The global silicon carbide fibers market size was 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.
This information is presented by Fortune Business Insights, in its report titled, “Silicon Carbide Fibers Market, 2022-2029.”
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 silicon carbide fibers market share and is anticipated to continue its dominance during the forecast timeframe.
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 price in 2021.
The report offers a detailed study of the silicon carbide fibers 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 silicon carbide fibers market application 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.