Portland, Nov. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global green SiC market generated $0.9 billion in 2021 and is projected to reach $2.8 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.9 billion |
| Market Size in 2031 | $2.8 billion |
| CAGR | 12.3% |
| No. of Pages in Report | 320 |
| Segments Covered | Application, end-use industry, and region |
| Drivers | Increase in the standard of living |
| Increase in demand for green SiC in the metal fabrication industry | |
| Opportunities | Rapid investment in infrastructure development |
| Upsurge in constructions activities | |
| Restrains | Strict government regulations on its usage |
| Limited to specific consumers |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global green SiC market due to the prevalence of lockdowns in various countries across the globe.
- Lockdowns resulted in closure of various manufacturing facilities, including those of chemical production, which adversely impacted the growth of the market.
- Besides, the reduced demand from the automotive and mechanical industries during the pandemic due to disruption in supply chain further aggravated the impact on the market.
- These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic.
- However, the market is expected to recoup soon with eased restrictions.
The report offers detailed segmentation of the global green SiC market based on application, end-use industry, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on application, the abrasion segment held the dominating market share in 2021, holding nearly one-third of the global green SiC market, and is expected to maintain its leadership status during the forecast period. The grinding segment, on the other hand, is expected to cite the fastest CAGR of 12.9% during the forecast period.
Based on end-use industry, the mechanical segment held the dominating market share in 2021, holding nearly one-third of the global green SiC market, and is expected to maintain its leadership status during the forecast period. The automotive segment, on the other hand, is expected to cite the fastest CAGR of 13.0% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding more than half of the global green SiC market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.7% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
The key players analyzed in the global green SiC market report include Futong Industry Co. Limited, Washington Mills, General Abrasivi Srl., Shin-Etsu Chemical Co., Ltd., CHOKO CO., LTD. , Fiven ASA, Zibo Jinjiyuan Abrasives Co. Ltd., Snam Abrasives Pvt. Ltd., Henan Qingjiang Industrial Co., Ltd., U.S. Electrofused Minerals, Inc.
The report analyzes these key players in the global green SiC market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
