Silicon Carbide Fibers Market Analysis | 2023-2028

Market Insights

The silicon carbide fibers market was estimated at USD 0.68 billion in 2022 and is likely to grow at a CAGR of 25.99% during 2023-2028 to reach USD 2.79 billion in 2028.

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Market Dynamics

Introduction

Silicon carbide (SiC) fibers are a type of synthetic fiber composed of silicon carbide crystals. Silicon carbide is a compound made up of silicon and carbon, where the silicon and carbon atoms are bonded together in a one-to-one ratio. SiC fibers have been the hot topic for research and development for the last 20 years. SiC fibers offer many advantages, such as lightweight, high hardness and superior thermal & chemical resistance.

Market Drivers

The major factors driving the growth of the silicon carbide fibers market are:

• Technological advancement
• Development of new applications in high-temperature areas
• High focus of major engine manufacturers to increase the use of SiC fibers in upcoming engine models for commercial and military aircraft

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Challenges:

• High cost of SiC fibers: Silicon carbide fibers are more expensive than other types of fibers, such as carbon fibers and glass fibers. This is due to the high cost of raw materials and the complex manufacturing process involved in producing SiC fibers.
• Limited production capacity: The global production capacity of silicon carbide fibers is limited. This is due to the fact that silicon carbide fibers are a relatively new material and the production process is complex and requires specialized equipment.
• Lack of standardization: There is a lack of standardization in the silicon carbide fibers market. This can make it difficult for users to compare and select different types of SiC fibers.

Opportunities:

• Growing demand from the aerospace and energy and power sectors: The increasing demand from the aerospace and energy and power sectors is expected to drive the growth of the market in the coming years.
• Government support for research and development: Governments around the world are investing heavily in research and development of SiC fibers and their composites. This is expected to lead to the development of new and improved SiC fibers with even better properties.
• Expanding applications: Silicon carbide fibers are finding new applications in a variety of industries, including automotive, chemical, and medical. This is expected to further drive the growth of the silicon carbide fibers market.

Segments Analysis

By Application Type

The market is segmented as aerospace & defense, power generation, nuclear, and others. Aerospace and Defense segment is expected to experience the fastest growth during the forecast period, driven by continuous development of new applications in high-temperature areas (1,100°C to 1,600°C) of the aircraft engines. SiC fiber-based composites have one-third the density of the nearest rival Nickel metal alloys and therefore reduce the overall engine weight significantly.

Further, the high-temperature properties of ceramic matrix composites enhance overall engine performance, durability, and fuel economy. LEAP engine, developed by CFM International for the A320neo and B737max platforms, will have SiC fiber-based ceramic matrix composites in its turbine shrouds. Shrouds are stationary parts in the high pressure turbine that direct air and ensure turbine blade efficiency.

By Fiber Type

The market is segmented as continuous and short fibers. Continuous SiC fibers also known as tow, are expected to experience the fastest growth during the forecast period. Continuous fibers are suitable for ceramic matrix composites (CMC), metal matrix composites (MMC), and polymer matrix composites (PMC). They (continuous fibers) are widely preferred in the aerospace and defense industry.

By Usage Type

The market is segmented as composites and non-composites. Composites (CMC, MMC, and PMC) are expected to remain the largest SiC application type during the forecast period. Ceramic matrix composites are the leading composite type and are used in many applications, from aerospace to power generation to the nuclear industry.

Regional Insights

North America is expected to remain the largest market for silicon carbide fibers during the forecast period, driven by the presence of major aircraft engine manufacturers and high demand of CMC components in other industries, including power generation and nuclear. The Asia-Pacific region is expected to witness the fastest growth during the forecast period, driven by the growing aerospace and defense industry.

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Key Players

The supply chain of this market comprises raw material suppliers, SiC fiber manufacturers, composite parts manufacturers, engine manufacturers, OEMs, and airline companies.

The key SiC fiber manufacturers are:

• NGS Advanced Fibers Co. Ltd.
• COI Ceramics
• Specialty Materials
• Saint-Gobain
• UBE Industries
• Volzhsky Abrasive Works.

Note: The above list does not necessarily include all the top players in the market.

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Technological development, new product development for high performance applications, and strategic alliances are the key strategies adopted by the key players to gain a competitive edge in the market.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s silicon carbide fibers market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our silicon carbide fibers market report from the industry stakeholders, we have tried to further accentuate our research scope to the silicon carbide fibers market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The silicon carbide fibers market is segmented into the following categories:

By Fiber Type

• Continuous Fibers
• Short Fibers

By Application Type

• Aerospace and Defense
• Power Generation
• Nuclear
• Others

By Usage Type

• Composites
• Non-Composites

By Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, UK, Italy, Russia, and Rest of the Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of the Asia-Pacific)
• Rest of the World (Country Analysis: Middle East and Latin America)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Regional Segmentation

• Current market segmentation of any one of the regions by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your enquiry to [email protected].