According to Grand View Research, global demand for silicon carbide (SiC) is expected to grow at a CAGR of 15.3% from 2014-2020. Black silicon carbide is the most dominant product.
Energy and steel were the largest end-use application sectors for SiC in 2013; it is also widely used in semiconductor and electronics applications. In addition, healthcare and medical applications are expected to witness growth at an estimated CAGR of 16.4% over the forecast period. Growing demand for advanced medical and healthcare products in countries such as Japan, India, and China is projected to drive SiC demand.
Asia-Pacific was the major market for SiC in 2013, with revenues exceeding $870 million. The presence of major end-user industries such as automotive and steel is projected to boost SiC demand in this region. Moreover, the Asia-Pacific market is also expected to witness rapid growth at an approximate CAGR of 16.7% over the forecast period.
An overall positive outlook for steel manufacturing, for which SiC is used as a deoxidizer, is expected to drive SiC demand in the future. In addition, SiC is a key element in the production of semiconductors, which are expected to witness huge growth in the near future. The growing worldwide automobile industry, particularly in Asia-Pacific, is also projected to drive worldwide SiC demand.14
14. Silicon Carbide Market Analysis by Product, End-use and Segment Forecasts to 2020 (published March 2016; $4,950), Grand View Research,