Market Research Report
Silicon Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Silicon Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: November 10, 2021
IMARC Services Private Limited
Content info: 145 Pages
Delivery time: 2-3 business days
The global silicon carbide market exhibited strong growth during 2015-2020. Silicon carbide (SiC), or carborundum, is a deoxidizing agent consisting of silicon and carbon used for the production of steel. It usually occurs as rare mineral moissanite and can be artificially synthesized in the form of SiC powder. It is commonly used in the manufacturing of automobile brakes, clutches, light-emitting diodes (LEDs), detectors, ceramic plates and bulletproof jackets and vests. In comparison to the traditionally used silicomanganese or ferrosilicon, silicon carbide has high thermal conductivity, resistance to abrasion and corrosion from acids and produces lesser sulfur, aluminum and nitrogen content. As a result, it finds extensive applications across various industries, including aviation, aerospace, medical, electronic, defense, automotive and telecommunication.
Significant growth in the steel industry across the globe is one of the key factors creating a positive outlook for the market. SiC is extensively used in the production of stainless steel as it enhances the yield rate and purifies molten steel. Moreover, widespread product adoption for the manufacturing of various semiconductors and other electronic components is providing a thrust to the market growth. It can function in high voltage and temperature conditions and is thereby also used to manufacture electronic vehicles (EVs). It aids in reducing the weight of the automobiles and improving overall efficiency. Other factors, including the increasing utilization of SiC devices in cellular base stations and radio-frequency operations, along with the implementation of favorable government policies promoting the use of renewable energy resources for power generation, are anticipated to drive the market toward growth. Looking forward, IMARC Group expects the global Silicon Carbide market to grow at a CAGR of 16.5% during the forecast period (2021-2026).