The scope of our recent study on the “Global Silicon Carbide Market Forecast t2027 – COVID-19 Impact and Global Analysis – By Type (Black Silicon Carbide and Green Silicon Carbide), and End-Use Industry (Automotive, Aerospace and Aviation, Military and Defense, Electronics and Semiconductor, Medical and Healthcare, Steel, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The silicon carbide market was valued at US$ 712.85 million in 2019 and is projected treach US$ 1,810.56 million by 2027; it is expected tgrow at a CAGR of 12.5% from 2020 t2027. Silicon carbide, alsknown as carborundum, is a semiconductor material widely used in electronics and semiconductor industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting. It is alsused in the components of pumps used tdrill and extract the oil in oilfield applications. Rising demand for silicon carbide in various application industries has led tan increase in the investments by manufacturers, governments, and research institutes in its production.
Based on type, the silicon carbide market is segmented intblack silicon carbide and green silicon carbide. The black silicon carbide segment led the market with a larger share in 2019. Black Silicon Carbide (SiC) is an extremely hard man-made mineral that possesses high thermal conductivity along with high strength at elevated temperatures, e.g., at 1000°C, SiC is 7.5-times stronger than aluminum oxide. SiC has a modulus of elasticity of ~410 GPa and can operate with the desired strength at temperatures up t1600°C; also, it does not melt at normal temperature but dissociates at 2600°C. Black silicon carbide is usually available in the form of blocks, gains, and powder. It is employed as bonded and industrial abrasives, coated abrasives, refractories and ceramics, and refractories and ceramics. Black silicon carbide powder is widely utilized for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts due tits lower cost.
The global silicon carbide market is segmented intfive main regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. In 2019, Asia Pacific contributed tthe largest share tthe market. The dominance of this region is primarily attributed trapid growth in the automotive, and electronics and semiconductor industries in the region. Asia is one of the leading electrical and electronics manufacturing regions. Moreover, these industries pose a high demand for silicon carbide due tits great strength and stiffness; thermal stability; and wear, high temperature, and chemical resistance.
Impact of COVID-19 Pandemic on Silicon Carbide Market
As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due tlockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns because of this outbreak. China is the global hub of manufacturing and largest raw material supplier for various industries. The shutdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are suppressing the business collaboration and partnership opportunities. Thus, these factors have been restraining the growth of the chemicals and materials industry, and other markets related tthis industry.
Silicon Carbide Market, by Type
- Black Silicon Carbide
- Green Silicon Carbide
Silicon Carbide Market, by End-Use Industry
- Automotive
- Aerospace and Aviation
- Military and Defense
- Electronics and Semiconductor
- Medical and Healthcare
- Steel
- Others
Silicon Carbide Market, by Geography
- North America
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
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