According to the report, the global silicon carbide market is anticipated at 7.18 billion by 2027. It is estimated to witness 16.1% for the duration of the forecast.
Increasing demand from semiconductor manufacturing is estimated to stay an important factor for the development of the market for silicon carbide, since it increases the effectiveness, functions at elevated temperatures and decreases the form factor.
The properties of the silicon carbide semiconductor, mentioned above, with its compensations over silicon create its appropriateness in functions like defense & aerospace and automobile manufacturing. High temperature opposing materials are extensively utilized within these industries. Hence, there is growing acceptance of silicon carbide semiconductors in the field of power electronics. Sequentially, this is estimated to power the expansion of the silicon carbide market, during the period of the forecast.
The increasing population of the Asia Pacific along with speedy urban development is estimated to impel the growth of the smart houses and smart cities. Consecutively, this is estimated to boost the demand for the power modules, manufactured using silicon carbide in electric vehicles.
China is the biggest manufacturing nation for automobiles, in the world. Growth in the manufacture of automobiles is estimated to power the demand for silicon carbide, in near future.
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Further key findings from the report suggest:
• As a result of rising consumption of the product in defense, electronics and aerospace manufacturing, North America is projected to observe 7.6% CAGR, throughout the period of the forecast.
• Electrical & electronics are between the speedily developing sectors. It is estimated to observe 10.8% CAGR from 2020 to 2027. The development is credited to the growing demand for the semiconductors, due to the global escalating use of the renewable energy resources.
• Due to the rising manufacture of semiconductors which are further utilized in diverse electrical & electronics functions like LEDs, transistors and solar cells, the division of green silicon carbide is estimated to develop by 10.1% CAGR, by the volume, for the duration of the forecast.
• In terms of revenue, Asia Pacific is estimated to observe 17.9% CAGR, above the forecast period. The credit goes to the enlargement of the manufacturing sector in diverse Asian nations like South Korea, China, Japan and India.
• On account of growing demand for steel from diverse end user industries, like oil & gas, automobile, and construction the steel sector held 21.1% share in 2019. Silicon carbide is utilized such as the deoxidizing mediator, in the steel manufacturing process.
Million Insights segmented the global silicon carbide market based on Application, Product and Region.
Silicon Carbide Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Black Silicon Carbide
• Green Silicon Carbide
Silicon Carbide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Military & Defense
• Electrical & Electronics
Silicon Carbide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Some of the companies for Silicon Carbide Market are: Saint Gobain Ceramic Materials GmbH, ESK-SIC GmbH, Entegris, Inc., Carborundum Universal Limited, Grind well Norton Ltd, ESD-SIC b.v., Dow Chemical Co., AGSCO Corporation.