The global compound semiconductor materials market size is expected to reach 46.9 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% from 2020 to 2027. The market is expected to be driven by an increase in product demand from the end-use industries due to its ability to consume less power, along with the broad temperature range and high electron mobility.
The expansion of China’s integrated circuit production is expected to have a positive impact on market growth. China is expected to witness substantial growth of over 10% in the production by 2023, thereby becoming one of the largest manufacturers in Asia. However, the drop in the production of the semiconductor industry across the globe due to the COVID-19 outbreak is expected to have an adverse impact on the demand for compound semiconductor materials.
Manufacturers are largely dependent on reliable suppliers having high goodwill on account of past product procurement, making it difficult for new entrants to penetrate into the market. In addition, the market exhibits the presence of several well-established players with a strong financial base, thereby limiting the entry of new market players.
The market exhibits high industry rivalry owing to the presence of a large number of manufacturing firms in the marketspace. However, there is an ongoing struggle among these players to capitalize on the novel avenues for growth. The presence of a number of companies in the market results in a high level of competition, which, in turn, has elevated the competitive rivalry.
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By product, group III-V compound semiconductor materials are estimated to reach USD 25.1 million by 2027 owing to their higher power efficiency and unique optical properties, including excellent mobility and photon-electron conversion efficiency
The telecommunication application segment dominated the market in 2019 and is expected to witness significant growth over the forecast period owing to the extensive product use for communication devices
Asia Pacific is estimated to register the fastest CAGR in terms of revenue owing to the surge in demand for semiconductors for electronic devices, driven by an increase in per capita income and rapid industrialization in the region
Taiwan is expected to emerge as a key consumer over the forecast period owing to the presence of some of the few largest integrated circuit manufacturers in the region
Key players are focused on the expansion of production capacity in order to cater to the rising product demand.
Grand View Research has segmented the global compound semiconductor materials market on the basis of product, application, and region:
Compound Semiconductor Materials Product Outlook (Revenue, USD Million, 2016 - 2027)
Compound Semiconductor Materials Application Outlook (Revenue, USD Million, 2016 - 2027)
Electronics & Consumer Goods
Aerospace & Defense
Compound Semiconductor Materials Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Compound Semiconductor Materials Market
SK siltron Co., Ltd.
Sumitomo Electric Industries, Ltd.
JX Nippon Mining & Metals
FURUKAWA CO., LTD.
Shin-Etsu Chemical Co., Ltd.
SHOWA DENKO K.K.
Xiamen Powerway Advanced Material Co.
Freiberger Compound Materials GmbH
WIN Semiconductors Corp
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