Global Market Insights of Silicon Carbide Market

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.

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.