Global Silicon Carbide Market Trends, Size Estimation and Regional Insights during forecast period 2020-2027

 

Silicon Carbide Market

Chemically speaking, Silicon Carbide (SIC), also referred to as carborundum, is a substance. Essentially, it is a silica and carbon combination. It has the ability to perform switching applications requiring high power. The Silicon Carbide Market is expanding as a result of rising demand for semiconductor devices. The voltage-dependent resistance feature of silicon carbide is significant in semiconductors. The market is anticipated to increase as a result of rising demand for semiconductor devices that may be used in electromechanical computing systems, high-temperature sensors, and motor drives. Consequently, it is anticipated that rising semiconductor device demand will fuel silicon carbide market expansion.

It is anticipated that expansion in the automotive industry will fuel silicon carbide market expansion. The global demand for Silicon Carbide Market is being driven by an increase in auto production. The European Automobile Manufacturers Association reports that over 80 million passenger cars were produced internationally in 2017 and that over 92.8 million motor vehicles were produced globally in 2019. Therefore, the market expansion of silicon carbide is primarily being driven by an increase in automobile production across the globe. Regionally, Asia-Pacific held a 55.3% revenue share of the worldwide silicon carbide market in 2019, followed by Europe and North America, in that order.

By the end of 2027, the global Silicon Carbide Market is anticipated to generate more than $11,965.9 million in revenue, expanding at a CAGR of 15.3%. (2020 to 2027).

Due to its brittle nature, silicon carbide presents significant difficulties when producing small parts for semiconductor devices. This aspect is anticipated to limit the market expansion of silicon carbide. Over the projection period, the Silicon Carbide Market is anticipated to be hampered by rising use of gallium nitride as a replacement for silicon carbide in power module applications.

Significant prospects are anticipated to arise from the expanding popularity of black silicon carbide, which is in high demand from the steel and automotive industries. Black silicon carbide is crystalline in nature and is used extensively in abrasives, wear-resistant, refractory, and grinding and polishing goods due to its high temperature strength and resistance to oxidation and thermal shock. In addition, black silicon carbide is more affordable than green silicon carbide.

Over the course of the forecast period, expanding usage of the product in the aviation and aerospace sector is anticipated to open up new market opportunities. Silicon carbide is an appropriate material for creating lightweight aeroplane structural components. For instance, titanium matrix composites that are highly corrosion-resistant and are similar to the stiffness and tensile strength of aircraft metals are created by combining silicon carbide with titanium. In addition, they differ from other materials utilised in the aerospace application by 40% to 70% in weight.

Major Companies involved are- 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.

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