In a recent business intelligence study, FactMR presents the nitty-gritty of the global silicon carbide market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting silicon carbide market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
Global silicon carbide market is poised to witness a dexterous 15% growth during the forecast period (2019 – 2029). Silicon carbide (SiC) products possess advantageous properties such as high thermal conductivity which propels market demand through 2029. Surging demand for compact systems, motor drives, and radio frequency devices further the revenue scope for manufacturers. Government support on FDI investments in developing markets is garnering significant attention from prominent SiC manufacturers. Market players are targeting developing markets such as China where a booming ecosystem of EV manufacturers cater to a skyrocketing consumer demand. Black silicon carbide is expected to bolster demand on the back of sharp cutting properties that make it an ideal choice in finishing cast iron, non-ferrous metals, stone, and rubber.
The silicon carbide market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing silicon carbide?
- How does the global silicon carbide market looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2029?
- What innovative products are being introduced by the players in the global silicon carbide market?
- Which regions are showing the fastest market growth?
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Key Takeaways of Silicon Carbide (SiC) Market Study
Black Silicon Carbide will gain over 4X growth during the forecast period. Budding electric automotive industry and increasing consumption from steel and construction end-uses will invigorate demand. Electrical & electronics segment will grow 3.6X through the projection period. Low coefficient of thermal expansion and high resistance to thermal shock make SiC an ideal raw material for electrical & electronics manufacturers. APAC (East Asia and Southeast Asia & Oceania) account for more than 50% share of total market value with a prolific growth rate of 16% through 2029. Developing markets such as China, India, and Indonesia are propagating energy efficient automotive manufacturing, further increasing the demand for silicon carbide to be used in EV batteries.
