Global Silicon Carbide (SiC) Ceramics Market to Grow at a CAGR of ~20% during 2022-2031; Market to Expand on the Back of Increasing Demand for Lightweight Fibres across Industries Such as Metallurgy, Automotive, and Aerospace
New York, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to the US government's Energy Efficiency and Renewable Energy (EERE) data about 10% reduction in vehicle weight can result in a 6%-8% fuel economy improvement. Replacing cast iron and traditional steel components with lightweight materials can reduce a vehicle's fuel consumption. Using lightweight components and high-efficiency engines enabled by advanced materials in one-quarter of the U.S. fleet could save more than 5 billion gallons of fuel annually by 2030. Silicon carbide (SiC) ceramics is used widely as a lightweight fibre material to make energy efficient vehicles as they improve functional output of brakes, bearings, catalytic converters, and shock absorbers among others.
Kenneth Research has published a detailed market report on ‘Global Silicon Carbide (SiC) Ceramics Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
It was noted that, in 2020, global car sales accounted to approximately 64 million automobiles, and from there it rose to approximately 67 million automobiles in 2021. The global silicon carbide (SiC) ceramics market generated a revenue of about USD 950 million in the year 2021 and is estimated to grow at a CAGR of approximately 20% over the forecast period, i.e., 2022-2031. The growth of the market can majorly be attributed to the increasing demand for lightweight fibers for use in industries such as aerospace & defense, automotive, chemical engineering, and others. Additionally, rising production of silicon around the world is further expected to boost the market growth. For instance, global silicon production accounted to an estimated total of 9 million metric tons in 2021.
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To improve silicon carbide (SiC) technology applications, market players are investing in several R&D expeditions while simultaneously improving portfolios. In March 2022 Microchip Technology came up with improved SiC portfolio with new features. Silicon carbide (SiC) is highly integral for power semiconductor development used in power electronics which in turn is gaining ample momentum with new developments in electric automobiles. According to the International Energy Agency (IEA) electric car sales hit 3 million in 2020 which is 40% higher than in 2019. Silicon-carbide (SiC) ceramics are used to design high-end semiconductors and traction inverters that help in maintaining fuel economy and light-weight built of vehicles. Additionally, silicon carbide (SiC) ceramics is also vital for making third generation semiconductor material that are used for making chips for integrated circuits (IC). In 2020, integrated circuits made one of the most highly traded products with overall trade value of roughly USD 670 billion. These factors are expected to aid in growth achievement for the global silicon carbide (SiC) ceramics market.
Silicon carbide is widely used in the electronics industry to make semiconductors. Hence, growing adoption of semiconductors is anticipated to influence the market growth. It was observed that, in 2020, semiconductor shipments accounted to over 1.5 trillion units, which is approximately 14 percent jump from the figure recorded in 2020. The desirability for SiC ceramics among the end-users comes from its composition that makes it the hardest and strongest material, as well as a low-density compound. These ceramics are produced in extremely high temperature, which is why such properties of the compound can be attained. Industries, such as aerospace, automotive, chemical, and energy among others, recognize some of the most desirable properties, such as low thermal expansion, high strength, and chemical inertness, for the production of their products. Rising disposable income per capita among the global population is positively influencing the sales of automotive vehicles across the globe, which is resulting into expansion of automotive industry, where silicon carbide is used as a lightweight material. According to the data by The World Bank, in 2020, global disposable income per capita was USD 8784.
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Regionally, the global silicon carbide (SiC) ceramics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in the Asia Pacific region witnessed significant growth in the year 2020 and is estimated to grow at a moderate CAGR over the forecast period. This growth can be accredited to the presence of numerous manufacturing units associated with the manufacturing of SiC ceramics such as glass and glassware, aerospace and defense, machinery manufacturing among others that are operating in this region. As per the data from International Trade Center, China is the largest exporter of glass and glassware in the world. The export accounted to USD 15,609,987 thousands in year 2016 to USD 18,344,638 thousands in the year 2020.
On the other hand, the North America region is expected to attain a significant share during the forecast period in silicon carbide (SiC) ceramics market owing to growing production of vehicles, and for the availability of significant numbers of employee in the automotive sector. The United States produced approximately 9 million vehicles in 2020. About 924,000 Americans work in motor vehicles and parts manufacturing, and nearly 1,251,700 are employed by automobile dealers. As SiC is used widely in automotive sector, these factors are predicted to boost the demand for silicon carbide in the projected years and fuel the market growth in the North America region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global silicon carbide (SiC) ceramics market is segmented by type, application, and by end-users. Based on type, the market is divided into CVD silicon carbide, recrystallized, hot pressing, reaction bonded, direct sintered silicon carbide, and others. Out of these segments, the direct sintered silicon carbide segment is expected to hold a gigantic share in the market by the end of 2031 and further grow with a notable CAGR during the forecast period. The growth can be identified as a result of properties such as, extreme resistance towards chemical corrosion, and excellent thermal conductivity of direct sintered silicon carbide. It was noticed recently that, sintered SiC has become a key material as it has been widely used in advanced industries of semiconductors and high precision machines. New fabrication methods for modern SiC powders and sintering methods are being developed on the basis of traditional methods.
Furthermore, the global silicon carbide (SiC) ceramics market is segmented based on end user into machinery manufacturing, metallurgical industry, chemical engineering, aerospace & defense, and others. Out of these, the chemical engineering segment is anticipated to hold a substantial market share over the forecast period on the back of the significantly growing chemical industry across the world. For instance, in 2020, the chemical industry’s total worldwide revenue accounted to nearly USD 3.9 trillion. Chemical industry revenues reached a record high in 2018, at a total of approximately USD 4.2 trillion worldwide. Hence, this is anticipated to be an important factor to drive the growth of this segment over the forecast period.
The global silicon carbide (SiC) ceramics market is also segmented on the basis of application.
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Global Silicon Carbide (SiC) Ceramics Market, Segmented by Application
Some of the prominent players and their company profiling mentioned in the report include Saint-Gobain Ceramics, ASUZAC Co. Ltd., Schunk Ingenieurkeramik GmbH, IPS Ceramics, Ortech Advanced Ceramics, 3M, ESD-SIC bv, Carborundum Universal Limited, Zhok Material Technical Co.,Ltd., CoorsTek Inc., and other key market players. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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