Silicon Carbide Fibers Market Size, Share & COVID-19 impact Analysis, By Form (Continuous, Woven, and Others), By Usage (Composites and Non-composites), By Application (Aerospace & Defense, Energy & Power, Industrial, and Others), and Regional Forecast, 2022-2029

The global silicon carbide fibers market size was valued at USD 501.9 million in 2021. The market is projected to grow from USD 572.8 million in 2022 to USD 3,758.4 million by 2029, exhibiting a CAGR of 30.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with silicon carbide fibers experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -14.0% in 2020 as compared to 2019.

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 advancement to produce SiC-based fibers and the growing adoption of lightweight materials for component production in the aerospace industry will drive the global silicon carbide fibers market growth during the review period.      

COVID-19 IMPACT

Supply Chain Disruptions in the Aerospace Industry Declined Silicon Carbide Fibers Consumption

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. Additionally, the complete lockdown in the U.S., China, Germany, India, and France, which accounted for a significant share of the aerospace industry, had a major impact on product consumption.

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.

LATEST TRENDS

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Rising Technological Advancements to Enhance Fiber Properties will Offer Lucrative Market Growth Opportunities

Initially, silicon carbide fibers were high in cost due to limited availability. Most of the commercial manufacturing of these fibers was controlled by Japan and the U.S. This led several global producers to develop advanced technologies to produce a high volume of SiC-based fibers. Many companies and research & development centers focus on effective product manufacturing in high-temperature environments. For instance, NASA has patented Sylramic-iBN, a non-toxic silicon carbide fiber that can withstand high temperatures up to 1,500°C. Hence, the initiative of such players would enhance the technological innovation to produce fibers, resulting in mass manufacturing. The increasing technological advancement in fiber production will offer lucrative opportunities for the market to grow significantly during the forecast period.

DRIVING FACTORS

Increasing Demand for Ceramic Metric Composites from Various Industries to Drive 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 growing consumption of CMC in the applications of energy & power such as heat exchangers and fusion reactor walls will fuel product demand. Moreover, the U.S. Department of Energy is examining CMC cladding for fuel rods in light-water nuclear reactors, anticipating a boom in CMC consumption in the energy and power industry. Furthermore, the rapid growth in the aerospace & defense industry in North America and Europe is expected to drive product adoption from ceramic matrix composites.

RESTRAINING FACTORS

High Product Price Due to its High Manufacturing Cost Restricts the Market Growth

The high price of silicon carbide fibers restrains its adoption in various applications. Increasing advancement in silicon carbide leads to the requirement of big machinery, which raises overall cost and thereby increases the prices of SiC-based fibers. Furthermore, naturally, silicon carbide is rarely available, thereby companies use excessive furnace techniques to manufacture the compound from Si. As a result, this impacts product manufacturing and processing costs. Hence, such factors act as a major restraint for the market growth during the forecast timeframe.

SEGMENTATION

By Form Analysis

Continuous Segment to Dominate the Market Due to High Demand from 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. Continuous fibers offer excellent performance under high-radiation environments, generating high traction for the nuclear power generation industry. Moreover, reinforced ceramic matrix composites and reinforced continuous filaments provide high toughness and superior weight saving. Hence such factors would propel continuous segment growth.

On the other hand, increasing the consumption of woven silicon carbide fibers from the high-temperature application would drive product consumption. Moreover, the growing adoption of SiC-based composites in hypersonic applications will further propel segment growth.

By Usage Analysis

Composites Segment to Lead Market Due to its Ability to Withstand Extreme Adverse Conditions

By usage, the SiC fibers market is bifurcated into composites and non-composites. The composites segment is estimated to grow at the highest growth rate during 2022-2029. The non-oxide silicon carbide fibers reinforced composites offer high performance in structural and adverse environmental conditions applications. Such characteristics make composites incomparable to metallic superalloys and monolithic composites. Additionally, these composites are designed to incorporate capabilities for specific life, temperature, environmental conditions, and stress, propelling the segment's growth.

Further, the increasing product adoption in non-composite applications, owing to their temperature-resistant properties will significantly drive the market during the forecast period.

By Application Analysis

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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 market share in 2021. The use of fibers in the aerospace industry is mainly rising from aircraft engines, turbopumps, and thermal protection systems. The growth is associated with its heat-resistant and lightweight characteristics.

On the other hand, the growing consumption of SiC-based fibers from gas turbine engines, nuclear reactor fuel cladding, and radiation blankets will augment the product demand in the energy & power segment. The industrial application segment is projected to show substantial growth due to increasing product utilization in the manufacturing of reactors, heat exchangers, reformers, and filters in the chemical industry. The others segment includes propulsion, plastic, and metals. Hence, increasing demand for the product in these applications will flourish the market growth. 

REGIONAL INSIGHTS

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The market size in North America stood at USD 276.8 million in 2021. Rapid industrialization and increasing technological advancement in SiC fibers have fueled market growth in North America. In this region, the U.S. holds the highest market share. The increasing production of silicon carbide fibers, rising research & development activities, and the growing aerospace industry are prominent factors fueling the product demand in this country.

In Europe, the high demand for the product is associated with rapid industrialization. The demand for SiC-based products has increased rapidly in applications, such as preheaters, radiant tubes, and recuperators, which are further used in industrial machinery.

In Asia Pacific, the market growth is majorly attributed to the increasing demand for continuous fibers in energy & power applications, owing to their greater strength and temperature-resistant characteristics.

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In the rest of the world, the Middle East & Africa is the leading region. The rising product consumption in the chemical manufacturing applications such as heat exchangers, reactors, filters, and reformers will augment the market growth in this region. Additionally, the expansion of the aerospace industry in Latin America will showcase significant market growth in the near future.

KEY INDUSTRY PLAYERS

Business and Capacity Expansion to Retain More Customers is the Key Strategic Initiative Implemented by Companies

Ningxia Anteli Carbon Material Co. Ltd, Specialty Materials, and UBE Corporation are key producers operating in the market. These silicon carbide fibers companies adopted growth strategies such as capacity expansions and end-user agreements. Amongst the leading players, Ningxia Anteli Carbon Material Co. Ltd has a processing workshop and two production lines with an annual production capacity of 70 kilotons for its product offerings.

LIST OF KEY COMPANIES PROFILED:

• 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.)

KEY INDUSTRY DEVELOPMENTS:

• March 2017: Advanced Composite Materials LLC, a subsidiary of Haydale Graphene Industries Plc, entered into a four-year agreement to supply SiC micro-fiber to the global industrial manufacturer of tooling and wear-resistant solutions. This agreement has a potential sales value of over USD 2.6 million for the initial four-year term.

REPORT COVERAGE

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The research report provides a detailed silicon carbide fibers market analysis with market size and forecast in terms of volume and value. It focuses on crucial aspects such as leading companies, form, usage, applications, and products. In addition, the report provides market analysis, research methodology for market data, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years.

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