Silicon Carbide Market Size, Share & Trends Report

Silicon Carbide Market Size, Share & Trends Analysis Report By Product (Black & Green), By Application (Steel, Automotive, Aerospace), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-153-5
  • Number of Pages: 94
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the silicon carbide market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for silicon carbide market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of silicon carbide market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Silicon Carbide Market Categorization:

The silicon carbide market was categorized into four segments, namely product (Black Silicon Carbide, Green Silicon Carbide), application (Steel, Automotive, Aerospace, Military & Defense, Electrical & Electronics, Electrical & Electronics, Healthcare), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The silicon carbide market was segmented into product, application, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The silicon carbide market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into five countries, namely, the U.S.; Germany; China; India; Brazil

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Silicon carbide market companies & financials:

The silicon carbide market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • AGSCO Corporation -AGSCO Corporation is involved in the manufacturing as well as distribution of industrial minerals, blasting equipment and related services. AGSCO’s head office is situated at Wheeling, Illinois and manufacturing facilities are located at Wheeling, Illinois and Hasbrouck Heights, New Jersey. The company’s product segments include Minerals and Abrasives, Floor Aggregates, Pool Aggregates, Blasting Cabinets, Blasting Pots, Mass Finishing equipment, Aqueous Parts Washers, and custom services. AGSCO manufacture black silicon carbide which is part of the minerals and abrasives product segment.

  • Carborundum Universal Ltd. -Carborundum Universal Ltd. operates its business through key segments, namely, Abrasives, Electro Minerals, Industrial Ceramics and Super Refractories. The company’s Super Refractories and Electrominerals divisions are responsible for the production of silicon carbide-based products. The company’s manufacturing facilities meant for production of silicon-based refractories are situated at Ranipet (India), Vellore (India), Jabalpur (India) and Volograd (Russia). In addition, the manufacturing facility for the production of silicon carbide-based electrominerals is located at Koratty (India).

  • Dow Chemical Co. - Dow is a U.S. based multi-national chemical company involved in the business of manufacturing plastics, chemicals, and agricultural products across the world. It has its headquarters in Midland, Michigan, U.S. The company delivers a wide range of technology-based products in special chemicals, advanced materials, agro sciences and plastics. The company also deals in high growth sectors such as packaging, electronics, water purification, coatings, electronic and communication, oil and gas, healthcare and medical, construction and agriculture. Dow manufactures pure silicon carbide, which is an advanced ceramic, mainly used for enhancing performance of ceramic parts. Silicon carbide provides low coefficient of thermal expansion, high thermal conductivity, high resistance to corrosion and wear and superior hardness.

  • Entegris Inc.- Entegris Inc., is one of the major providers of systems and products that are mainly used in fabrication process of the semiconductor industry to protect, purify, and transport critical materials. Entegris mainly deals in industries which include automobile, solar energy, semiconductors, water treatment, life sciences, flat panel display manufacturing.

  • ESD-SIC b.v -ESD-SIC b.v mainly deals in production of high quality, energy-efficient and environment-friendly silicon carbide. Various grades produced are green silicon carbide and dark silicon carbide. ESD-SIC manufactures silicon carbide (SiC) from the raw materials sand and petroleum coke. Silicon carbide is used as a grating and grinding agent, as a heat-resistant material in applications including soot filters for diesel engines, and as an additive to cast iron. Silicon carbide is also used in technical ceramics for manufacturing rotating parts of machines, ball bearings, soot filters for diesel engines. It is also used in fireproof industry due to its superior properties such as thermal shock resistance and high heat resistance.

  • ESK-SIC GmbH -ESK-SIC GmbH is a fully owned subsidiary of Elektroschmelzwerk Kempten GmbH within the Wacker-Chemie Group, with its headquarters located in Germany. ESK-SIC GmbH mainly deals in the production and processing of silicon carbide which have ultrafine grades. It produces world-class products prepared in an environmentally sound and resource-saving manner and ensures just-in-time delivery of ESK-SiC products across Europe and other parts of the world. It provides a wide range of applications in modern composites, electronics, solar engineering and particulate filters.

  • Gaddis Engineered Materials -Gaddis Inc. has been operating in the manufacturing of rotating equipment industry components. It is headquartered at Hilton head Isle, South Carolina, United States. The Gaddis Engineered Materials division has expanded its portfolio to include components manufactured from engineering ceramics such as alumina ceramics, carbon-graphite, silicon-carbide and tungsten carbide.

  • Grindwell Norton Ltd.-Grindwell Norton offers diverse product portfolio comprising abrasives, ceramics, and performance plastics and offers project engineering services. The company is the first majority-owned subsidiary of Saint-Gobain in India. It has manufacturing facilities in seven locations including Mumbai, Nagpur, Bangalore, Tirupati, Halol, Himachal Pradesh in India and Bhutan.

  • Fiven AS - Fiven AS also known as the Fiven Company is the result of the recent acquired silicon carbide business of Saint Gobain by OpenGate Capital. Fiven is established as the major player in silicon carbide grains and powders business. The company offers silicon carbide to wide range of markets from markets & applications ranging from technical ceramics, automotive, defense & security, electronics, aerospace, energy, to abrasives, industrial, and energy markets. Moreover, the company has successfully launched products for emerging applications in the field of semiconductors, passive armor, and emissions control technologies.

  • Snam Abrasives - Snam Abrasives was founded in 1979 at Bangalore, Karnataka, India with a purpose of manufacturing silicon carbide grains. Its manufacturing facility is located at Hosur, Tamil Nadu, in India. The company manufactures silicon carbide grains which find applications in metallurgical industries, crucibles, refractories, stone polishing and grinding wheels. The company exports to countries such as Egypt, Iran, Sri Lanka, Italy, Spain, Germany, Canada, USA and UK.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Silicon Carbide Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Silicon Carbide Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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