September 22, 2022 04:45 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global silicon carbide market size is envisaged to gain steady momentum over the next few years owing to increasing use of polyurethane, states Fortune Business Insights™, in its report, titled, “ Silicon Carbide Market, 2022-2029”.
Carborundum or Sic is a semiconductor. It is a rare natural mineral known as missaniate and synthetically it is produced as Sic powder. This material has a varied range of applications such as, it is used in clutches, car breaks, LEDs, bulletproof jackets and vests.
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List of Key Players Profiled in Report
The outbreak of the COVID-19 pandemic has crippled the global economy, impacting industries and businesses in a variety of ways. The silicon carbide market also saw a negative impact. Since it came under non-essential things amidst the pandemic the manufacturing unit of Sic as well as its application declined. Moreover, few of them retooled to manufacture masks, sanitizers and personal protective equipment (PPE). However, the market is expected to revive during the forecast period.
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By device, the market is divided into SiC discrete device, SiC bare device and others. By application, the market is segmented into power grid devices, flexible AC Transmission System, high voltage direct current system, power supplies and inverters, RF devices & cellular base station, lighting control system, EV charging station and others. Lastly, in terms of geography, it is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Salient Features of the Report:
The report provides insights about the tangible intelligence into the trends, drivers, and various other aspects of the market and the holistic analysis of the factors restricting the growth of the market. It also emphasizes on granular assessment of the different market segments. And lastly, an in-depth evaluation of the regional prospects and the competitive dynamics influencing the market are given in the report.
Rising Demand for Semiconductor to Drive Market Growth
The increasing demand for semiconductors is expected to drive the silicon carbide market growth. Additionally, the shift toward renewable sources of energy is also accelerating the product's demand. Furthermore, Sic is extremely tough and hard as compared to silicon, because it is made of tetrahedra of carbon and silicon. SiC ceramics maintain their strength to very high temperatures, approaching 1600°C with no strength loss. Such factors make it suitable to be used in different industries.
On the other hand, cost effective alternatives such as gallium nitride is the major market constraint.
The Study Objectives of this report are:
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Asia Pacific to Lead, Backed by Rising Construction Activities
Geographically, Asia Pacific holds the dominant position in the silicon carbide market share. This dominance is attributable to the increasing use of it in electronic components. As China is one of the largest electronics producers globally. Additionally, governments’ initiatives to promote clean energy are also accelerating the market growth.
North America and Europe are also anticipated to exhibit significant market share in the upcoming years owing to the large manufacturer base and use of Sic in manufacturing of electric vehicles (EV) hybrids is fueling the regional market.
Key Players to Focus on Launching New Products to strengthen the Market Growth
The global market for SiC has many prominent companies that are constantly trying to develop unique devices to cater to the demand of consumers across the globe. To do so, they are joining hands with local or reputed firms, launching new products to strengthen their portfolio in the market. Below is industry developments:
Worldwide Silicon Carbide Market Scope:
The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative analysis of the market including PEST analysis, SWOT analysis, and Porter’s five force analysis. Silicon Carbide Market report focuses on major six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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