San Francisco, March 07, 2016 (GLOBE NEWSWIRE) -- Positive outlook for steel manufacturing, for which silicon carbide (SiC) is used as a deoxidizer, is expected to drive the SiC demand. Moreover, SiC is a key element in the production of semiconductors. This is expected to witness a huge growth in the near future. Growing automobile industry, particularly in Asia-Pacific, is also projected to drive the global SiC demand.
Energy and steel were the biggest end-use application sectors, accounting for over 303 kilotons of the overall demand in 2013. Growing energy & steel demands in emerging markets of China & India, driven by infrastructural developments, is said to be a major cause for SiC demand growth in the near future. Due to its superior properties, SiC is also widely used in semiconductors & electronics applications. It accounted for 254 kilotons of the total demand in 2013.
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Further key findings from this study suggest that in 2013, the global SiC demand was 1,060.2 kilotons. It is now projected to reach 2,769 kilotons by 2020, growing at a CAG rate of 15.3% over the forecast period (2014–2020). Black silicon carbide is the most dominant product due to its broader application. In 2013, the estimated demand of black silicon carbide was 7456 kilotons.
Asia-Pacific was the major market for SiC, with revenue exceeding $870.0 million in 2013. The presence of major end-user industries, such as automotive & steel, is projected to boost the SiC demand in this region. Moreover, this region is also said to witness rapid growth, at an approximate CAG rate of 16.7% over the forecast period.
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Healthcare & medical end-use applications are expected to witness a rapid growth at an estimated CAG rate of 16.4% over the forecast period. Growing demand for advanced medical & healthcare products in countries, such as Japan, India, and China, is projected to drive the SiC demand in this application.
AGSCO Corporation, Saint-Gobain Ceramics Materials GmbH, and Grindwell Norton Ltd. are some of the key companies in the global SiC market.
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