Silicon Carbide Market to be Expected to Reach $4.49 Billion in 2020

Many silicon carbide manufacturers express that it is estimated that global silicon carbide market will reach $4.49 billion in 2020 according to the latest survey. Although the steel industry keeps weak, the outlook remains optimistic. And since silicon carbide is viewed as deoxidizer of iron and steel production, the demand for silicon carbide is bound to increase. At the same time, the recovery and development of semiconductor manufacturing and auto industry is bound to increase the demand for silicon carbide.

In 2013, the total demand of steel and energy industry for silicon carbide reached up to 302000 tons. India and China's emerging market have increasing demand for steel and energy, so it is bound to promote the demand for silicon carbide. At the same time, great characteristics and high quality of silicon carbide also help it widely used in electronic industry and semiconductor industry. Electronics industry and the semiconductor industry needs more than 255000 tons of silicon carbide in 2013.

According to the survey, in 2013, the global market demand for silicon carbide reached 1.0601 million tons, and it is estimated that the number will be able to reach 2.769 million tons by 2020, whose annual compound growth rate is around 15.2%. Compared with other types of silicon carbide, black silicon carbide has wider applications, and the market demand for black carbon silicon was 745600 tons in 2013.

The asia-pacific region is the largest regional market of silicon carbide, whose total revenue was more than $870 million in 2013. The demand of iron and steel, automobile and other industries in this region for silicon carbide is expected to continue to grow, whose compound annual growth rate remains about 16.8%.

Currently, the medical and healthcare industry of India, China and Japan have got rapid development, which increases the demand for silicon carbide. It is estimated that the compound annual growth rate of medical industry for silicon carbide can reach 16.5%.

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