Silicon Carbide Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2020 To 2027

Synopsis

According to the report, the global silicon carbide market was prized by USD 2.52 billion in 2019 and is estimated to record almost 16.1% CAGR, from 2020 to 2027.

Drivers

The rising steel industry is expected to push the development since silicon carbide (SiC) is utilized as a deoxidizing mediator in steel manufacturing. It is the most important raw material in the manufacturing of refractory.

The refractory manufactured from silicon carbide shows greater thermal conductivity, which is ten times upper than the refractory made up of fireclay. The rising production of steel is expected to boost the demand for refractory. Sequentially, this is estimated to increase the enlargement of the market in the near prospect.

In addition to the increasing demand for silicon carbide from the steel manufacturing companies, the silicon carbide market is furthermore provoked by electronics manufacturing, where it is utilized for the production of semiconductors.

The increasing global employment of renewable energy resources for the generation of power is estimated to fuel the demand for semiconductors, made up of silicon carbide, since they demonstrate the excellent sturdiness and fantastic speed, above the silicon.

Restraints

Even though silicon is getting substituted by silicon carbide (SiC) in the semiconductor sector, the merchandise is dealing with the challenge from new materials like gallium nitride, in the power units, in the role of gallium nitride transistors. As compared with silicon carbide, these are price-efficient transistors and are able to function on reduced voltages. Hence, it may perform as a key limitation for the progress of the market.

Effect of Covid-19

The mining industry is the most important and holds the major share of the global economy. The necessary important raw materials are supplied by the mining industry. The normal working of the mining industry, in China, is expected to resume very soon. The key mining companies are not facing any major influence of the Covid-19 pandemic, on their operation.

Product Viewpoint

As a result of the growing utilization of steel, along with increasing construction and automobile manufacturing, black silicon carbide held a 55.3% share of the market in 2019. Green silicon carbide is harder as well as costlier than its equivalent. It is the purest variety of it. It is substituting silicon chips in semiconductors because it offers superior form factor and effectiveness.

Application Viewpoint

As a result of the increasing entrance of electric vehicles where silicon carbide is utilized for the production of power electronics devices, which function at high temperatures, the automobile manufacturing sector held a 17.9% share in 2019.

Due to the increasing demand for the power modules in semiconductors, electrical & electronics is a single of the speedily developing sector. The silicon carbide semiconductors show greater thermal conductivity, a better critical electric field, and a wider bandgap. The growing manufacture of semiconductors is expected to power the expansion of the silicon carbide market in the near future.

The aerospace sector is estimated to increase by 17.6% CAGR during the period of the forecast, due to the growing commuter travel as well as the demand for aircraft. In the defense & military sector, properties like outstanding mechanical power and excessive hardness create it appropriate in the manufacturing of the body of military aircraft along with vehicle protective covering.

In 2019, Asia Pacific retained a 59.4% share of the market due to the increasing manufacturing division in the nations such as China and India.

Companies

The companies are implementing a variety of initiatives like joint projects and mergers & acquisitions to increase their range of products along with gain a larger share of the market.

Some of the companies for the silicon carbide market are: Saint Gobain Ceramic Materials GmbH, ESK-SIC GmbH, Entegris, Inc., Carborundum Universal Limited, Grind well Norton Ltd, ESD-SIC b.v., Dow Chemical Co., AGSCO Corporation.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global silicon carbide market report on the basis of product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • Black Silicon Carbide
    • Green Silicon Carbide

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • Steel
    • Automotive
    • Aerospace
    • Military & Defense
    • Electrical & Electronics
    • Healthcare
    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
    • Europe
        • Germany
    • The Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa