Global Silicon Carbide Ceramics Market Research Report Forecast to 2023
LONDON, May 8, 2018 /PRNewswire/ -- Silicon Carbide is one of the toughest and hardest ceramic material available which possess various favorable properties for its use in the industrials uses. They exhibits properties such as excellent thermal conductivity, low thermal expansion and excellent resistance to acid. Moreover, suitable for applications in automotive, industrial manufacturing, and electronics & electrical they are the most corrosion resistant ceramic material. The overall application scope of the silicon carbide ceramics includes electrical & electronics, automotive, machinery manufacturing, metallurgic, aerospace & defense, metal mining, industrial and others.
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Global silicon carbide ceramics market is growing significantly over the past few years. As per our analysis, the market is in growth expansion phase and will be heading towards the growth stabilization in over the course of next five years. The global silicon carbide ceramic market was valued at USD 4,860 million in 2016. The market is projected to reach USD 7,474.1 million by 2023, expanding at a CAGR 6.45% over the assessment period. In terms of volume, the market was estimated at 245.6 kilo tons in 2016, and growth observed in terms of volume was 5.65%.
The primary factor for the growth of this market is observed as growing industrialization as well as increasing industrial output to attain higher yield. Industrial manufacturing sector has provided fuel for the growth of silicon carbide ceramics. Increasing country level political alliances, specifically, in developing regions such ass Latin America and Middle East as well as some of the emerging economies of the Asia Pacific driving scope for overall ceramic industry. Moreover, widening application scope of Sic ceramics coupled with excellent properties associated with them have also supported raised global consumption. The ceramic industry as a whole is expanding over 5% of growth rate and is expected to provide several growth opportunities over the forthcoming years. On the split side, high cost associated with Sic ceramics has been the major issue for the global growth and it is further expected to continue challenging global demand in the coming years.
Pressure sintered emerged as the most promising type accounted for more than 50% of global shares expanding at highest CAGR of 7.75% as of 2016. Pressure sintered Sic has highest grades and possess properties favorable for industrial application due to which it has acquired largest shares in this market. On the basis of applications, electronics and electrical industry dominated the global market and has accounted for 28% global share, closely followed by automotive industry at 22%. Emergence of electrical vehicles has acetated the automotive production, therefore, automotive industry may surpass the revenue of the electrical and electronics industry and dominated the global market in the coming years. Automotive industry is growing at highest CAGR of 8.67 in this market due to increased global automotive production and is expected to grow further and provide scope for Sic ceramics.
Silicon Carbide Ceramics Market Share, by application 2016 (%)
The global silicon carbide ceramics market has been spanned across five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. With largest global share of 39%, Asia Pacific was the most promising regional market in silicon carbide ceramic market. The region was growing at promising CAGR of 7.95% and it is expected to continue its dominance over the assessment period. Highest industrial production in China, largest automotive production, emerging economies such as India, japan, and China are some of the factors behind the high growth of Asia Pacific. As of 2016, China emerged as the leading market in this region and has generated largest revenue of USD 796.1 million.
With 26% global market share North America was the largest market as of 2016. Established aerospace and defense industry is considered as the primary market for Sic ceramics in North America. The U.S. economy spent significant amount of their GDP in their defense and military sector due to which their defense industry is very strong and diverse. Consequently, Sic ceramics has diverse applications in defense industry and therefore it has substantially been used in the North American region. Europe is another attractive market with some of the key markets such as Germany, Russia, and UK. Industrial automation, technological reforms and some of the important automate production giant in Western Europe are the growth driving factors in this region. Germany was the major country level market in Europe, with 32% for regional share and 4.81% stable growth rate in 2016.
Brazil and Mexico are listed as emerging economies in the list of industrialized economies due to political growth and economic reforms. Brazil is the most promising market in Latin America with largest 41% regional shares and 7.08% dynamic growth rate.
Segmentation
The silicon carbide ceramics market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into pressure sintered, reaction bonded and recrystallized silicon carbide. Market segmentation based on the application includes electronics & electrical, automotive, machine manufacturing, metal mining, aerospace & defense, metallurgic, industrial and others. On the basis of the region, the global market has been spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Key Players
Some of the key players operating in the global silicon carbide ceramics market are Saint-Gobain (France), CeramTec (Germany), Morgan Advanced Matertial (U.S.), Ortech Adavnced Material (U.S.), KYOCERA Corporation (Japan), Blasch Precision Ceramics (U.S.), Coors Tek Inc. (U.S.), Hitachi Chemicals (Jaon), Ceradyne Inc (U.S.), ESD SIC bv (Netharlands) and others
Key Findings
As per the MRFR analysis, global silicon carbide ceramics market is forecasted to reach USD 7,474.1 million expanding at a CAGR of 6.45% by 2023. As of 2016, Asia Pacific dominated the global market and has accounted for 39% of the global share, expanding at dynamic CAGR of 7.95%. China was the major revenue generating country level market in Asia Pacific region and has generated overall revenue of USD 796.1 million as of 2016. On the basis of the type, pressure sintered silicon carbide ceramics accounted for largest market volume, by expanding at a CAGR of 7.03%. Based on the application, electronics & electrical industry dominated the global market thereby accounting largest share of 28% followed by automotive at 22.2%
Geographic Analysis
The report covers brief analysis of geographical region includes
World
• North America
• U.S.
• Canada
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest Of the Asia Pacific
• Europe
• Germany
• UK
• Russia
• France
• Italy
• Spain
• Belgium
• Rest Of the Europe
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Mexico
• Rest Of the Latin America
Intended Audience
• Manufacturers and distributors of Silicon Carbide Ceramics.
• Suppliers and traders of Silicon Carbide Ceramics.
• Government, associations and industrial bodies.
• Investors and Trade experts.
• Consulting in chemical experts.
DC description
• Ceramics
• Non oxide-based ceramics
• Carbide ceramics
• Silicon
• Advanced ceramics
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