The Global Silicon Carbide Ceramics Market was valued at USD 4,860.0 million in 2016 and is predicted to grow at flourishing CAGR of 6.45% to reach USD 7,474.1 million by the end of 2023. Silicon Carbide Ceramics exhibit excellent properties such as low thermal expansion, high hardness, elastic modulus, thermal shock resistance, and high thermal conductivity. They altogether have availed its consumption in several industrial uses. The application of Sic ceramics covered electronics & electrical, automotive, machine manufacturing, metal mining, aerospace & defense, metallurgic, industrial and others. Ballistic, energy, sporting goods, and jewelry are considered as the niche markets, wherein demand is gradually increasing year by year. Nevertheless, the growth in this market is anticipated due to the massive steel production noted in the Asia Pacific.
Segment Analysis
The Global Silicon Carbide Ceramics Market is segmented into type, application, and region. Based on the type, the market is segmented into pressure sintered; reaction bonded and recrystallized silicon carbide. Pressure sintered Silicon Carbide Ceramics accounted for the largest market share of 55.23% in 2016. The ability of pressure sintered silicon carbides to work in extreme conditions and at high temperatures led to their adoption in wide industrial applications. Thus, the segment has registered most promising growth among other types and growing at a CAGR of 7.75% as of 2016. Following pressure sintered, reaction bonded is the second largest segment expanding at a CAGR of 5.11%.
Furthermore, on the Basis of the Application, the global market is segmented into electronics & electrical, automotive, machine manufacturing, metal mining, aerospace & defense, metallurgic, industrial and others. Other application of silicon carbide ceramics includes jewelry, ballistic, energy, and sporting goods, which are probably the niche markets. Electronics & electrical industry dominated the global market, as Sic ceramics have suitable properties required to produce electrical goods and devices. This industry has acquired a 28% share of the Sic ceramics market, followed by automotive accounted for 22% share in 2016. Sic ceramics are used to produce durable automotive parts owing to hardness associated with them. Automotive production was on the rise, specifically in the Asia Pacific which is complementing the global demand, expanding at 8.98% CAGR. As per the industry experts, machine manufacturing would be the lucrative application segment in the coming years for silicon carbide ceramics. Rising number of country-level political alliances have proved fuel for the industrial growth, therefore, the machine manufacturing application segment anticipated to play an important role.
Regional Analysis
The Global Silicon Carbide Ceramics Market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, Asia Pacific was the most promising region both in terms of consumption as well as market value as of 2016 and is accounted for 39% share of the global market followed by North America at 26%. The region is anticipated to grow both in terms of value and volume at a CAGR of 6.45% and 5.65% respectively during the forecast period. The growth of this region is highly attributed high automotive base in China and the largest electronics & electrical production in Japan.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Silicon Carbide Ceramics Market: Saint-Gobain (France), CeramTec (Germany), Morgan Advanced Material (U.S.), Ortech Advanced Material (U.S.), KYOCERA Corporation (Japan), Blasch Precision Ceramics (U.S.), Coors Tek Inc. (U.S.), Hitachi Chemicals (Japan), Ceradyne Inc (U.S.), ESD SIC bv (Netherlands) and Shandong Zhongpeng(China- ZPC ).
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Published: June 4, 2018 12:11 a.m. ET Jun 04, 2018 (Heraldkeeper via COMTEX) — Market Highlights