Silicon Carbide is a synthetically manufactured chemical compound of silicon and carbon. It is strong, oxidation resistant, thermal shock resistant, and chemical resistant. It is characterized by low density, low thermal expansion and high temperature strength. Hexa Research observes that these factors will contribute to the global silicon carbide market growing strongly at a CAGR of 15% from 2014 to 2020.
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Silicon carbide’s applications include aerospace & aviation, electronics & semiconductors, steel & energy, military & defense and medicine & healthcare. Steel and energy, with a total demand of more than 300 kilo tons, was the largest application area in 2013. Silicon carbide is used as a deoxidizing agent in steel manufacture. It is also a manufacturing component for semiconductors. Pure silicon conductors are increasingly being replaced by silicon carbide semiconductors. Hexa Research opines that growing market for steel and semiconductors will prove favorable for future demand of silicon carbide. The revival of automobile industry, especially in Asia Pacific countries like China, will also boost demand. Silicon Carbide is used as an oil additive in automobiles. Medical and Healthcare application segments will grow rapidly at a CAGR of 16.4% from 2014 to 2020. Key market growth inhibitors include high manufacturing costs and low tolerance levels.
Silicon carbide products include black, green, coated, refractory, micro grit, metallurgical and metallurgical briquettes. Key product segments of green and black will witness stagnant growth in the coming years. Applicability of black silicon carbide in ceramic, refractory and steel industries will propel market growth.
Hexa Research finds Asia Pacific with revenues more than $865 million to be the largest regional market for silicon carbide in 2013. Asia Pacific will continue its ascent with expected CAGR of 16.7% from 2014 to 2020, owing to factors like rapid industrialization and growing infrastructure projects. Exponential growth in Chinese automotive industry will also be an important contributor. Demand for Silicon Carbide in North America arose from the medical & healthcare and military & defense sectors. Hexa Research includes Dow Chemical Company, Entegris Inc., ESK-SIC Gmbh and Grindwell Norton in the list of key global industry participants.