The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Silicon Carbide Fibers Market.
It was estimated period to this unanticipated outbreak that the Silicon Carbide Fibers Market was expected to grow at a CAGR of 8.2%. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Aerospace and Defense segment is expected to experience fast growth during the forecast period driven by continuous development of new applications in high temperature areas (1,100°C to 1,600°C) of the aircraft engines. SiC Fibers based composites have one-third density to the nearest rival Nickel metal alloys and therefore reduce the overall engine weight significantly. Further, high temperature properties of ceramic matrix composites enhance overall engine performance, durability, and fuel economy. LEAP engine, developed by CFM International for A320neo and B737max platforms will have SiC fibers based ceramic matrix composites in its turbine shrouds. Shrouds are stationary parts in the high pressure turbine that direct air and ensure turbine blade efficiency.
Continuous SiC fibers also known as tow, are expected to experience fast growth during the forecast period. Continuous fibers are suitable for ceramic matrix composites (CMC), metal matrix composites (MMC), and polymer matrix composites (PMC). They (continuous fibers) are widely preferred in the aerospace and defense industry.
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Building and construction segment is expected to remain the largest end industry for basalt composites during the forecast period. Basalt composite based rebar is one of the most attractive applications in building & construction segment. Transportation segment is also likely to experience a healthy growth rate over the next five years.
There are several manufacturing processes available for making parts with basalt composites in which pultrusion is the most popular one. The process is expected to remain the most dominant manufacturing process during the forecast period and is highly suitable for manufacturing rebars and sea walls. Other key manufacturing processes include filament winding and resin infusion.
Europe is expected to remain the largest market for basalt composites during the forecast period. Russia and Ukraine drive the demand of Silicon Carbide Fibers Market in the European region. There are several composite part fabricators in Russia and Ukraine using basalt composites and serving various industries. Asia-Pacific is the fastest growing market for basalt composites. China is the growth engine of the Asia-Pacific market during the forecast period. Market entry of several players and high focus on basalt composites are likely to drive the demand in China.
Key Players
The supply chain of this market comprises raw material suppliers, basalt fiber manufacturers, resin suppliers, part fabricators, distributors, OEMs, and end users. The global Silicon Carbide Fibers Market is moderately consolidated with presence of very limited players. The key basalt composite manufacturers are Technobasalt, GBF Basalt Fiber Co. Ltd, Asamer Basaltic Fibers, and Sudaglass Fiber Technology. New product development, regional expansion, and long term relations are the key strategies adopted by the major players to gain competitive edge in the market.