North America Silicon Carbide Market
Silicon carbide is also known as carborundum is a semiconductor material widely used in electronics and semiconductor industries. The different physical and chemical properties of silicon carbide ensure its use in varied application industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in different processes such as honing, water jet cutting, grinding, and sand blasting. Silicon carbide is also used in oilfield applications such as components of pumps used to drill and extract the oil. Silicon carbide is utilized as an abrasive, as well as a semiconductor & diamond simulant of gem quality. The simplest process to produce silicon carbide is to combine silica sand with carbon in an Acheson graphite electric resistance furnace at a high temperature, between 1,600 °C (2,910 °F) and 2,500 °C (4,530 °F). Grains of silicon carbide can be bound together by sintering to create very hard ceramics that are widely employed in applications requiring high endurance, including car clutches, car brakes, and ceramic plates in bulletproof vests. SiC is employed in semiconductor electronics devices that operate at high temperatures or high voltages, or both. Also, there is a growing demand for SiC devices in the power electronics industry and smaller devices that are facilitated due to the utilization of SiC-based devices. Due to the wider application of silicon carbide in various end-use industries, this market is booming in North America.
In case of COVID-19 outbreak, countries in North America, especially the US, reported an unprecedented rise in the number of confirmed cases, which led to the discontinuation of silicon carbide manufacturing activities. Other chemical and materials manufacturing sector has negatively impacted the demand for silicon carbide during the early months of 2020. Moreover, decline in the overall manufacturing activities has led to the discontinuation of silicon carbide components manufacturing projects, thereby reducing the demand for silicon carbide. Similar trend was witnessed in other North American countries, such as Canada, Mexico, and Costa Rica. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
Strategic insights for the North America Silicon Carbide provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 123.38 Million |
| Market Size by 2027 | US$ 336.76 Million |
| Global CAGR (2020 - 2027) | 13.5 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Silicon Carbide refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The silicon carbide market in North America is expected to grow from US$ 123.38 million in 2019 to US$ 336.76 million by 2027; it is estimated to grow at a CAGR of 13.5 % from 2020 to 2027. Rising demand for silicon carbide in various industrial applications has compelled manufacturers, governments, and research institutes to invest more in the expansion of their silicon carbide production capabilities and regional presence. Investment opportunities are being witnessed in both upstream and downstream sectors of the silicon carbide market. For instance, in 2018, Mersen Corporate Services SAS, a manufacturer of electrical power and advanced materials, acquired 49% of CALY Technologies with an aim to promote the development, expansion, and consolidation of the latter’s product portfolio of silicon carbide, current limiting devices, and diodes. Thus, increasing focus on growth strategies such as product innovation, expansion, partnerships, acquisitions, in both upstream and downstream markets, are offering profitable opportunities for the future growth of the silicon carbide market players.
In terms of type, the black silicon carbide segment accounted for the largest share of the North America silicon carbide market in 2019. In terms of end-user industry, the electronics and semiconductor segment held a larger market share of the silicon carbide market in 2019.
A few major primary and secondary sources referred to for preparing this report on the silicon carbide market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Agsco Corp., Carborundum Universal Limited, Futong Industry Co. Limited, Electro Abrasives, LLC, Washington Mills, Tifor B.V., and Grindwell Norton Ltd.
The North America Silicon Carbide Market is valued at US$ 123.38 Million in 2019, it is projected to reach US$ 336.76 Million by 2027.
As per our report North America Silicon Carbide Market, the market size is valued at US$ 123.38 Million in 2019, projecting it to reach US$ 336.76 Million by 2027. This translates to a CAGR of approximately 13.5 % during the forecast period.
The North America Silicon Carbide Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Silicon Carbide Market report:
The North America Silicon Carbide Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Silicon Carbide Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Silicon Carbide Market value chain can benefit from the information contained in a comprehensive market report.
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