SIC Powder Market Size, Share, Growth, And Industry Analysis, By Type (Nano SiC (No More Than 100nm), Sub-micron SiC (0.1-1µm), and Other (1-100 µm)), By Application (Sintered Parts, Filling Material and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

SIC Powder Market Report Overview

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The global SIC powder market size was USD 78.35 Million in 2021 and market is projected to touch USD 143.4 Million by 2031, at a CAGR of 6.23% from 2021 to 2031.

Silicon carbide is a hard chemical compound which is produced by mixing silicon and carbon. It is used in semiconductor electronics devices that operate at high temperatures or high voltages. It has high chemical stability with excellent corrosion resistance. In addition, it possesses high thermal conductivity with low thermal expansion coefficient which leads to high thermal shock resistance.

Silicon carbide is used in abrasive machining processes such as grinding, sandblasting, and water-jet cutting. It is used as a loose or solid abrasive material in a variety of applications due to its high abrasion resistance. It is also used to melt glass and non-ferrous metal, heat treatment of metals and ceramics production. Due to multiple benefits provided, SIC powder market is expected to grow substantially in the forecast period.

COVID-19 Impact: Pandemic hampered the demand for SIC Powder market

Covid-19 pandemic led to supply chain disruptions in the whole world. Manufacturing companies for most of the industries, such as steel, automotive, and aerospace and others closed all their operations and many companies were shut down until reopening instructions received from the government authorities. Decrease in demand from various end-user industries negatively impacted the demand for silicon carbide. In addition, due to reduction in labour force as a result of social distancing norms, the entire industry witnessed significant decrease in the production. Lockdown measures led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and electrical utilities, which reduced the demand SIC products from these customers.

Latest Trends

"Increasing Demand for SIC Powder to Fuel Market Growth"

The growth of SIC powder market can be attributed to various factors such as the increasing demand for, recent developments in the field science and technology, and changing strategy of market players. Due to higher thermal conductivity, SIC is used in electric vehicles as semiconductor material. Increasing demand for electric vehicles has increased demand for SIC. The India Electronics and Semiconductor Association (IESA) signed an MoU with the Singapore Semiconductor Industry Association (SSIA) to establish and develop trade and technical cooperation between the electronics and semiconductor industries of both countries. In addition, the growth of manufacturing companies, the increasing investment in steel and semiconductor industry, and introduction of new product lines by key industry players is also expected to boost the growth of market during the forecast period.

SIC Powder Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Nano SiC (No More Than 100nm), Sub-micron SiC (0.1-1µm), and Other (1-100 µm).

• By Application Analysis

Based on application, the market can be divided into Sintered Parts, Filling Material and Others.

Driving Factors

"Expansion of Semiconductor Industry to Stimulate Market Growth"

Rapid technological advancement has attributed in the expansion of manufacturing sector. Silicon carbide is widely used in manufacturing semiconductors due to its ability to work at high temperature or high voltage, or both and reduced form factor. In addition the key industry players in the market are coming up with new ideas and technologies to capture market share. They are offering variety of new products to attract consumers. The increase in production further accelerating SIC Powder market demand.

"Growing Steel Industry to Boost Market Demand"

Accelerated industrialization globally after pandemic both in developing and developed nations continue to contribute to the market demand globally. SIC powder is used as a deoxidizing agent in the steel industry to reduce the loss of manganese element and is a major raw material in refractory production. Growth of steel industry on account of increasing demand for steel is anticipated to stimulate market demand during the forecast period.

Restraining Factors

"High Manufacturing and Processing Costs to Hamper Market Demand"

To start steel and semiconductor industry, high investment is required. But investment is subject to market risk. It depends on multiple factors such as rate of interest, market situation, technological change, government policies and other such factors. Rising capital expenditure, high initial investment and increasing cost of manufacturing SIC powder are the factors that are anticipated to hinder the SIC powder market growth.

SIC Powder Market Regional Insights

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"Growing Demand in Asia Pacific Anticipated to Boost Market Expansion "

The market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA). Asia Pacific holds the leading position in SIC Powder market share. The main element to contribute to the industry growth is expansion of semiconductor industry on account of rising demand for electric vehicles.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Hongwu International, Fiven, Washington Mills, Jicheng Advanced Ceramics, Shin-Etsu Chemical, Pacific Rundum and others. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Hongwu International
• Fiven
• Washington Mills
• Jicheng Advanced Ceramics
• Shin-Etsu Chemical
• Pacific Rundum
• Höganäs
• Fujimi
• Hefei Kaier Nano Energy Technology
• Hefei ZhongHang Namometer Technology Development
• Nanomakers

Report Coverage

This report examines an understanding of the SIC Powder market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.