Market Trends of Silicon Carbide Fiber Industry
This section covers the major market trends shaping the Silicon Carbide Fiber Market according to our research experts:
Broad Demand from the Aerospace Industry
- Silicon carbide fibers are mainly used in the aerospace industry, which can be attributed to the advanced properties possessed by it when compared to traditional materials, including increased strength and heat and corrosion resistance.
- It also brings economic and environmental benefits to airline customers by significantly reducing weight, increasing durability, and improving fuel efficiency of engines.
- It is currently estimated that the aircraft business around the world is anticipated to create a consolidated income of around USD 872 billion in 2020.
- In 2019, Airbus became the world's largest revenue-generating company in the aerospace industry with USD 78.71 billion edging out rival Boeing, the world's second-largest company that generated revenue of USD 76.6 billion in 2019.
- All the aforementioned factors are expected to drive the silicon carbide fiber market during the estimated timeframe.
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The North America Region to Dominate the Market
- North America holds a prominent share in the silicon carbide fiber market globally, as a result of the presence of main aircraft manufacturing nations, like the United States and Canada.
- Revenue amassed by the United States alone in 2019 from the manufacturing of aerospace products and parts was about USD 251.24 billion, and it is determined to reach USD 262.42 billion by 2024.
- Moreover, in the aviation segment, the United States and Canada are the significant income-generating nations from the North America region, computing a total of USD 432.4 billion among them, which is roughly 60% of the global aviation industry revenue.
- Thus, the rising interest from various enterprises is predicted to drive the market studied in the region during the forecast period.
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