Silicon Carbide Market Growth, Top Manufacturer Analysis and Forecast to 2023

Posted on 2020-09-07 by researchinsights in Chemicals // 0 Comments

07^th Sept 2020 – The global Silicon Carbide Market size is expected to value at USD 4.48 billion by 2020. The market is subject to witness a substantial growth due to increase in the demand of silicon carbide from automobile, electronic, and aerospace industries. The rising use of silicon carbide (SiC) in military and defense sector is significantly propelling the growth of the market over the overcast period. Number of laws and regulations by governmental agencies is boosting demand of the silicon carbide (SiC) in the military applications as well. A vast set of applications in the automotive sector of the silicon carbide (SiC) such as adoption of carbon fiber plated silicon carbide in disc-brakes is further escalating growth of the silicon carbide industry in recent years.

The use of the silicon carbide (SiC) in semiconductor manufacturing industry is one of key driving factors for the expansion of the market in coming years. Globally, the silicon carbide (SiC) market is predicted to grow at CAGR of 16.1% in forecast period, providing numerous opportunity for market players to invest for research and development in the industry. One of the key variants of the silicon carbide, black SiC is expected to dominate most of the market in regards to the revenue generation over the forecast period. Application of the black silicon carbide include ceramic plating in bullet-proof jackets, car brakes and clutches in vehicle, are some of the key factors responsible of the rising demand for the black silicon carbide.

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Furthermore, other application of the black silicon carbide serves as abrasive material, in grinding and polishing of automobile equipment, and wear-resistant. The use of black silicon carbide is growing mainly attributed to the low cost, in comparison with green silicon carbide. Silicon carbide is considered as an ideal alternative to the silicon chips in the semiconductor manufacturing, growing production of semiconductor devices is likely to escalate the growth of silicon carbide (SiC) industry in upcoming years. Though, unavailability and growing prices associated with the green silicon carbides coupled with requirement for high purity is significantly limiting growth of the silicon carbide market.

Silicon carbide is commonly used as a base ingredient for refractories on the basis of high temperature resistance. Applications of the refractory materials ranges from heaters, ovens, large furnaces, and containers, such applications are vital in the manufacturing segment such as aluminum, steel alloys, and metal. Sustained growth of the metal and cement manufacturing sectors is major factor fueling expansion of the market.

Silicon Carbide is produced from mixture carbon and silicon, and is considered as the only chemical amalgam of the two. The procedure for the production of the silicon carbide involves an electro-chemical reaction between sand and carbon elements at high temperature. Silicon carbide is known for its abrasive properties and mainly utilized for grinding wheels since last hundreds of years. Typical applications of the silicon carbide include abrasives materials, refractories, ceramics, and other high performance usages.

The silicon carbide market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. Asia-Pacific region is predicted to hold major market share in the silicon carbide industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rising demand of the SiC in from healthcare and pharmaceutical sectors, and rising investment by leading industry players due to potential opportunities for growth in the region.

North America and Europe region has shown major growth in recent years owing to the rise in the demand for the black silicon carbide for manufacturing of the electronic products and significant investment for increased production of the silicon carbide by military and defense sectors. The key players in the silicon carbide industry are AGSCO Co., Carborundum Universal Limited, Dow Corporations, Entegris Incorporations, ESK-SIC GmbH, Grindwell Norton Limited, and Snam Abrasives Pty. Ltd.

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