High-Temperature Corrosion-Resistant Composites Market Size, Impacted by COVID-19, to Reach US$ 650 Million in 2025, Says Stratview Research

DETROIT, Aug. 25, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on High-Temperature Corrosion-Resistant Composites Market by Application Type (Aero Engine, Industrial, Space, and Others), by Process Type (Melt Infiltration, CVI, Sintering, and Others), by Material Type (SiC/SiC, Oxide/Oxide, C/SiC, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.

Stratview Research's voyage towards publishing extremely niche market subjects containing disruptive growth potential continues. This time, we are launching another comprehensive report on "High-Temperature Corrosion-Resistant Composites Market", a material that is successfully gaining traction in niche applications. The report studies the changing market dynamics, competitive landscapes, and market trends in the wake of COVID-19 pandemic and examines the possible impact on the high-temperature corrosion-resistant composites market. The report also estimates the possible loss that the market participants will endure due to the pandemic in the years to come.

High-Temperature Corrosion-Resistant Composites Market: Highlights

Over the years, metals and their alloys have widely been used for high-temperature applications. However, there has been a dire need to replace them in such applications to reduce weight along with better service life. Composites are one of the most preferred materials in high-performance industries such as aircraft, space, and nuclear, with most of the demand coming from low-temperature structural and non-structural applications. Over the past few decades, significant investments from industry stakeholders have been poured into R&D for the development of composite materials that can perform well at extreme temperatures for a longer period. Many stakeholders have been efficacious in developing high-temperature corrosion-resistant composite parts that can operate at high temperatures, typically above 400°C and endure chemical attacks from gases, solid or molten salts, or molten metals, resulting into corrosion. Creep strength and corrosion resistance are the two most pivotal properties required from composite materials to withstand such high temperatures and harsh environments. Some of the major commercial applications of high-temperature corrosion-resistant composites are components of hot sections of gas turbines, industrial furnace hardware, hot gas filtration, and heat shields in satellite launch vehicles.

Impact of COVID-19 on the High-Temperature Corrosion-Resistant Composites Market

The outbreak of Covid-19 has tumbled the global economic growth, affecting businesses across the globe with high-temperature corrosion-resistant composites market being no exception. The market is experiencing a colossal decline with aerospace, the biggest market for such composites is undergoing severe challenges due to the pandemic. Supply chain disruptions and production cut by major aircraft manufacturers as airlines started deferring their ordered aircraft deliveries in the wake of extremely low passenger traffic, leave no options for aircraft engine manufacturers but to truncate their engine productions.

For instance, CFM delivered merely 450 units of Leap engines in the first half of 2020 against 861 engines during the same period in 2019. With revised production rates, CFM International's anticipation is to manufacture around 800 to 1,000 Leap engines in 2020 as compared to 1,736 units in 2019. The reduction in the production of LEAP engines has a direct and most severe impact on the demand for high-temperature corrosion-resistant composites.

Despite huge setbacks on the market in 2020, the long-term outlook for the high-temperature corrosion-resistant composites market is still positive and salubrious. The market is anticipated to log a rapid recovery from 2021 onwards to reach US$ 650 million, assuming the approval for B737 max from FAA and other regulatory authorities, the resurrection of the A320neo production rate, and the entry of COMAC C919 and B777x (GE9x engine). Growing penetration of CMCs in high-temperature applications for space vehicle launchers and the development of silicone-carbide composite cladding for light-water nuclear reactors are anticipated to further reinforce the demand in the long run.

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Based on the application type, aeroengine is expected to maintain its lead in the market over the next five years. Continuous efforts by aircraft engine manufacturers for the development of lightweight and high-performance parts for the hotter sections of gas turbines is driving the demand for high-temperature corrosion-resistant composites in aeroengine applications. GE9x engine that consists of five CMC components (all of them are high-temperature corrosive applications), completed its first flight with B777x in January 2020. GE has already secured more than 700 orders for its GE9x engines till date. Further COMAC has received 815 orders for C919 aircraft powered by CFM's LEAP engine. CFM International has an order backlog of 15,614 Leap engines as of December 2019.

Based on the material type, the market is segmented into SiC/SiC, oxide/oxide, C/SiC, and others. SiC/SiC is expected to remain the dominant material type during the forecast period. SiC/SiC composites are preferred for high temperature aeroengine applications due to their exceptional properties such as high thermal conductivity, excellent thermal shock resistance, creep resistance, and oxidation resistance as compared to their rivals. Increasing penetration of advanced composites in high-temperature applications in aircraft engines owing to their features such as lightweight compared to nickel alloys and greater inclination towards SiC/SiC composite materials for space vehicle launcher and nuclear reactor applications are driving the growth of the segment.

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In terms of region, North America is likely to remain the most dominant market for high-temperature corrosion-resistant composites during the forecast period. The region is the manufacturing hub of the aerospace industry with the presence of several raw material suppliers, aircraft engine manufacturers, tier players, aircraft OEMs, space agencies, airlines, and MRO companies. The outbreak of the COVID-19 pandemic disrupted the entire supply chain of the aerospace industry, compelling aircraft OEMs such as Boeing to shut down their manufacturing facilities for a period. Despite severely hit from the COVID-19 outbreak, the region's high-temperature corrosion-resistant composites market will maintain its lead in the global market during the forecast period.

The supply chain of this market comprises raw material suppliers, high-temperature corrosion-resistant composite manufacturers, component/part fabricators, aircraft engine manufacturers, and end users (such as chemical processing industries, aircraft manufacturers, nuclear power plants, satellite launch vehicle manufacturers, and metal processing industries). Key players in the high-temperature corrosion-resistant composites market are GE Aviation, Pratt & Whitney, CoorsTek Inc., Safran Ceramics, Composites Horizons LLC, Kordsa Teknik Tekstil A.S., SGL Carbon, Applied Thin Film Inc., Rolls Royce, and Honeywell International Inc.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the high-temperature corrosion-resistant composites market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

High-Temperature Corrosion-Resistant Composites Market, By Application Type:

• Aero Engine (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Space (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

High-Temperature Corrosion-Resistant Composites Market, By Process Type:

• Melt Infiltration (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• CVI (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Sintering (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

High-Temperature Corrosion-Resistant Composites Market, By Material Type:

• SiC/SiC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Oxide/Oxide (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• C/SiC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

High-Temperature Corrosion-Resistant Composites Market, By Region:

• North America (Country Analysis: The USA and Rest of North America)
• Europe (Country Analysis: France, The UK, Germany, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, and Rest of the Asia-pacific)
• Rest of the World (Sub-Region Analysis: The Middle East and Others)

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

Related Report from Stratview Research
Ceramic Matrix Composites (CMCs) Market in Aircraft Engines by Aircraft Type (Commercial Aircraft, Business Jets, Military Aircraft, and Helicopter), by Engine Type (Jet Engine, Helicopter Engine, and Others), by Component Type (Static Components and Rotational Components), by Application Type (Combustor Liner, Shrouds, Blades, Nozzles, and Others), by Engine Zone (High Pressure, Low Pressure, and Combustor), by Material Type (SiC/SiC, Ox/Ox, and Others), by Manufacturing Process (Chemical Vapor Infiltration, Solid Phase Infiltration, Polymer Impregnation and Pyrolysis, and Melt Infiltration), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

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