Key Factors Influencing Growth in the Silicon Carbide Market
Silicon Carbide is typically used for finishing cast iron, non-ferrous metals, stone, lather, and rubber the sharp cutting characteristics of black silicon carbide is anticipated to give an uptick to its demand during the projection period. High thermal conductivity, and energy efficiency of silicon carbide drives the global silicon carbide market to a substantial growth during the forecast period.
The global silicon carbide market was estimated to be valued more than US$ 3,821.4 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 15.3% during the forecast period (2020 to 2027). Silicon carbide is one of the hardest compounds that have excellent power switching frequency and power rating. This property makes it ideal for electronic applications. It is produced by mixing petroleum coke and sand in high pressure and temperature conditions. Silicon carbide is broadly used in high power devices, optoelectronics devices, high-temperature devices, and high-frequency power devices.
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Market Opportunities
The growing popularity of black silicon carbide that is gaining huge demand from automotive and steel industries is expected to serve major opportunities. Black silicon carbide is crystalline in nature with and is widely used across grinding and polishing, abrasives, wear-resistant, and refractory products due to resistance to oxidation and thermal shock and high-temperature strength property. Moreover, black silicon carbide is cost-effective as compared to green silicon carbide.
Key features of the study:
- This report provides in-depth analysis of global Silicon Carbide market size (US$ Billion and Kilo Tons), and Compound Annual Growth Rate (CAGR %) for the forecast period (2020 – 2027), considering 2019 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights into market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
- Key companies covered as a part of this study includes AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc., ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd.
Global Silicon Carbide Market – Impact of Coronavirus (Covid-19) Pandemic
- The global market for silicon carbide was impacted to some extent amidst the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown and travel restrictions which resulted in seizure of all industrial activities. However, as the manufacturing facilities involved in various sectors such as electronics, automobile, medical, steel and others are slowly resuming their operations after mid-2020, the demand for silicon carbide is expected to once again gain momentum in the upcoming years.
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