Silicon Carbide Market to Witness Growth at 11.7% CAGR During the Forecast Period 2022-2030

Posted on 2023-01-05 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Jan 05, 2023 — /EPR Network/ —

Silicon Carbide Industry Overview

The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is anticipated to accelerate at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030.

The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials.

Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market

The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with wider product penetration observed in the domestic semiconductor sector. The use of the product in wafer form remained among the key point of applications. The vendors of the domestic market posted healthy growth, with Washington Mills emerging to be the front–runner in the U.S. silicon carbide industry. However, the global pandemic and resultant closure of manufacturing activities directly impacted the new order bookings, which ultimately led to the shortfall of FY 2020. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.

Since the U.S. is the largest producer of wafers and substrates for the semiconductor industry, the impact level was mildly reduced, especially by the last quarter of FY 2020. The industry dynamics are likely to improve significantly in FY 2021 as the industrial and electronic manufacturing in the country resume their operations. The pent-up demand is estimated to play a key role in boosting the demand for the product, especially from the local chips marketspace. Such trends are projected to positively influence the market growth of silicon carbide and associated products during the forecast period.

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Silicon Carbide Market Segmentation

Grand View Research has segmented the global silicon carbide market on the basis of product, application, and region:

SiC Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Black Silicon Carbide
- Green Silicon Carbide
SiC Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Steel
- Automotive
- Aerospace
- Military & Defense
- Electrical & Electronics
- Healthcare
- Others
SiC Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Silicon Carbide market include

AGSCO Corporation
Carborundum Universal Limited
Washington Mills
Coorstek
Entegris, Inc.
ESD-SIC b.v.
Snam Abrasives Pvt. Ltd.
Gaddis Engineered Materials
Grindwell Norton Ltd.
SK Siltron Co., Ltd.

Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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