Silicon Carbide Fibers Market Size, Share, Future Outlook, Trends, Expansion, Key Player SWOT Analysis, 2032

The global silicon carbide fibers market size was valued at USD 712.4 million in 2023 and is projected to grow from USD 886.2 million in 2024 to USD 8410.5 million by 2032, exhibiting a CAGR of 30.8% during the forecast period. North America dominated the silicon carbide fibers market with a market share of 54.79% in 2023.

This information is presented by Fortune Business Insights, in its report titled, "Silicon Carbide Fibers Market, 2024-2032."

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✅ List of Key Players Mentioned in the Report:

▶ NGS Advanced Fibers Co., Ltd. (Japan)

▶ Specialty Materials (U.S.)

▶ UBE Corporation (Japan)

▶ American Elements (U.S.)

▶ Nanoshel LLC (U.S.)

▶ NINGXIA ANTELI CARBON MATERIAL CO. LTD (China)

▶ Suzhou Saifei Group Ltd. (China)

▶ Haydale Graphene Industries Plc (U.K.)

▶ Matech (U.S.)

▶ BJS Ceramics GmbH (Germany)

▶ SkySpring Nanomaterials, Inc. (U.S.)

✅ Segments:

✅ Continuous Segment to Dominate Market Due to High Demand from the Nuclear Power Generation Industry

Based on form, the market is segmented into continuous, woven, and others. The continuous segment accounted for the leading market share and is anticipated to continue its dominance during the forecast timeframe.

Silicon carbide (SiC) fibers are composed of silicon carbide molecules and are mainly produced from processes such as laser-driven Chemical Vapor Deposition (CVD) and Yajima. These fibers are known for their ability to withstand extreme temperatures up to 2,700 degrees. Such properties make them the preferred choice for gas turbines and nuclear power plants. Moreover, rapidly growing technological advancements in the production of SiC-based fibers and the growing adoption of lightweight materials for component production in the aerospace industry will drive global silicon carbide fibers market growth during the review period.

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✅ Composites Segment to Lead Due to its ability to Withstand Extreme Adverse Conditions

By usage, the market is bifurcated into composites and non-composites. The composites segment is estimated to grow at the highest growth rate during 2022-2029.

✅ Aerospace & Defense Segment Held Dominant Share Owing to Increased Product Application Areas

Based on application, the market is segmented into aerospace & defense, energy & power, industrial, and others. The aerospace segment held the highest silicon carbide fibers market share in 2021.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

✅ Report Coverage:

The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the silicon carbide fibers market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.

✅ Drivers and Restraints:

✅ Surging Demand for Ceramic Metric Composites from Numerous Industries to Fuel Product Consumption

The rising adoption of silicon carbide-based fibers in CERAMIC MATRIX COMPOSITES (CMCs) will flourish the market growth during the forecast timeframe. The growth is attributed to beneficial characteristics such as superior thermal resistance and high mechanical strength. Additionally, SiC fiber offers excellent properties, including corrosion resistance, oxidation resistance, adjustable resistivity, and low density, making it an ideal reinforcement in CMCs and incomparable to other inorganic fibers.

The disruption in the aerospace industry due to government restrictions implemented during the COVID-19 pandemic significantly influenced the market. This pandemic caused containment, disturbances in the supply chains, and a freeze in consumption activities. This forced the aircraft manufacturers to close their factories, which led to a severe shortage of trained and skilled labor, and thus aircraft production remained closed. Additionally, many countries locked their international border for non-essential trade activities and transportation, thereby halting the aerospace industry severely. However, the market is projected to recover more quickly in emerging nations than in developed ones, as governments are taking supportive measures to get their economies back on track. As a result, the market will likely stabilize over the next couple of years.

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✅ Regional Insights:

✅ North America to Dominate Supported by Advancing Technology

In North America, the market for silicon carbide fibers was worth USD 276.8 million in 2021. Market expansion in North America has been supported by quickening industrialization and rising SiC fiber technology.

The increasing demand for the product in Europe is related to the continent's rapid industrialization. In industries, such as preheaters, radiant tubes, and recuperators, which are also utilized in industrial machinery, the demand for SiC-based goods has grown quickly.

Due to their superior strength and temperature resistance, continuous fibers are increasing in demand in energy and power applications, which is mostly responsible for the market growth in the Asia Pacific region.

✅ Competitive Landscape:

✅ Important Contracts Signed by Key Players to Transform Market

The key players frequently use a variety of strategies to boost product demand and market expansion. Signing multimillion-dollar contracts with governmental organizations and making a profit for their own corporation are two noteworthy techniques to increase the business prospect.

✅ Key Industry Development:

July 2021: In order to scale-up its one-of-a-kind, patented silicon-carbide-fiber (SiC fiber) manufacturing technique to a commercial level, BJS Ceramics GmbH received EU funding for its silicon-carbide-fiber pilot-production in Europe (SPE)-Project.

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