Market players will witness future growth and enhance revenues by divesting from traditional manufacturing methods and leveraging the technological advancements
ROCKVILLE, MD / ACCESSWIRE / March 31, 2020 / The global silicon carbide market will witness stellar growth at a CAGR of 15% during 2019 - 2029, as projected by a new Fact.MR report. Key players in the silicon carbide market are eying profitable opportunities by leveraging on the sprouting demand for compact systems, motor drivers, and radiofrequency devices.
"Skyrocketing consumer demand in emerging economies and governments across the world supporting FDI investments are further complementing market growth," says the report.
Silicon Carbide Market: Key Findings
- Black silicon carbide will quadruple its market value and continues holding more than half of the overall market share owing to increasing usage in automotive, steel, and construction industries.
- Electrical & electronics will triple their share in the end-use segment, on the back of silicon carbide's physical properties which make it an ideal raw material for electrical and electronics applications
- APAC (East Asia, South East Asia, and Oceania) will account for more than 50% of the global market value. This growth is invigorated by emerging economies such as China, India, and Indonesia, where the developing automotive manufacturing is employing silicon carbide in EV batteries.
- Increasing applications in plug-in hybrid (PHEV) and electric vehicles (EV) are expected to enhance revenues from the automotive sector.
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Silicon Carbide Market: Key Driving Factors
- A positive trend in electric vehicles manufacturing is pushing demand for silicon carbide as they prevent loss of charge and ensure the vehicles run for longer distances, thereby supporting the rise of the market.
- Booming automotive industry in developing nations such as China is creating revenue opportunities for market players to cater to the burgeoning consumer demand
- Governments in emerging economies supporting FDI investments are garnering significant attention from prominent SiC manufacturers.
- Furthermore, incentive policies in developing countries are acting as a catalyst for high growth opportunities for innovators.
Silicon Carbide Market: Key Restraint
- The high-cost associated devices made from silicon carbide possess a challenge to restrict rapid growth.
Explore the complete silicon carbide market report with detailed market segmentation, 195 illustrative figures, and 98 data tables at -
https://www.factmr.com/report/4581/silicon-carbide-market
Competition Landscape
Some key players in the silicon carbide market are Dow Chemical Co., AGSCO Corporation, Carborundum Universal Limited., Entegris Inc., ESD-SiC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Saint Gobain Ceramic Materials GmbH, and Snam Abrasives Pvt. Ltd, among others. The market players are investing in research and development activities to gain traction among consumers.
About the Report:
Fact.MR presents a detailed and unbiased analysis of the global silicon carbide market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. To simplify the vast study, the report is segmented on the basis of product (black silicon and green silicon), application (steel, automotive, aerospace, military & defense, electrical & electronics, healthcare, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the Chemicals & Materials sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest chemical market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR
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https://www.accesswire.com/583311/Silicon-Carbide-Sales-Accelerate-in-Line-with-Increasing-Automotive-Applications-Demand-for-Black-Variant-to-Grow-4X-Through-2029-Says-a-New-FactMR-Report
