Global Silicon Carbide Market To Witness High Growth at a CAGR of 15% from 2014 to 2020 Research Report by Hexa Research Inc.

Market Research Report On Silicon Carbide Market – Growing demand for steel processing and steel manufacturing along with recycling units is a key factor expected to drive silicon carbide market over the next five years. Increasing applications in major end-use industries including aerospace and aviation, electronics and semiconductor, steel and energy, military and defence, and medical and healthcare is anticipated to augment global silicon carbide market growth in near future.

Silicon Carbide is a synthetically manufactured chemical compound of silicon and carbon. It is strong, oxidation resistant, thermal shock resistant, and chemical resistant. It is characterized by low density, low thermal expansion and high temperature strength. Hexa Research observes that these factors will contribute to the global silicon carbide market as a result of strong demand from steel and energy sectors.

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Silicon carbide’s applications include aerospace & aviation, electronics & semiconductors, steel & energy, military & defense and medicine & healthcare. Steel and energy, with a total demand of 302 kilo tons, was the largest application area in 2013. Silicon carbide is used as a deoxidizing agent in steel manufacture. It is also a manufacturing component for semiconductors. Pure silicon conductors are increasingly being replaced by silicon carbide semiconductors. Hexa Research opines that growing market for steel and semiconductors will prove favorable for future demand of silicon carbide. The revival of automobile industry, especially in Asia Pacific countries like China, will also boost demand. Silicon Carbide is used as an oil additive in automobiles. Medical and Healthcare application segments will grow rapidly at a CAGR of 16.4% from 2014 to 2020. Key market growth inhibitors include high manufacturing costs and low tolerance levels.

Silicon carbide products include black, green, coated, refractory, micro grit, metallurgical and metallurgical briquettes. Key product segments of green and black will witness stagnant growth in the coming years. Applicability of black silicon carbide in ceramic, refractory and steel industries will propel market growth.

Hexa Research finds Asia Pacific with revenues more than $865 million to be the largest regional market for silicon carbide in 2013. Asia Pacific will continue its ascent with expected CAGR of 16.7% from 2014 to 2020, owing to factors like rapid industrialization and growing infrastructure projects. Exponential growth in Chinese automotive industry will also be an important contributor. Demand for Silicon Carbide in North America arose from the medical & healthcare and military & defense sectors. Hexa Research includes Dow Chemical Company, Entegris Inc., ESK-SIC Gmbh and Grindwell Norton in the list of key global industry participants.

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Silicon carbide also finds application in automotive industry. Growing automotive industry in china is likely to boost the market demand in Asia Pacific region over the foreseeable future. Silicon carbide is produced synthetically and posses properties such as oxidation resistance, low density, high strength, high temperature strength, high thermal shock resistance, low thermal expansion, and good chemical resistance. These tangible properties are expected to be a major factor for the market development. Replacement of pure silicon semiconductors with silicon carbide technology semiconductors is anticipated to have positive impact on the market over the next five years. Low tolerance level coupled with high manufacturing cost due to low manufacturing volumes and yields are expected to restrain the market growth over the forecast period.

Product Insights:

Based on products, silicon carbide is segmented into types such as black, green, coated, refractory, metallurgical briquettes, metallurgical, and micro grit. Among all, green and black are the major product segments and are anticipated to experience stagnant growth in near future. Demand for black silicon carbide is likely to boost over the forecast period on account of its increasing usage in ceramic, refractory and steel industries.

End-Use Insights:

Steel and energy dominates the application segment and is expected to be the fastest growing segments over the foreseeable future. Silicon carbide finds application in abrasive cloths and paper products and in grinding wheels owing to its superior properties such as high thermal resistance, hardness, and high temperature strength. Substituting pure silicon with silicon carbide in semiconductors is a key factor expected to drive the demand for silicon carbide in semiconductor and electronics industry. Electronics devices manufactured using silicon carbide reduces electricity losses owing to switching and conduction thereby offering high efficiency. This factor is anticipated to impact the market positively over the foreseeable future. Silicon carbide also finds application in automotive industry as an oil additive and ceramic brake discs. Growing automotive sector across the globe is expected to augment the market growth in near future.

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Regional Insights:

Asia Pacific was the dominant regional market in 2014 and is expected to experience significant growth over the next five years owing to growing steel and energy industry in the region. Growing electronics and semiconductors market is anticipated to have positive impact on the market in Asia Pacific region. Automotive industry has been witnessing rapid growth particularly in China is expected to be the major factor driving the market growth in the region over the foreseeable future. Rapid industrialization and increasing infrastructure spending in the region is further likely to boost silicon carbide market in near future. North America silicon carbide market is anticipated to witness rapid growth on account of growing medical and healthcare industry in the region. Furthermore, growing military and defence industry in U.S. is likely to complement the market growth in North America region. Increase in healthcare spending by regional government is projected to drive silicon carbide market in Europe region.

Competitive Insights:

Global silicon carbide market is fairly concentrated in nature. Some key players operating in the global market include Dow Chemical Company, Entegris Inc., AGSCO Corporation, Carborundum Universal, ESK-SIC Gmbh, ESD-SIC, Gaddis Engineered Materials, and Grindwell Norton among others.

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About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Custom Research: Hexa Research offers its clients complete flexibility and freedom to design a study in order to tailor it to match their exact requirements. Our account executives and research managers are constantly available to help the client identify key deliverable and obtain maximum value for cost. Some of the commonly used parameters for building a custom study are listed below:

• Product segments
• Application markets
• Regional preference
• Market data drill-down

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