SiC Fibers Market to Hit $3.34B by 2031, Growing at 25% CAGR
The report "SiC Fibers Market by Type (First Generation, Second Generation, Third Generation), Form (Continuous, Woven), Phase (Amorphous, Crystalline), Usage (Composites, Non-Composites), End-use Industry and Region - Global Forecast to 2031", global SiC Fibers market size is expected to reach USD 3.34 billion in 2031 from USD 0.70 billion in 2024, at a CAGR of 25.0% from 2024 to 2031. The Increased production of the newly designed Leading Edge Aviation Propulsion (LEAP) engines creates a strong demand for Silicon Carbide fiber (SiC), which is one of the key growth drivers in the SiC fibers market. LEAP is an engine developed by CFM International for advanced aircraft models A320neo, Boeing 737 MAX, and COMAC C919. These engines are based on using SiC fiber-reinforced composites in their shrouds, due to their outstanding strength at temperatures and resistance to oxidation making it suitable for such high-stress conditions encountered in state-of-the-art jet engines.
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• 329 Market data Tables • 63 Figures • 246 Pages and in-depth TOC on "SiC Fibers Market - Global Forecast to 2031"
Some of the prominent key players are:
- NGS Advanced Fibers Co., Ltd. (Japan),
- UBE Corporation (Japan),
- COI Ceramics, Inc. (US),
- Specialty Materials, Inc. (US),
- MATECH (US),
- Suzhou Saifei Group Ltd. (China), and many more....
Opportunity: Emergence of Chinese players
The existence of domestic players in China offers good opportunities for growth not only within the domestic market but in the global market, primarily because of the latent demand within the indigenous aerospace industry. In a little over 15 months, Ningbo Zhongxing New Materials Co., Ltd. over scaled production up to an impressive 10 tons of the second generation of SiC fibers. Plans look aggressive enough to foster operational competencies as it seeks to take production up to a full level of 80 to 100 tons per year. The presence of the Commercial Aircraft Corporation of China (COMAC) further amplifies this opportunity. COMAC will focus on the development of its aerospace technology, and in order to further strengthen the durability and efficiency, it will make high-performance SiC fibers a field of interest as well. . The collaboration between emerging domestic producers and key players like COMAC will lead to innovations in material applications, resulting in reduced costs and thereby increasing the availability of SiC fibers across multiple sectors.
The demand of SiC fibers in industrial end-use is expected to grow with the third-highest CAGR in terms of value in SiC Fibers market during the forecasted period.
The Industrial applications of SiC fibers rank third in the SiC fibers market, with their versatility and excellence performance characteristics under extreme conditions. The usage of SiC fibers is increasing in reformers, reactors, heat exchangers, and filters in the chemical and petrochemical sectors besides high-temperature components in this sector, which includes preheaters, recuperators, and radiant tubes used in heat transfer. Continued investment in oil & gas and chemical processing industries in various high-performance materials is accelerating demand for SiC fibers in such critical applications and is fueling growth in the industrial end-use segment.
Asia Pacific region is expected to register third-highest CAGR both in terms of value and volume during forecasted period
Asia-Pacific is the third fastest developing market for SiC fibers mainly due to fast-developing aviation sector, namely aircraft building and manufacturing of aerospace components. Japan leads in the field of manufacture of space-sector products as well as in the case of SiC fibers. In the region, major OEMs including Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Fuji Heavy Industries, and IHI Corporation have been developing advanced aerospace technologies that are significantly driving demand for such high performance material like SiC fibers. Innovation in the manufacturing of aero engines is trending in the Asia Pacific region. Moreover, it is also making significant moves towards making use of high-temperature-resistant materials in aerospace, making it a critical market for SiC fibers.