The silicon nitride market is estimated at USD 90 million in 2018 and is projected to reach USD 127 million by 2023, at a CAGR of 7.2% between 2018 and 2023
NEW YORK, May 13, 2019 /PRNewswire/ -- Superior mechanical and biocompatible properties of silicon nitride are expected to drive the global silicon nitride market during the forecast period.
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The silicon nitride market is estimated at USD 90 million in 2018 and is projected to reach USD 127 million by 2023, at a CAGR of 7.2% between 2018 and 2023. Silicon nitride exhibits good mechanical properties and is lightweight and biocompatible. These properties make it a preferred material in end-use industries such as photovoltaic, automotive, aerospace, medical, and general industrial. Increasing demand from these end-use industries is expected to drive the market during the forecast period.
Silicon nitride is relatively expensive, but its price versus performance is better than its alternatives.Silicon nitride manufacturing is complex, and this increases its cost.
For instance, hot pressed silicon nitride needs to be diamond grounded in order to obtain the desired shape.Both the price of grinding and equipment is high.
Thus, the high cost acts as a major restraint to the demand for silicon nitride. However, the development of silicon nitride as a biocompatible material in the medical industry and the adoption of electric and hybrid vehicles are a major opportunity for various market players.
Medical end-use industry is expected to register the highest CAGR in the global silicon nitride market during the forecast period.
The medical end-use industry segment is projected to witness the highest growth in the silicon nitride market among the end-use industries.In the medical industry, silicon nitride is used as a material for manufacturing surgical screws, plates, and bearings for use in applications such as prosthetic hips, knee joints, and dental implants.
Silicon nitride composites are also used in cervical spacers and spinal fusion devices.It is biocompatible, bioactive, bacterial resistant, and shows superior bone affinity.
Also, it can provide an exceptionally smooth and wear-resistant surface for applications such as bearings for hip and knee replacements in the medical industry. The market for silicon nitride in the medical industry is in the nascent stage and is expected to grow the fastest in the coming years.
Sintered silicon nitride segment is expected to register the highest CAGR in the global silicon nitride market during the forecast period.
Among the silicon nitride types, sintered silicon nitride is projected to grow the fastest during the forecast period.SSN exhibits properties such as high-temperature strength, superior thermal shock resistance, creep resistance, fracture toughness, oxidation resistance, and wear resistance.
SSN is used in applications such as components in glow plugs in diesel engines, pre-combustion chambers, turbochargers, rocker arm pads in spark ignition engines, and components in exhaust gas control valves.
APAC is projected to record the highest growth rate during the forecast period.
Globally, APAC accounted for the largest share of the silicon nitride market, and this trend is expected to continue until 2023.Within APAC, China was estimated to be the largest market in the region, followed by Japan, South Korea, and India in the year 2017.
China is also projected to grow the fastest during the forecast period. Growing innovation and the rising demand for improved products in the end-use industries are driving the use of silicon nitride in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research.
The breakup of primary interviews is given below.
• By Company Type - Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
• By Designation - C level – 50%, Director level – 30%, and Others – 20%
• By Region - Europe –40%, APAC – 30%, North America – 20%, RoW-10%
The leading silicon nitride powder manufacturers are UBE (Japan), Denka (Japan), AlzChem (Germany), H.C. Starck (Germany), Yantai Tomley Hi-Tech Advanced Materials Co. Ltd (China), and Vesta Si (Sweden). The leading fabricators of silicon nitride are 3M (US), CeramTec (Germany), Kyocera Fine Ceramics (Japan), Morgan Advanced Ceramics (UK), Toshiba (Japan), Rogers Corporation (US), and CoorsTek (US).
Research Coverage:
This research report categorizes the global silicon nitride market on the basis of type, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges.
Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help the leaders/new entrants in this market in the following ways:
1. This report segments the global silicon nitride market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, acquisitions, and agreements.
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