The Asia Pacific SiC fibers market accounted for US$ 55.6 Mn in 2018 and is predicted to grow at a CAGR of 34.9% during the forecast period 2019 – 2027, to account for US$ 854.8 Mn by 2027.
In 2018, Japan accounted for a significant share of the Asia Pacific SiC fibers market. Asia Pacific has presence of some world leading automobile and aircraft manufacturing companies which generate significant demand for SiC fibers. The region is expected to turn into a lucrative SiC fibers market as it has a robust manufacturing base in countries such as China and Japan as well as countries in Rest of Asia Pacific such as India and Philippines.
The Asia Pacific SiC Fibers Market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Growing Demand from Various End-Use Industries
High strength along with a lightweight, stability over high temperature, and resistance from oxidation and corrosion make SiC fibers an ideal material used across various ends use industries such as aerospace and defense, power and energy, chemical, automotive, and others. The rising focus towards the advancement of the performance of commercial and military aircraft is continuously driving the demand for high performance structural materials in the aerospace industry. Composite materials have gained acceptance for aviation and aerospace applications owing to exceptional strength coupled with superior physical properties and stiffness-to-density ratios. The aerospace industry is considered as the prime user of SiC fibers. The use of SiC fibers is important for application dealing in extreme mechanical loads at high temperatures (up to 1900 K in the air) and cannot be met out with any metallic material or intermetallic materials. The growing application of silicon carbide fibers reinforced composites is motivating the manufacturers to replace the metal parts in aircraft with the fibers so as to boost the fuel efficiency of aircraft engines. They are used in manufacturing of aircraft engines, thermal protection systems, and turbopumps. Thus, the growing application base along with a rapid rise in urbanization and industrialization is boosting the demand for SiC fibers in the industry.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Asia Pacific SiC Fibers Market in the market.
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ASIA PACIFIC SiC FIBERS MARKET SEGMENTATION
Asia Pacific SiC Fibers Market – By Form
Asia Pacific SiC Fibers Market – By Usage
Asia Pacific SiC Fibers Market – By End-Use Industry
Asia Pacific SiC Fibers Market – By Country
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