Transparency Market Research

Global Silicon Carbide Market to Grow at a CAGR of 15.3% from 2013 to 2019: TMR


Albany, NY -- (SBWIRE) -- 12/07/2018 -- Silicon carbide (SiC) (or carborundum) is extremely hard compound of crystalline compound of silicon and carbon produced synthetically and has been popularly used as abrasives and in cutting tools world over. More recent applications driving the market are in refractory linings for industrial furnaces and in wear-resistant parts for pumps. The extensive usage of SiC as semiconducting substrates for LED has led the compound to occupy as a crucial role in semiconductor industry world over. Products made of silicon carbide find commercial usage in engineering applications. Owing to the extreme hardness SiC displays comparable that of diamond, along with exciting semiconductor characteristics it has, bolsters its uptake in applications that demand high corrosion resistance.

The range of applications of SiC in end-use industries such as automotive, steel and energy, aerospace, aviation, military and defense, electronics and semiconductors, and medical and healthcare is driving the silicon carbide market. The advances being made in these end-use industries is also catalyzing the growth of the silicon carbide market. Furthermore, the advent of advanced manufacturing processes has further expanded the specialized applications of silicon carbide.

The silicon carbide market is projected to proliferate at a robust CAGR of 15.3% during 2013– 2019. The valuation of the market was pegged at US$1.45 Bn in 2012.

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Applications in Medical and Healthcare Sector and Automotive Industry to rise at Substantial Pace

Among the various end-use applications, the troika of electronics and semiconductors, steel and energy, and automotive sectors accounted for a majority of the global share in 2012. However, the medical and healthcare sector in combination with the automotive industry is expected to be an attractive segment. The combined segment is poised to rise at the highest CAGR over the forecast period. SiC as performance ceramic is prominently used in ceramic brake pads for various high-end vehicles, including sports cars, which is boosting the product demand in the automotive industry.

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Asia Pacific and RoW Region to rise at Prominent Growth Rate, Europe home to Lucrative Avenues

The various regional segments in the global silicon carbide market are North America, Europe, Asia Pacific, and the region called Rest of World (RoW). Of these, Asia Pacific led the pack and held over half the share the global market in 2012. The prominence of this regional market is attributed to the presence of a robust distribution infrastructure. Of the remaining regional segments, Europe and RoW contributed a share of over 30% in the global market.

The substantial demand for SiC products in the automotive sector is a key factor driving the demand in Europe market. The rapid rise in demand for SiC in several developing countries such as China, Brazil, Russia, Indonesia, and India has resulted in the RoW region and Asia Pacific showing vast lucrative opportunities for market players to capitalize on. These regions are anticipated to expand at CAGR greater than all others over the assessment period.