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The silicon carbide market was valued at US$ 712.85 million in 2019 and is projected to reach US$ 1,810.56 million by 2027; it is expected to grow at a CAGR of 12.5% from 2019 to 2027.
Silicon carbide is also known as carborundum is a semiconductor material widely used in electronics and semiconductor industries. The different physical and chemical properties of silicon carbide ensure its use in varied application industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in different processes such as honing, water jet cutting, grinding, and sand blasting. Silicon carbide is also used in oilfield applications such as components of pumps used to drill and extract the oil. Rising demand for silicon carbide in various application industries has led to an increase in the investments by manufacturers, governments, and research institutes in the production of silicon carbide.
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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 to lockdowns, 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 to this industry.
Based on type, the silicon carbide market is segmented into black 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 to 1600°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 to its lower cost.
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The global silicon carbide market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. In 2019, Asia Pacific contributed to the largest share to the market. The dominance of this region is primarily attributed to rapid 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 to its great strength and stiffness; thermal stability; and wear, high temperature, and chemical resistance.
A few of the players operating in the silicon carbide market are Fiven ASA, AGSCO Corp, Carborundum Universal Limited, ESD-SIC, ESK-SIC GmbH, Futong Industry Co. Limited, Electro Abrasives, LLC, Washington Mills, Tifor B.V. and Grindwell Norton Ltd.
The size of overall global silicon carbide market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the silicon carbide market.
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