The global silicon carbide ceramics market was valued at USD 5,859.2 million in 2019 and is projected to reach USD 8,133.2 million by the end of 2026, at a CAGR of 6.01% during the forecast period. In terms of volume, the market was pegged at 285.31 kilotons in 2019, and the demand is projected to reach 374.57 kilotons by the end of 2026.
Silicon carbide ceramics are one of the toughest types of advanced ceramic and exhibit superior properties suitable for numerous industrial uses. Owing to such properties, electronics and electrical and automotive industries emerged as the largest consumers of the silicon carbide ceramics. Countries such as Japan with the largest electronics and electrical base and China with a huge automotive base are considered as prominent economies for the consumption of silicon carbide ceramics. Moreover, the emergence of new application areas such as jewelry, sporting goods, metallurgy, and ballistic, is likely to propel the growth of the market in the future. On the other hand, high prices associated with silicon carbide ceramics are hindering the market growth. The factor expected to further limit the global demand is the least probability of price reduction during the forecast period. Furthermore, the replacement of silicon carbide ceramics by various other substitutes in end-use industries is likely to impede the global demand.
The global silicon carbide ceramics market has been segmented by type, application, and region.
Based on type, the global silicon carbide ceramics market has been segmented into pressure sintered, reaction bonded, and recrystallized silicon carbide. In terms of value, the pressure sintered segment dominated the global market with a 56.9% share in 2019 and is expected to register a CAGR of 6.95% during the review period. The growth in this market is attributed to the excellent properties offered by pressure sintered silicon carbide, such as high thermal strength and good abrasion and corrosion resistance, which makes it ideal for a range of applications such as semiconductors electronic devices and industrial machinery.
Based on application, the global silicon carbide ceramics market has been segmented into electronics and electrical, automotive, machinery manufacturing (cutting tools & wear parts), metallurgic, aerospace and defense, metal mining, industrial, and others. In terms of value, the electronics and electrical segment dominated the global market with a 28.4% share in 2019, expanding at a healthy CAGR of 5.37%. However, the automotive industry is estimated to dominate the market during the forecast period, expanding at a CAGR of 7.04%. The emergence of electric vehicles in the automotive sector has revolutionized industrial growth and is anticipated to drive automotive production, thereby complementing silicon carbide ceramics demand.
By region, the global silicon carbide ceramics market has been bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific market dominated the global market with a share of 46.2% by value in 2019 and is expected to register the fastest growth with CAGR 6.40% during the forecast period. The market growth in Asia-Pacific is driven by various factors, including the growing electronics and automotive industry, rising urbanization and industrialization, and the emergence of a large number of small-scale manufacturers in emerging countries such as China. China was the leading country in this region owing to a strong production base for end-use industries, including automotive, electrical, machinery (industrial), and mining, along with the easy availability of raw material resources.
