The global silicon carbide market size was valued at USD 2.39 billion in 2016 and is expected to exhibit a CAGR of 16.1% from 2012 to 2020. Increasing demand for steel in automobiles, construction, and energy sectors in India, China, and South Korea is expected to boost demand for silicon carbide (SiC) over the forecast period.
Asia Pacific and RoW are expected to be strong markets in future due to growing industrialization and infrastructure, coupled with ongoing expansion of semiconductors, steel, energy, and automotive sectors. In addition, empowerment of nuclear programs by developing countries such as India and Pakistan is expected to increase the use of SiC in these applications.
North America is expected to lose significant market share by 2020 on account of declining steel and automotive industries. However, due to recent developments in military and defense and electronics sectors, demand for SiC is expected to rise.
China is expected to witness the fastest growth in terms of product demand on account of ongoing expansion of the semiconductor industry as well as surging automotive and metal production. In addition, the Chinese government’s move to restrict export of commodities to promote domestic consumption is expected to boost the production of silicon carbide in the country.
Increasing industrial growth, coupled with thriving energy sector in developing countries such as Brazil and South Africa, is expected to increase demand for SiC in electronics and semiconductors applications. This is anticipated to boost the global SiC market over the forecast period.
Black SiC dominated the global market, accounting for 56.7% of the revenue in 2013. Increasing applications such as ceramic plates in bullet proof vests as well as car brakes and clutches in automobiles are expected to play a major role in driving market growth over the forecast period. It also finds application in abrasives, grinding and polishing, and wear-resistant and refractory products on account of its properties. It is widely used due to its low cost when compared to green silicon carbide, which is expected to increase its demand in the coming years.
Green SiC accounted for 27.2% of the global demand in 2013; it is also the fastest growing product segment. Silicon carbide is said to be replacing silicon chips in semiconductors, hence growth in production of semiconductors will boost market demand. However, green silicon carbides are hard to produce and high cost limits its use in applications where high purity SiC is needed, thus hampering segment growth.
The steel and energy application dominated the global SiC market, accounting for 28.8% of the revenue in 2013. The segment is expected to dominate this market over the forecast period due to increased use of SiC in heavy industries for applications such as refractories, bearing, grinding wheels, and furnace parts.
The automotive segment is likely to register a CAGR of 16.6% from 2014 to 2020. Increased use of the product in automotive parts to enhance performance of discs and provide excellent safety measures is expected to boost the market.
SiC is widely used in the aerospace industry as it provides resistance from wear and corrosion. Silicon carbide permits efficient manufacture of lightweight, complex geometries that enable deployment of high-technology systems. This is expected to play a crucial role in promoting the usage of SiC in aerospace and aviation applications.
The electronics segment is expected to expand in the near future due to superior properties offered by the product, such as high temperature and voltage resistance, power density, and electrical current density. In addition, growing demand for semiconductor devices in the power and industrial sectors is expected to boost product demand over the forecast period.
In terms of revenue, Asia Pacific is considered to be the largest regional market, accounting for 53.4% of the global demand in 2013. It is expected to dominate the market over the forecast period due to larger demand from the medical and healthcare sector.
The Europe market is expected to register a CAGR of 14.6% from 2014 to 2020 owing to growing demand for black silicon carbide in the electronics sector. The economic pricing of black SiC compared to green SiC and other product segments is expected to propel the market. North America is expected to clock in a CAGR of 15.1% from 2014 to 2020, fueled by increased investments by the government on the military and defense sector.
The RoW market is expected to reach USD 631.3 million by 2020, registering a CAGR of 15.8% during the forecast period. Rapid developments in medical and healthcare, aerospace and aviation, automotive, military and defense, and electronics and semiconductors sectors will continue to boost this regional market.
Companies are focusing on expanding their footprint by setting up manufacturing facilities in order to keep up with customer orders. Some of the key manufacturers are AGSCO Corporation; Carborundum Universal Ltd.; Dow Chemical Co.; Entegris Inc.; ESD-SIC b.v.; ESK-SIC GmbH; Gaddis Engineered Materials; Grindwell Norton Ltd.; Saint-Gobain Ceramics Materials GmbH; and Snam Abrasives Pvt. Ltd.
Companies are collaborating with and acquiring key players and bringing innovation in new packaging technology; this is expected to augment market demand. In addition, companies are introducing new products and techniques to cater to growing customer demands. For instance, in January 2011, Entegris Inc. introduced a wafer shipper for meeting critical handling needs of silicon and semiconductor wafers. Companies are also investing in research facilities and service centers to develop existing products.
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of latest industry trends in each of the sub-segments from 2012 to 2020. For the purpose of this study, Grand View Research has segmented the global silicon carbide market report based on product, end use, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Black Silicon Carbide
Green Silicon Carbide
Others
End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Steel & Energy
Automotive
Aerospace & Aviation
Military & Defense
Medical & Healthcare
Electronics & Semiconductors
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
North America
Europe
Asia Pacific
RoW
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