Global Silicon Carbide Market is expected to make profits during the forecast period of 2018 to 2023. Market Research Future (MRFR) predicts several factors that can be of great help in boosting global growth. However, this growth is anticipating a halt due to the COVID-19 crisis, as suggested by COVID-19 Analysis.
Sectors like automobiles, healthcare, steel and others are expected to boost the growth of the market. This is due to the rising investment in research projects to develop new products and boost the inclusion of Silicon Carbide across industries. The electronics and semiconductors industry is also expected to boost the market prospect.
Global Silicon Carbide Market has been studied to identify various prospects by MRFR experts and they have done this on the basis of product and application. MRFR gained insight from this segmentation that leads to a better understanding of the global market and enriched the decision-making process for the future.
By Products, the global market has been segmented into green silicon carbide, black silicon carbide, and others. The ‘others' segment included coated, metallurgical, metallurgical briquettes, refractory, and micro grit.
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By Application, the global study on the Silicon Carbide Market has been segmented into automotive, aerospace and aviation, steel and energy, medical and healthcare, electronics and semiconductors, military and defense, and others. The steel and energy segment records substantial use of Silicon Carbide and the segment is followed by electronics and semiconductors and automobile segments. While the medical and healthcare applications are slated to register the fastest CAGR during the forecast period, owing to the rising expenditure in the sector to find better products.
ESK SIC GmbH, Grindwell Norton (India), Carborundum Universal (India), Entegris Inc (US), Dow Chemical Company (US), Renesas Electronics Corporation (Japan), Norstel AB (Sweden), Toshiba Corporation (Japan), Microsemi Corporation (US), ROHM Co Ltd (Japan), and others are playing prominent roles in taking the global market for Silicon Carbide forward. This market depends on various strategic moves deployed by these companies. Companies are making all sorts of tactical changes like mergers, innovations, branching, collaborations, launching strategies, acquisitions, and others to get an edge in the market. In research and development, they have increased their funding to get hold of new products that can boost their prospect.
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Asia Pacific has emerged as the market with the maximum prospect in terms of value and volume. This is due to the growing industries like automobile, steel, and electronics & semiconductors. In North America, the market will also get the scope to expand its branches across various industries.
In June 2020, the Continental Vitesco Technologies, a leading supplier, known for their ability to provide vehicle electrification, and ROHM Semiconductor, a company of great repute in SiC power semiconductors, announced that they had signed a development partnership that would start in June 2020. Vitesco Technologies declared that they would use SiC components to boost the efficiency of its power electronics dedicated to electric vehicles (EV). This will help in increasing the EV range and curb the cost of the battery significantly.
Due to the COVID-19 impact, the global market is witnessing a certain crisis. The product intake is dropping due to a lack of production of automobiles and other products. However, the market is also witnessing a rise in various electronic goods that will help in treating the disease with great care. This will restore the balance in the market to some extent. On the other hand, countries are changing their lockdown norms, which may help in adding some growth in revenues.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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