SiC Fibers Market worth USD 1738.4 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "SiC Fibers Market by Phase (Crystalline and Amorphous), by Application (Aerospace & Defense, Energy & Power, Industrial, and Others), by Region – Global Share and Forecast to 2030". The global SiC fibers market size is expected to grow USD 1738.4 million by 2030 from USD 444.1 million in 2021, at a CAGR of 18.6% during the forecast period. The silicon carbide (SiC) fiber possesses significant properties such as corrosion resistance, high modulus, chemical stability, lightweight, heat resistance, and other characteristics that make it suitable to use in a wide variety of energy & power components. Furthermore, the metallurgical and heat treatment industries are experiencing rapid growth due to increased infrastructure and construction activities. For example, in Tata Steel's new decarbonizing global framework, SiC fiber is widely used in refractories and reinforcements. These factors are estimated to boost the global SiC fiber market's growth. According to the Indian Brands Equity Foundation report, India's power consumption is expected to rise from 1,160.1 TWh in 2016 to 1,894.7 TWh in 2022. This could prompt the Indian government and local governments to build more power plants in the region, where SiC fiber is widely used in high-temperature applications. This is gaining a lot of traction in the market, and it's also becoming a key strategy for increasing market demand.

Global SiC Fibers Market Segmentation

The SiC fibers market has been segmented into phase, application, and region.

• By Phase (Crystalline and Amorphous)
• By Application (Aerospace & Defense, Energy & Power, Industrial, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Aerospace & defense, by application, is estimated to hold the largest market share during the forecast period

Based on application, the global SiC fibers market is segregated into aerospace & defense, energy & power, industrial, and others. The aerospace & defense segment generated the highest revenue of 42.8% of the global SiC fibers market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. Silicon carbide (SiC) fiber possesses different properties such as lightweight, heat resistant, durable, chemically stable, shock resistant, creep resistant, and others. These characteristics make them suitable for the wide range of aerospace & defense applications such as insulation in engine parts, nanotubes in turbines, ceramic matrix composites (CMCs), and alternatives to metallic alloys.

The silicon carbide (SiC) fiber possesses excellent properties such as high heat resistance, high modulus, wear & tear resistance, lightweight, durability, and other characteristics that make them suitable to be used in a wide range of aerospace & defense applications. The utilization of SiC fiber in sectors such as commercial aircraft, space projects, fighter jets, military-grade weapons, and others is the major key market trend in the global market. For instance, GE Aviation, a leading SiC fiber manufacturing company, has reported a surge in demand for its military-grade SiC fiber among the fighter jets manufacturers in 2018. Furthermore, the use of SiC fiber in aircraft has brought economic benefits to the key aircraft manufacturers by reducing the aircraft's overall weight. This has made them more linear toward using SiC fiber in aircrafts such as Airbus A320neo, Boeing 757, Boeing 787, Boeing 77X, and others.

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North America accounts for the largest market share in SiC fibers market 2021

Based on the regions, the global SiC fibers market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 51.1% in the global SiC fibers market and was anticipated to maintain its dominance throughout the forecast period. The global silicon carbide (SiC) fiber market is analyzed across North American regions such as the U.S., Canada, and Mexico. The aerospace & defense sector in the U.S. is increasing rapidly, which has increased the demand for SiC fiber for providing thermal support to the aircraft engines & turbines.

The global silicon carbide (SiC) fiber market is analyzed across North American regions such as the U.S., Canada, and Mexico. The aerospace & defense sector in the U.S. is increasing rapidly, which has increased the demand for SiC fiber for providing thermal support to the aircraft engines & turbines. Also, the increasing air force exercises & military operations in the U.S. have surged the demand for fighter jets and surveillance aircraft where SiC fiber is widely used in insulation for jet engines & turbines. This may propel the demand for the SiC fiber market in the region.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the SiC fibers market. It also consists of leading companies such as Free Form Fiber LLC, GE Aviation, Haydale Technologies Inc., American Elements, BJS Ceramics GmbH, NGS Advanced Fiber Co. Ltd, Nippon Carbon Co., Ltd, Saint Gobain, UBE Industries Ltd, and SGL Carbon SE.

Browse complete report: https://www.marketstatsville.com/SiC-fibers-market

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