Asia Pacific Silicon Carbide Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type and End-Use Industry

The silicon carbide market in Asia Pacific is expected to grow from US$ 436.40 million in 2019 to US$ 1,118.92 million by 2027; it is estimated to grow at a CAGR of 12.6% from 2020 to 2027. Silicon carbide is a crystalline compound of silicon and carbon. Distinguishing physical and chemical properties ensure its use in various industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting. On the other hand, its ability to withstand high temperature makes it suitable for in the manufacturing of ceramic brake discs for sports cars. Silicon carbide offers high thermal conductivity, thus allowing the dissipation of frictional heat generated between two rubbing interfaces. On the back of this ability, silicon carbide also finds applications in the aerospace and defense industry, specifically in bulletproof vests and pump shaft sealing (as seal ring material). Silicon carbide is also used in oilfield applications as components of pumps used to drill and extract oil. The high surface hardness of silicon carbide is the major factor due to which it is widely used in oilfield applications; this property results in lower wear rates of silicon-carbide-based components, compared to its metal counterparts. Moreover, its unique electrical properties, silicon carbide is also being used in power generation applications.

In case of COVID-19 outbreak, countries in Asia Pacific, especially India, 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 Asia Pacific countries, such as Australia, Japan, and China. 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.

Based on type, the black silicon carbide segment led the silicon carbide market in 2019. Black silicon carbide is an extremely hard man-made mineral that possesses high thermal conductivity along with high strength at elevated temperatures, e.g., at 1000°C, SiC is 7.5-times stronger than aluminum oxide. SiC has a modulus of elasticity of ~410 GPa and can operate with the desired strength at temperatures up to 1600°C; also, it does not melt at normal temperature but dissociates at 2600°C. Black silicon carbide is usually available in the form of blocks, gains, and powder. It is employed as bonded and industrial abrasives, coated abrasives, refractories and ceramics, and refractories and ceramics. Black silicon carbide powder is widely utilized for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts due to its lower cost.

The overall Asia Pacific silicon carbide market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific silicon carbide market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific silicon carbide market. Fiven ASA; Carborundum Universal Limited; Futong Industry Co. Limited; Electro Abrasives, LLC; and Grindwell Norton Ltd. are among the player operating in the market.

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