Market Overview:
Silicon carbide is a semiconductor ceramic material that has high thermal conductivity, high chemical inertness, high mechanical strength and high electrical conductivity. It is widely used in power electronics, defense & aerospace, automotive and telecommunication industries. Its ability to operate at high temperature, pressure and intensity makes it well-suited for applications requiring high power density and demanding operating conditions.
Market key trends:
Silicon carbide is increasingly being adopted by power electronics manufacturers due to its superior properties compared to silicon. It is 10 times faster than silicon and has high reliability at increased temperatures, higher frequency operations and high voltages. These advantages allow manufacturing of smaller, more powerful and efficient power electronic devices. Growing adoption of electric and hybrid vehicles coupled with increasing deployment of renewable energy is driving demand for power electronic components using silicon carbide semiconductors. Rapid industrialization and infrastructure development across developing nations has also increased requirement for efficient power management systems, further augmenting silicon carbide market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The silicon carbide market requires heavy capital investments for manufacturing facilities, which poses high entry barriers.
Bargaining power of buyers: The presence of several buyers gives them moderate bargaining power. Buyers can negotiate for better prices and quality from suppliers.
Bargaining power of suppliers: A few suppliers dominate the silicon carbide powder and devices market. This gives them higher bargaining power over buyers.
Threat of new substitutes: Silicon carbide faces competition from alternatives like aluminum nitride and diamond; however, its unique properties restrict threats of substitutes.
Competitive rivalry: Intense competition exists among key players to increase market share through product innovation, partnerships and mergers & acquisitions.
SWOT Analysis
Strengths: Silicon carbide has superior properties than other materials. It has high thermal conductivity and mechanical strength.
Weaknesses: High processing costs involved in silicon carbide manufacturing. The need for customized products increases production complexity.
Opportunities: Growing demand for electric vehicles and adoption of 5G technology presents opportunities. Increasing demand from industrial, automotive and power electronics sectors.
Threats: Trade barriers imposed by governments impact material supply. Economic slowdowns decrease industry spending on new products.
Key Takeaways
The Global Silicon Carbide Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing adoption of SiC in the EV industry. Rising EV sales support the market growth.
Regional analysis - Asia Pacific dominates the global silicon carbide market and is expected to grow at the fastest rate owing to large manufacturing bases in China, Japan and India. The presence of key players augment the regional market.
Key players operating in the silicon carbide market are AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd. Key players are focusing on new product launches to strengthen their market position.
For more details on the report, Read- https://www.ukwebwire.com/silicon-carbide-market-demand-share-analysis/
The new research report titled "Silicon Carbide Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the silicon carbide market include AGSCO Corporation, Carborundum Universal Limited., Dow Chemical Co., Entegris, Inc., ESD-SiC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Saint Gobain Ceramic Materials GmbH, SNAM Abrasives Pvt.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Silicon Carbide Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/silicon-carbide-market/download-sampleMarket DynamicsMany factors, such as the surge in demand for motor drives, compact system size, and the increase in utility of silicon carbide in the cellular base station and radiofrequency devices, are some factors, which are boosting the growth of the silicon carbide market during the forecast period.
On the other hand, the price of silicon carbide ranges from $800 to $2,000 per ton, which is very high compared to other available alternatives.
