Silicon carbide market demand is expected to rise over the forecast period due to superior properties such as low density, low thermal expansion, oxidation resistance, excellent chemical resistance, high thermal shock resistance, high wear and hardness resistance, high strength, high temperature resistance and high temperature strength. Silicon carbide market is expected to reach over USD 4.50 billion by 2020 owing to high utility in steel and power industry, medical and healthcare, electronics and semiconductor, automotive, aerospace & aviation and military applications. Silicon carbide market demand is expected to increase with growth of steel industry with increasing use in steel processing, as it controls carbon and silicon content providing higher strength and better quality to steel. It is utilized in basic oxygen furnace to increase the overall efficiency of process and utilize the residue. It is further utilized in steel recycle plant to provide appropriate finish and strength to the finished product. Silicon carbide products are expensive due to lower manufacturing yield and less manufacturing volume which turns out to be a major restraint in the industry growth.
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Product types can be categorized as green, black, coated, refectory, metallurgical, micro grits and metallurgical briquettes. Green and black silicon carbide are major product segments and market demand is expected to grow constantly over the forecast period. Black silicon carbide is expected to gain significant market share over time due to extensive usage in steel manufacturing, ceramic industry and abrasive wheels.
Steel and power market is the major end-use driving silicon carbide demand due to high utility in furnace and bearing parts to increase the efficiency and profit margin. Silicon carbide is used in different power electronic devices such as LED’s, microchips, diodes and thyristors due to high precision properties. These devices have high importance in functioning of electrical devices such as computers, mobile phones and other house appliances. With increasing disposable income and high dependency on home appliances their demand is expected to rise which in turn is expected to increase silicon carbide demand.
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