Silicon Carbide Market Size ($1.81Bn by 2028) Lead by Automated Compounding Devices (12.5% CAGR) COVID Impact and Global Analysis & Forecast by The Insight Partners

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PUNE, India, Oct. 22, 2021 /PRNewswire/ -- According to The Insight Partners study on "Silicon Carbide Market to 2027 – Global Analysis and Forecast – by Type, End-Use Industry, and Geography," the silicon carbide market is projected to reach US$ 1,810.56 million by 2027 from US$ 712.85 million in 2019; it is expected to grow at a CAGR of 12.5% during 2020–2027. Growing demand from the electronics and semiconductors sector is the major factor fueling the silicon carbide market growth. Moreover, wide areas of applications in several end-user industries have further propelled the demand for silicon carbide.

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Asia Pacific held the largest share of the global silicon carbide market in 2019. The growth of the manufacturing sector has fueled the demand for silicon carbide in the region. Manufacturing spending in Asia Pacific, especially in the developing economies such as China and India, has increased significantly in the last decade. In addition, favorable regulatory environment, and low labor and operating costs have led to many major global manufacturers to establish their operational units in the region. Silicon carbide finds applications in the automotive, electronics & semiconductors, and medical industries.

Wide Range of Applications to Propel Silicon Carbide Market Growth

Silicon carbide is a crystalline compound of silicon and carbon, and its physical hardness makes it suitable for a wide range of processes such as honing, water jet cutting, grinding, and sand blasting. It is also used in the manufacture of brake discs for sports cars owing to its ability to withstand high temperature. This feature has also resulted in its adoption within the aerospace and defense industry, specifically in bulletproof vests and pump shaft sealing. Silicon carbide is also used in oilfield applications as components of pumps used to drill and extract oil. The high surface hardness of silicon carbide is the major factor due to which it is widely used in oilfield applications. They are also used in power generation applications owing to its unique electrical properties. Silicon carbide is used in manufacturing of metal-oxide-semiconductor field-effect transistors (MOSFETs), light emitting diodes (LEDs), and thyristors. In the steel industry, silicon carbide is used as a unique material that acts as a fuel upon dissolution in the process of basic oxygen furnace (BOF) steelmaking. It provides more energy than ferrosilicon to increase the scrap-to-hot-metal ratio. The metallurgical grade silicon carbide is mainly used in foundries for producing gray, ductile, and malleable iron through an electric furnace. This semiconductor is also being used in astronomical telescopes, nuclear power plants, solar energy systems, and others. These factors are expected to aid the growth of the silicon carbide market.

Impact of COVID-19 Pandemic on Silicon Carbide Market

According to the latest WHO figures, updated in June 2021, ~177,108,695 confirmed cases and 3,840,223 deaths have been reported across the world. The disease has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has disrupted the global supply chain and disturbed the manufacturing, delivery schedules, and sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. These conditions are restraining factor the growth of various markets related to the chemicals & materials industry. The shortfall in production and limitations on transportation facilities have also affected the performance of the silicon carbide market amid the pandemic.

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Silicon Carbide Market: Segmental Overview

Based on type, the silicon carbide market is segmented into black silicon carbide and green silicon carbide. The black silicon carbide segment dominated the global silicon carbide market in 2019. Owing to its low cost, black silicon carbide powder is widely used for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts. Green silicon carbide is widely preferred by manufacturers for wire sawing. They are prepared in electrical internal resistance furnaces using very high purity silica sand and petroleum coke. They are also widely used in processing hard alloys, metallic & non-metallic materials with hard & brittle features including copper, brass, aluminum, optical glass, magnesium, jewel, ceramics, and others. On the basis of end-use industry, the silicon carbide market is segmented as automotive, aerospace and aviation, military and defense, electronics and semiconductors, medical and healthcare, steel, and others. The electronics and semiconductors segment dominated the global silicon carbide market in 2019. However, automotive segment is also expected to witness considerable growth over the forecast period. The use of silicon carbide can lead to higher energy efficiency owing to its high thermal conductivity, as they can operate at up to 200 degree Celsius. They are ideal for applications such as on-board chargers and inverters used within plug-in hybrid and fully electric vehicles. The growing demand for electric vehicles would further increase the demand for silicon carbide in the automotive sector.

Silicon Carbide Market: Competition Landscape and Key Developments

A few of the prominent players operating in the global 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. Major players in the silicon carbide market are focused on mergers and acquisitions and product launches, among other development strategies. These strategies help them in the overall growth of their businesses. For instance, in November 2019, Trelleborg Sealing Solutions acquired Tritec Seal, based in the US. The company offers engineered polytetrafluoroethylene (PTFE) sealing solutions. The acquisition strengthens Trelleborg's product portfolio, primarily in rotary seals, while giving it an access to increased manufacturing capacity.

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