The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is projected to reach USD 7.98 billion by 2030, expanding at a CAGR of 11.7% over the forecast period.
The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials.
Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market
The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with wider product penetration observed in the domestic semiconductor sector. The use of the product in wafer form remained among the key point of applications. The vendors of the domestic market posted healthy growth, with Washington Mills emerging to be the front–runner in the U.S. silicon carbide industry. However, the global pandemic and resultant closure of manufacturing activities directly impacted the new order bookings, which ultimately led to the shortfall of FY 2020. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.
Since the U.S. is the largest producer of wafers and substrates for the semiconductor industry, the impact level was mildly reduced, especially by the last quarter of FY 2020. The industry dynamics are likely to improve significantly in FY 2021 as the industrial and electronic manufacturing in the country resume their operations. The pent-up demand is estimated to play a key role in boosting the demand for the product, especially from the local chips marketspace. Such trends are projected to positively influence the market growth of silicon carbide and associated products during the forecast period.
Global Silicon Carbide Market Segmentation
Based on the Product Insights, the market is segmented into Black Silicon Carbide & Green Silicon Carbide
Based on the Application Insights, the market is segmented into Steel, Automotive, Aerospace, Military & Defense Electrical & Electronics, Healthcare & Others
Based on the Regional Insights, the market is segmented into North America, Europe, Central & South America, Asia Pacific, & Middle East & Africa
Market Share Insights
Key Companies Profile:
The global market is largely fragmented with various vendors present at different levels of the value chain. The primary vendors are focused on the development of abrasives-based SiC, whereas a few established vendors are approaching integration with the development of value-added products for the electronics industry.
Some of the prominent vendors in the global silicon carbide market include:
Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/silicon-carbide-market