Silicon Carbide Market Report Covers Future Trends & Research 2020 to 2027
According to our latest market
study on “Silicon
Carbide Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by
Type (Black Silicon Carbide and Green Silicon Carbide) and End-Use Industry
(Automotive, Aerospace and Aviation, Military and Defense, Electronics and
Semiconductor, Medical and Healthcare, Steel, and Others),” the market was valued at US$ 712.85 million in 2019 and is projected to
reach US$ 1,810.56 million by 2027; it is expected to grow at a
CAGR of 12.5% from 2020 to 2027. The report highlights key factors driving the
market growth and prominent players along with their developments in the market.
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Silicon carbide is also known as carborundum
is a semiconductor material widely used in electronics and semiconductor
industries. The different physical and chemical properties of silicon carbide
ensure its use in varied application industries. The physical hardness of
silicon carbide makes it fit for use as an abrasive in different processes such
as honing, water jet cutting, grinding, and sand blasting. Silicon carbide is
also used in oilfield applications such as components of pumps used to drill
and extract the oil. Rising demand for silicon carbide in various application
industries has led to an increase in the investments by manufacturers,
governments, and research institutes in the production of silicon carbide.
Silicon carbide, also known as
carborundum, is a semiconductor material widely used in electronics and
semiconductor industries. The physical hardness of silicon carbide makes it fit
for use as an abrasive in processes such as honing, water jet cutting,
grinding, and sand blasting. It is also used in the components of pumps used to
drill and extract the oil in oilfield applications. Rising demand for silicon
carbide in various application industries has led to an increase in the
investments by manufacturers, governments, and research institutes in its
production.
Silicon carbide is a
semiconductor, and it is being used widely in electronics and semiconductors
industries as a replacement of silicon. It offers greater breakdown electric
field strength, band gap, and thermal conductivity, along with enabling a wider
range of p- and n-type control required for the construction of a device. For
instance, silicon has a band gap of ~1.12, whereas silicon carbide offers a
band gap of ~3.26. Similarly, thermal conductivity for silicon carbide is 1490
W/m-K, which is significantly higher than the thermal conductivity of silicon—150
W/m-K. A majority of silicon carbide is being used to make diodes that are used
in power supplies and hybrid modules such as PV7. According to the statistics
cited by the Semiconductor Industry Association (SIA), global sales of
semiconductors witnessed a hike of 6% from October 2019 to October 2020,
reaching a market value of US$ 39 billion. Moreover, 2021 is likely to be a
promising year for semiconductors businesses as per the predictions by the World
Semiconductor Trade Statistics (WSTS) organization. As per the WSTS, the global
sales of semiconductors are expected to grow by 8.4% in 2021 compared with the
sales in 2020. According to The Insight Partner’s analysis, the global
electronics industry is expected to register an annual growth rate of 5–6% from
2020 to 2021, and North America and Asia Pacific are expected to register a
higher growth than other regions during the same period. Thus, such promising
statistics depict the growth of electronics and semiconductor industries,
making them a lucrative market segment for the global silicon carbide market
vendors.
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