Silicon Carbide (SiC) Fibers Market Size to Record a Substantially CAGR over 2023-2030

The global market size for silicon carbide (SiC) fibers was USD 450 million in 2021 and is expected to experience a revenue Compound Annual Growth Rate (CAGR) of 18.6% over the forecast period, as stated in the latest report by Reports and Data. The increasing use of SiC fibers in aerospace applications, such as turbine engines, power units, heat exchangers, thermal protection systems (TPS), exhaust nozzles, and combustor liners, is contributing to this growth.

SiC fibers possess properties like heat resistance, oxidation resistance, low electrical conductivity, and limited thermal expansion, making them ideal for aircraft engine components that operate at high temperatures. With the demand for lighter and more fuel-efficient aircraft and the continuous growth of the aerospace industry, the demand for SiC fibers is rapidly increasing. These fibers are replacing traditional metals in various aerospace applications due to their ability to add hard reinforcement and enhance load-bearing capacity while limiting matrix deformation through dislocation movement. Consequently, SiC-reinforced magnesium alloys are being developed for aerospace, defense, and automotive applications.

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Some key highlights from the report include:

• North America is expected to hold the largest revenue share in the global SiC fiber market during the forecast period. This is attributed to the significant presence of major aircraft manufacturers in the region, along with the growth of the aerospace and defense sectors. Increased demand for SiC fibers is observed for aircraft manufacturing and component exports. Moreover, the rise in R&D projects focused on developing SiC fiber products is contributing to the market's revenue growth. Commercial aviation in the United States alone contributes to 5% of the country's gross domestic product (GDP), amounting to approximately $1 trillion annually.

• On October 12, 2021, LiqTech International Inc. received its first oil and gas order in the Middle East. The order, valued at around $4 million, is for the joint venture that focuses on providing the company's specialized silicon carbide ceramic filtration technology to address local water resource shortages for oil and gas operators worldwide.

• On April 26, 2021, Mersen announced its participation in the satellite constellation project Pléiades Neo by Airbus Defense and Space. Mersen is supplying silicon carbide optical instrument components, including detectors, mirrors, and mount constructions, for each of the four observation satellites in the constellation.

The market report includes profiles of various companies, such as General Electric, NGS Advanced Fibers Co., Ltd., UBE Corporation, COIC, Haydale Graphene Industries plc, BJS Ceramics GmbH, Matech, Specialty Materials Inc., Nippon Carbon Co Ltd., and Suzhou Saifei Group Ltd.

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The report segments the global SiC fibers market based on Form Outlook, Industry Vertical Outlook, Usage Outlook, and Region. The forms considered are Woven, Continuous, and Others. Usage Outlook is divided into Composites and Non-composites. The Industry Vertical Outlook includes Aerospace & Defense, Industrial, Energy & Power, and Others. The report further analyzes different regions such as North America (including the U.S., Canada, and Mexico), Europe (including Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and the Rest of Europe), Asia-Pacific (including China, India, Japan, South Korea, and the Rest of APAC), Latin America (including Brazil and the Rest of LATAM), and the Middle East & Africa (including Saudi Arabia, UAE, South Africa, Israel, and the Rest of MEA).