Silicon carbide market demand is expected to rise over the forecast period due to superior properties such as low density, low thermal expansion, oxidation resistance, excellent chemical resistance, high thermal shock resistance, high wear and hardness resistance, high strength, high temperature resistance and high temperature strength. Silicon carbide market is expected to reach over USD 4.50 billion by 2020 owing to high utility in steel and power industry, medical and healthcare, electronics and semiconductor, automotive, aerospace & aviation and military applications. Silicon carbide market demand is expected to increase with growth of steel industry with increasing use in steel processing, as it controls carbon and silicon content providing higher strength and better quality to steel. It is utilized in basic oxygen furnace to increase the overall efficiency of process and utilize the residue. It is further utilized in steel recycle plant to provide appropriate finish and strength to the finished product. Silicon carbide products are expensive due to lower manufacturing yield and less manufacturing volume which turns out to be a major restraint in the industry growth.
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Product types can be categorized as green, black, coated, refectory, metallurgical, micro grits and metallurgical briquettes. Green and black silicon carbide are major product segments and market demand is expected to grow constantly over the forecast period. Black silicon carbide is expected to gain significant market share over time due to extensive usage in steel manufacturing, ceramic industry and abrasive wheels.
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Steel and power market is the major end-use driving silicon carbide demand due to high utility in furnace and bearing parts to increase the efficiency and profit margin. Silicon carbide is used in different power electronic devices such as LEDs, microchips, diodes and thyristors due to high precision properties. These devices have high importance in functioning of electrical devices such as computers, mobile phones and other house appliances. With increasing disposable income and high dependency on home appliances their demand is expected to rise which in turn is expected to increase silicon carbide demand.
Silicon carbide is used in wide range of composite armors including chobham armor and bullet proof vest due to their high performance and light weight properties. Increased defense spending coupled with growing military activities result in increasing demand for lightweight bullet proof armors thus increasing silicon carbide market demand.
It is used in making of high performance ceramics used in disc brakes in high end cars such as Porsche, Mercedes, Ferrari, Bentley and BMW. Increasing disc break demand in automobile industry due to increasing safety concerns among consumers is expected to drive demand over the forecast period.
Asia Pacific is expected to be the largest market with revenue of about USD 870 million due to large number of power and steel industries in region. It is expected to be the fastest growing making market with a CAGR of above 16% from 2014 to 2020 due to increasing number of end-use industries such as electrical & electronics and automobile industry. With urbanization and industrialization in emerging economies there is a high demand of steel for construction activities which will in turn augment silicon carbide market demand.
Key companies analyzed for the research:
- AGSCO Corporation
- Carborundum Universal Ltd
- Dow Chemical Company
- Entegris Inc
- ESD-SIC b.v
- ESK-SIC GmbH
- Gaddis Engineered Materials
- Grindwell Norton Ltd
- Saint-Gobain Ceramics Materials GmbH
- Snam Abrasives Pvt. Ltd
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