Global Silicon Carbide Ceramic Market to Grow at ~20% CAGR During 2022-2031 on the Account of Rising Demand for SiC Among End Users
Kenneth Research published a report titled “Silicon Carbide (SiC) Ceramics Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global silicon carbide ceramics market in terms of market segmentation by type, application, end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply, and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global silicon carbide ceramics market generated a revenue of about USD 950 million in the year 2021 and is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022-2031. Based on type, the market is divided into CVD silicon carbide, recrystallized, hot pressing, reaction bonded, direct sintered silicon carbide, and others. Out of these sub segments, the direct sintered silicon carbide segment is expected to grow with a notable CAGR during the forecast period on the back of versatile properties that silicon carbide consists making it light-weight yet the strongest material present.
The demand for SiC is growing majorly on the back of its versatile properties and increasing use among end users. The market is expected to generate high revenue in upcoming years. Key users of silicon carbide such as, aerospace & defense, chemical engineering, automotive, glass & glassware industry and others are the major contributors in the growth of the market.
Based on region, the global silicon carbide ceramics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. All these regions are prominent consumer of silicon carbide however, Asia Pacific has shown the highest growth in the past year and is estimated to grow at a moderate CAGR during the forecast period. The Asia Pacific region is known for the setup of numerous manufacturing units which is the primary factor for rise in the market growth in this region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Favorable Composition and Properties of SiC Leading to Tremendous Growth in Market
The preference for silicon carbide among end users can be attributed to its highly versatile properties such as low density, high thermal conductivity, high strength, excellent thermal shock resistance and superior chemical inertness. SiC is the only chemical compound of carbon and silicon which is produced by a high temperature electro-chemical reaction of sand and carbon. The composition consists of tetrahedra of carbon and silicon atoms with strong bonds in the crystal lattice. This produces a hard and strong material, which stays protected even in attacks by any acids, alkalis, or molten salts. Silicon carbide forms a protective layer when exposed in air. Moreover, the electric conduction property of silicon carbide makes it suitable to use in resistance heating elements which is anticipated to drive the demand for SiC during the forecast period.
However, the high cost of SiC raw material is expected to operate as key restraint to the growth of global silicon carbide ceramics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global silicon carbide ceramics market which includes company profiling of Saint-Gobain Ceramics, ASUZAC Co. Ltd., Schunk Ingenieurkeramik GmbH, IPS Ceramics, Ortech Advanced Ceramics, 3M, ESD-SIC bv, Carborundum Universal Limited, Zhok Material Technical Co.,Ltd., CoorsTek Inc. and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global silicon carbide (SiC) ceramics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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