, and increasing aircraft modernization drive the industry. The emerging countries such as China, Japan, South Korea, and India are expected to experience significant growth in air traffic, thereby supplementing the growth of this industry. This region is also expected to grow at a high rate due to increasing defense expenditure and rising government investment initiatives.
Some major participants include Specialty Materials, Inc., COI Ceramics, Inc., BJS Ceramics GmbH, NGS Advanced Fibers Co., Ltd., Matech Solutions, Ube Industries, Ltd., American Elements, Suzhou Saifei Group, and GE Aviation. Market players are collaborating with each other for research and development, strengthening market presence, and technological innovation. Greater need to cater to growing customer requirements has encouraged market participants to leverage new technologies to develop high-quality products.
Polaris Market Research has segmented the SiC Fibers market report on the basis of type, form, usage, end-use, and region:
SiC Fibers, Type Outlook (Revenue, USD Million, 2016 - 2028)
SiC Fibers, Form Outlook (Revenue, USD Million, 2016 - 2028)
SiC Fibers, Usage Outlook (Revenue, USD Million, 2016 - 2028)
SiC Fibers, End-Use Industry Outlook (Revenue, USD Million, 2016 - 2028)
SiC Fibers, Regional Outlook (Revenue, USD Million, 2016 - 2028)