SiC Fiber Market Projected To Hit $1.47 billion By 2028 | Growth With Recent Trends & Demand

SiC (silicon carbide) fiber are mainly composed of silicon carbide molecules and they pose properties such as high stiffness, tensile strength, high chemical resistance, and low thermal expansion. Yajima process, chemical vapor deposition (CVD), and laser driven chemical vapor deposition (LCVD) are widely used for manufacturing of SiC fibers. Several research and developments are carried out to widen the application area of these fibers.

For instance, silicon carbide fibers are reinforced with SiC composite matrix that are used in high temperature structural applications such as in gas turbine engines. These fibers are capable of withstanding structural and environmental conditions under the influence of high temperature range (up to 2700-degree Fahrenheit).

The global SiC fiber market forecast was valued at $0.38 billion in 2020, and is projected to reach $1.47 billion by 2028, growing at a CAGR of 18.6% from 2021 to 2028.

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The growth of the global SiC fiber market is driven by increase in demand for silicon carbide fiber in the aerospace sector and adoption of SiC fiber in energy & power sector. SiC fiber possess excellent significant characteristics such as high heat resistance, chemical stability, high modulus, lightweight, durability, and others. These characteristics make them suitable to be used in the aerospace industry for a wide range of applications such as insulation for heat engines, nanotubes in turbines, ceramic matrix composites (CMC), and alternative to metallic alloys.

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Key Market Players:
American Elements, UBE Industries Ltd, GE Aviation, SGL Carbon SE, BJS Ceramics GmbH, NGS Advanced Fibers Co., Ltd, Free Form Fibers LLC, Saint Gobain, Nippon Carbon Co., Ltd., Haydale Technologies Inc

Impact Of Covid-19 On The Global Sic Fiber Market
►The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
►The silicon carbide (SiC) fibers market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the aerospace & defense sector. According to a report published by the U.S. Aerospace & Defense Industry (A&D), the defense sector in the U.S. has witnessed an enormous revenue loss of around $150,000 million amid the COVID-19 situation.
►More than 100 countries have locked their international borders for transportation and non-essential trade activities. For instance, the cargo airline volume of American Airlines has witnessed a 68% reduction in the shipment of goods in September 2020. This has hardly hit the performance of SiC fibers among the aerospace industry owing to their use in the insulation & manufacturing of other aircraft components.
►The temporary shutdown of industries have reduced the global power consumption (industrial load) amid the COVID-19 pandemic. According to a report published by the International Finance Corporation, the global electricity demand decreased by 2.5% in the first quarter of 2020 and is expected to decrease by 6% at the end due to shutdowns imposed in the various parts of the world. This has severely affected the demand for SiC fibers among the power sectors during the COVID-19 situation where SiC fibers are widely used in various high-temperature applications.
►However, several key players such as Free Form Fibers LLC, BJS Ceramics GmbH, GE Aviation, and others are constantly engaged in widening their footprints and looking for new investment opportunities amid the COVID-19 situation. For instance, Free Form Fibers LLC has concluded financing of $2.5 million for increasing the production of its rapid laser-driven chemical vapor deposition (R-LCVD) silicon carbide fiber in November 2020. This is expected to enhance the performance of the SiC fibers market post-COVID-19 scenario.

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