With a leap of an impressive CAGR of 6.45%, the COVID-19 Analysis on Silicon Carbide Ceramics Market is expecting an escalation up to USD 7,474.1 million during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a detailed study. Its strength, resistance to acid, low thermal expansion, and thermal conductivity make it the choicest component for many industries. In the automotive industry, its hardness is getting many accolades and is gaining traction in high-end semiconductors in electronics & electrical sector owing to its thermal conductivity. In addition, jewelry, sporting goods, and energy sectors are also showing demand for SiC Ceramics.
However, when its price is under consideration, bottlenecking of the market is also possible. SiC Ceramics are the costliest variation in the ceramic section which can hold back the market growth. But this will not last long as steel is showing interest in the sector and given the burgeoning market of steel, slackening growth for long is a rare possibility.
The densely packed market is competitive as the key players are all looking for a sizeable portion of the market to secure their prospect. To expand their market portfolio, they are banking mainly on mergers and acquisitions and exploring distant regions. Morgan Advanced Material recently assisted in the construction of China’s first turbofan jetliner engine. GTAT Corp. has recently opened a world-class Silicon Carbide manufacturing plant on June 26, 2018,
Some of the key players functioning in the global silicon carbide ceramics market are Saint-Gobain (France), Morgan Advanced Material (U.S.), CeramTec (Germany), Ortech Advanced Material (U.S.), KYOCERA Corporation (Japan), Coors Tek Inc. (U.S.), Blasch Precision Ceramics (U.S.), Hitachi Chemicals (Japan), ESD SIC bv (Netherlands), Ceradyne Inc (U.S.), and others.
Demand from several industries has spurred extensive investment in research and developments. Recently, joint research efforts of a team of scientists at Lobachevsky University of Nizhny Novgorod (UNN) comprising chemists, physicists, and engineers, have made it possible to obtain “garnet-silicon carbide” ceramic compositions with a high relative density.
CeramTec-ETEC’s has recently launched SICADUR, an armor material made from silicon carbide, fulfills all the current requirements of composite armoring systems.
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Global SiC Ceramics Market can be segmented by Type and Application.
Type-Wise Segmentation of the market includes pressure sintered, reaction bonded and recrystallized silicon carbide.
Application-Based Segmentation consists electronics & electrical, automotive, machine manufacturing, metal mining, aerospace & defense, metallurgic, industrial, and others. SiC Ceramics wear resistance, and biocompatibility properties make it suitable for use in artificial bones, biodegradable splints, and implant materials. This has helped the medical industry register the most significant growth.
Global SiC Ceramics Market covers namely five major regions including North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
The APAC, with 39% of the market share, is currently the frontrunner and the situation is expected to remain the same during the forecast period substantiated by the highest CAGR 7.95%. Electronics & electrical sector, along with the booming automotive sector to secure the prospects of the region. Massive steel production can also be a driving factor. China has significant control over the market with a revenue of USD 796.1 million. India and Taiwan are also posing as lucrative markets for the same.
North America follows the APAC and is getting influenced by mining activities and demand from the automotive industry. Aerospace & defense sector is also contributing considerably to the 26% share of the global market.
Lastly, Europe is showing a slackening speed owing to a meltdown in countries such as the U.K., and Slovakia. However, the market has been kept steady by Germany, Russia, and Belgium.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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