Report Ocean has recently published a new research study on the global silicon carbide market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Silicon Carbide Market Size study, by Product (Black Silicon Carbide, Green Silicon Carbide), by Application (Steel, Automotive, Aerospace, Military & Defense, Electrical & Electronics, Healthcare, Others) and Regional Forecasts 2020-2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
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The global silicon carbide market stood approximately at US$2.5 bn in 2019. The market is anticipated to expand at a CAGR of more than 16.0% over the forecast period of 2020-2027. Thanks to the low switching cost and compatibility to high operating frequencies, silicon carbide (SiC) shows massive potential as the demand for replacing other silicon-based semiconductors and transistors with SiC-based ones is rising substantially. The market, thereby, is reporting a high rate of growth during the period of the forecast.
Moreover, the unique properties of SiC, such as exceptional performance, power switching frequency, and power rating, is also adding to its demand, influencing the market positively. The increasing demand for SiC in the electric vehicle industry is one prominent factor that is expected to propel this market in the years to come. According to the International Energy Agency, in 2017 more than 1 million electric cars were sold, of which more than half were sold in China alone. The total unit sale of electric cars crossed 2.1 million, worldwide, in 2019. Even 2019, China remained the world’s most prominent market for electric vehicles in terms of sales. Researchers expect that electric vehicles will continue to penetrate in developing countries over the next few years, which, in turn, is anticipated to create huge demand for SiC in the near future. However, the high material and production cost and the easy the availability of alternatives may create hindrance in the growth trajectory of this market over the next few years.
Impact of Covid 19 on Global Silicon Carbide Market
Like many other markets, the global SiC market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. The market is likely to take some time to recover.
Increasing Penetration of Electric Vehicles to Support North America Silicon Carbide Market
The research report also presents a regional assessment of the global silicon carbide market. As per the study, the market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is dominating the global market and is expected to remain dominant throughout the forecast period. The increasing penetration of electric vehicles and hybrid vehicles and the presence of a massive pool of market vendors in this region are supporting the North America silicon carbide market to grow substantially.
Asia Pacific is also projected to report decent growth in the near future. The increasing production of SiC, thanks to favorable government support, is likely to aid this regional market over the next few years.
- North America is dominating the global market and is expected to remain dominant throughout the forecast period.
- Asia Pacific is also projected to report decent growth in the near future.
The global silicon carbide market is segmented into:
- Black Silicon Carbide
- Green Silicon Carbide
- Military & Defense
- Electrical & Electronics
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- AGSCO Corp.
- Carborundum Universal Limited
- Dow Chemical Co.
- Entegris, Inc.
- ESD-SIC B.V.
- ESK-SIC GmbH
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- Saint Gobain Ceramic Materials GmbH
- Snam Abrasives Pvt. Ltd.
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