Global Silicon Carbide Ceramics Market Research Report

Global silicon carbide ceramics market is growing significantly over the past few years. As per our analysis, the market is in growth expansion phase and will be heading towards the growth stabilization in over the course of next five years. The global silicon carbide ceramic market was valued at USD 4,860 million in 2016. The market is projected to reach USD 7,474.1 million by 2023, expanding at a CAGR 6.45% over the assessment period. In terms of volume, the market was estimated at 245.6 kilo tons in 2016, and growth observed in terms of volume was 5.65%.

Full report: https://www.cri-report.com/energy-chemicals-chemicals-cosmetics/767-2847-global-silicon-carbide-ceramics-market-research-report-forecast-to-2023.html

The primary factor for the growth of this market is observed as growing industrialization as well as increasing industrial output to attain higher yield. Industrial manufacturing sector has provided fuel for the growth of silicon carbide ceramics. Increasing country level political alliances, specifically, in developing regions such ass Latin America and Middle East as well as some of the emerging economies of the Asia Pacific driving scope for overall ceramic industry. Moreover, widening application scope of Sic ceramics coupled with excellent properties associated with them have also supported raised global consumption. The ceramic industry as a whole is expanding over 5% of growth rate and is expected to provide several growth opportunities over the forthcoming years. On the split side, high cost associated with Sic ceramics has been the major issue for the global growth and it is further expected to continue challenging global demand in the coming years. Pressure sintered emerged as the most promising type accounted for more than 50% of global shares expanding at highest CAGR of 7.75% as of 2016. Pressure sintered Sic has highest grades and possess properties favorable for industrial application due to which it has acquired largest shares in this market. On the basis of applications, electronics and electrical industry dominated the global market and has accounted for 28% global share, closely followed by automotive industry at 22%. Emergence of electrical vehicles has acetated the automotive production, therefore, automotive industry may surpass the revenue of the electrical and electronics industry and dominated the global market in the coming years. Automotive industry is growing at highest CAGR of 8.67 in this market due to increased global automotive production and is expected to grow further and provide scope for Sic ceramics. 

Full report: https://www.cri-report.com/energy-chemicals-chemicals-cosmetics/767-2847-global-silicon-carbide-ceramics-market-research-report-forecast-to-2023.html