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 the study suggest:
- 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.
- 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.