Silicon Carbide Market Size and Region – Global Opportunities & Forecast, 2021-2028
Global Silicon Carbide Market
The Silicon Carbide Market is expected to perceive a growth rate of 18.5% over the period of analysis, i.e. during 2020-2028.This is because of the surging demand for sophisticated technology across several industries, such as electronics and automotive.
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Silicon Carbide Market Dynamics
The expansion in the steel sector is driving the growth of the global silicon carbide market. SiC works as an deoxidizing means in the steel industries and as a raw material for refractories production. These refractories possess higher thermal conduction. Silicon carbide products help in the production of semiconductors in the electronic industry. The increasing implementation of biodegradable sources of energy for power production is likely to stimulate the market growth. Thus, the expeditious speed and remarkable decisiveness over silicon has raised the usage of silicon carbide to produce semiconductors.
Additionally, the production of electric automotive has proliferated the market growth. Also, the aggravating demand for EV applications that use silicon carbide to improve the charging cycle has propelled the market growth. For example, companies like General Motors Co. manoeuvres silicon carbide in its Ultium EV battery for its automotive.
However, SiC can be substituted with gallium nitride. Gallium nitride in power integrant as gallium nitride transistors can function at a lower intensity and are economical over silicon carbide. Moreover, fabrication, examination, and wrapping of SiC are expensive because of the absence of sophisticated technology-based equipment. Therefore, it will hinder the market growth.
Product Segment Drivers
Based on Product, The Black Silicon Carbide segment is anticipated to experience a tremendous growth over the coming years. Black silicon carbide has higher potency, more resistance, and low thermal build-up. It is used to produce iron, stone, non-carbonated metal, and lather. Black silicon carbon works as a semiconductor material in inverter.
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