Global Silicon Carbide Market to Reach US$2.2 Billion by the Year

Abstract: Global Silicon Carbide Market to Reach US$2. 2 Billion by the Year 2026 . Silicon carbide is witnessing rising adoption across a broad array of industrial applications due to its superior electrical, thermal and mechanical properties in comparison to standard silicon.

New York, Jan. 19, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Silicon Carbide Industry” – https://www.reportlinker.com/p05961136/?utm_source=GNW
Growth in the global market is on account of expansion of power electronics and recovery in steel industry, high uptake of SiC devices and increasing investments to boost silicon carbide production. The market is receiving a strong growth stimulus from increasing adoption of SiC devices in the field of power electronics and ongoing efforts by stakeholders to bolster silicon carbide production. In addition, increasing uptake of SiC devices in the power device and automotive industries coupled with rising popularity of electric and hybrid electric vehicles is bound to favor the market growth. The unabated expansion of the global steel industry is poised to create strong demand for silicon carbide represents a key raw material for refractories and an effective deoxidizing agent for the steel industry. In addition, increasing focus on renewable energy is expected to catalyze adoption of silicon carbide semiconductors owing to their high speed and superior toughness in comparison to silicon. Automotive continues to be one of the primary end-use segments of the silicon carbide market, and is expected to contribute to strong growth due to rising popularity of electric vehicles. These vehicles rely on silicon carbide-based power electronics that can operate at high-temperature settings.

Amid the COVID-19 crisis, the global market for Silicon Carbide estimated at US$850 Million in the year 2020, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 17.5% over the analysis period. Black SiC, one of the segments analyzed in the report, is projected to grow at a 15.5% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Green Sic segment is readjusted to a revised 21.3% CAGR for the next 7-year period. This segment currently accounts for a 33.4% share of the global Silicon Carbide market. Black silicon carbide segment occupies the dominating value share of the market owing to expansion of the construction and automotive industries and rising demand for steel. Black silicon carbide features a crystalline nature and is produced using coke and silica sand. The compound is commonly used in refractory, abrasive, wear-resistant and grinding & polishing products in numerous industrial applications. Green silicon carbide represents the purest form of silicon carbide and produced using coke and silica sand. The compound is more expensive and harder…