New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Silicon Carbide Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Silicon Carbide Market Information by Application, Product, and Region - Forecast till 2027”, the market is forecasted to reach USD 7.10 Billion by 2027 at 16% CAGR.
Market Scope:
Silicon carbide is primarily preferred in high-temperature applications. Therefore, this factor is estimated to create progressive growth between all its applications. Furthermore, silicon carbide is anticipated to be used as a noteworthy semiconductor in the coming years and be exploited in many semiconductor electronics devices. Hence, the growing semiconductor and electronics industry could be an essential market for silicon carbide throughout the forecast period. Furthermore, the use of silicon carbide is expected to experience significant gains in healthcare treatments, wherein it is used for radiations in several detectors.
Market Drivers:
The silicon carbide market is growing significantly in the global market for silicon carbide. The several factors impelling the silicon carbide market to achieve new milestones are the property of semiconductor material. This automatically makes it necessary and is highly used in semiconductor electronic devices that can easily be worked at high temperatures and voltages. In addition, the strong call from steel manufacturing and steel processing businesses and their recycling units is estimated to promote the silicon carbide market. Similarly, the mounting role of the automotive trade in the world has an indispensable role in the global development of silicon carbide.
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Market Restraints:
The high cost of replacement is estimated to hinder the expansion of the silicon carbide market in the forecast period. Furthermore, silicon carbide devices are being traded at higher prices with a low manufacturing yield and manufacturing capacity than pure silicon, which is also a big drawback.
Market Competitive Landscape:
The important companies in the silicon carbide market are:
- Dow Chemical Company (US)
- Carborundum Universal (India)
- Grindwell Norton (India)
- ESK SIC GmbH
- Entegris Inc (US)
- Microsemi Corporation (US)
- Norstel AB (Sweden)
- Renesas Electronics Corporation (Japan)
- ROHM Co Ltd (JapanToshiba Corporation (Japan)
Market Segmentation
The black silicon carbide market is estimated to capture the greater share in the forecast period based on the product segment.
Based on the application, the steel and energy segment are the most essential parts of the application segment, where silicon carbide is primarily used. Electronics & semiconductors and automobile segments come in second place, correspondingly.
Browse In-depth Market Research Report (138 Pages) on Silicon Carbide: https://www.marketresearchfuture.com/reports/silicon-carbide-market-1231
Regional Insights
Asia-Pacific is the most prominent silicon carbide regional market across the globe. It has been verified as the largest shareholder in both terms of worth and volume. The growth of the Asia-Pacific region is anticipated to grow at a similar pace in the forecasted period. The national markets of India and China, both regions are jointly pushing the silicon carbide market. They are responsible for the increasing steel and energy requirements by way of industrial and infrastructural development.
The North American silicon carbide regional market is likely to show attractive growth in the market and is also motivated by automotive needs. This region is estimated to grow appreciably in the upcoming years due to the immense demand for marketable vehicles. The US is the major country for commercial vehicle manufacturers in the silicon carbide market due to the increasing demand for silicon carbide.
The European regional silicon carbide market is anticipated to undergo stable development in the forecasted period. Furthermore, the European regional market is driven by the national requirement of Germany, Russia, and the Netherlands. The increased level of investment in market expansion by stakeholders is appraised to motivate further growth in the forecast period.
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COVID 19 Analysis
The silicon carbide global market has also been affected by the pandemic, despite showing that the silicon carbide companies had observed steady development in the last 7 years. The government is taking all the steps to strengthen the silicon carbide global market. However, the smaller companies are at significant losses due to the changes created by the pandemic. Moreover, medium and primarily flourished companies of silicon carbide are also being closed due to the financial bankruptcy developed over the last years restrictions, which automatically lags the silicon carbide market. However, collaboration among the market players is estimated to benefit the silicon carbide market. For instance, Avnet Inc. will work together over the next year and further ahead to quicken the deployment of silicon carbide (SiC) semiconductors. SiC semiconductors possibly offer benefits over conventional use cases of silicon with higher voltage operation, broader operating temperature ranges, and advanced switching frequencies. Therefore, Infineon and Avnet will team up over the next year and beyond to hasten the distribution of power devices using Infineon’s CoolSic technology.
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